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authenticate and deliver the Bonds which the Bondholder making the exchange is entitled <br />to receive. <br />(d) Cancellation. All Bonds surrendered for payment, transfer or exchange shall <br />be promptly canceled by the Registrar and thereafter disposed of as directed by the City. <br />(e) Improper or Unauthorized Transfer. When any Bond is presented to the <br />Registrar for transfer, the Registrar may refuse to transfer the same until it is satisfied that <br />the endorsement on such Bond or separate instrument of transfer is valid and genuine and <br />that the requested transfer is legally authorized. The Registrar shall incur no liability for <br />the refusal, in good faith, to make transfers which it, in its judgment, deems improper or <br />unauthorized. <br />(f) Persons Deemed Owners. The City and the Registrar may treat the person in <br />whose name any Bond is at any time registered in the Bond Register as the absolute <br />owner of the Bond, whether the Bond shall be overdue or not, for the purpose of <br />receiving payment of or on account of, the principal of and interest on the Bond and for <br />all other purposes; and all payments made to or upon the order of such Holder shall be <br />valid and effectual to satisfy and discharge the liability upon such Bond to the extent of <br />the sum or sums so paid. <br />(g) Taxes, Fees and Charges. For every transfer or exchange of Bonds (except <br />for an exchange upon a partial redemption of a Bond), the Registrar may impose a charge <br />upon the owner thereof sufficient to reimburse the Registrar for any tax, fee or other <br />governmental charge required to be paid with respect to such transfer or exchange. <br />(h) Mutilated, Lost. Stolen or Destroyed Bonds. In case any Bond shall become <br />mutilated or be destroyed, stolen or lost, the Registrar shall deliver a new Bond of like <br />amount, number, maturity date and tenor in exchange and substitution for and upon <br />cancellation of any such mutilated Bond or in lieu of and in substitution for any Bond <br />destroyed, stolen or lost, upon the payment of the reasonable expenses and charges of the <br />Registrar in connection therewith; and, in the case of a Bond destroyed, stolen or lost, <br />upon filing with the Registrar of evidence satisfactory to it that the Bond was destroyed, <br />stolen or lost, and of the ownership thereof, and upon furnishing to the Registrar of an <br />appropriate bond or indemnity in form, substance and amount satisfactory to it, in which <br />both the City and the Registrar shall be named as obligees. All Bonds so surrendered to <br />the Registrar shall be canceled by it and evidence of such cancellation shall be given to <br />the City. If the mutilated, destroyed, stolen or lost Bond has already matured or been <br />called for redemption in accordance with its terns it shall not be necessary to issue a new <br />Bond prior to payment. <br />(i) Authenticating Agent. The Registrar is hereby designated authenticating <br />agent for the Bonds, within the meaning of Minnesota Statutes, Section 475.55, <br />Subdivision 1, as amended. <br />0) Valid Obligations. All Bonds issued upon any transfer or exchange of Bonds <br />shall be the valid obligations of the City, evidencing the same debt, and entitled to the <br />