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(c) Exchange of Bonds. Whenever any Bonds are surrendered by the registered <br />owner for exchange the Registrar shall authenticate and deliver one or more new Bonds of <br />a like aggregate principal amount and maturity, as requested by the registered owner or the <br />owner's attorney in writing. <br />(d) Cancellation. All Bonds surrendered upon any 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 <br />in whose name any Bond is at any time registered in the bond register as the absolute owner <br />of such Bond, whether such Bond shall be overdue or not, for the purpose of receiving <br />payment of, or on account of, the principal of and interest on such Bond and for all other <br />purposes, and all such payments so made to any such registered owner or upon the owner's <br />order shall be valid and effectual to satisfy and discharge the liability upon such Bond to <br />the extent of the sum or sums so paid. <br />(g) Taxes, Fees and Charges. For every transfer or exchange of Bonds, the <br />Registrar may impose a charge upon the owner thereof sufficient to reimburse the Registrar <br />for any tax, fee or other governmental charge required to be paid with respect to such <br />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 such 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, upon <br />filing with the Registrar of evidence satisfactory to it that such Bond was destroyed, stolen <br />or lost, and of the ownership thereof, and upon furnishing to the Registrar of an appropriate <br />bond or indemnity in form, substance and amount satisfactory to it, in which both the City <br />and the Registrar shall be named as obligees. All Bonds so surrendered to the Registrar <br />shall be canceled by it and evidence of such cancellation shall be given to the City. If the <br />mutilated, destroyed, stolen or lost Bond has already matured or been called for redemption <br />in accordance with its terms it shall not be necessary to issue a new 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 />4852-6958-9943\5 <br />4 <br />