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any Bonds are so surrendered for exchange, the City shall execute (if necessary), and the Bond <br />Registrar shall authenticate, insert the date of registration of, and deliver the Bonds which the <br />Holder making the exchange is entitled to receive. <br />All Bonds surrendered upon any exchange or transfer provided for in this resolution shall <br />be promptly cancelled by the Bond Registrar and thereafter disposed of as directed by the City. <br />All Bonds delivered in exchange for or upon transfer of Bonds shall be valid general <br />obligations of the City evidencing the same debt, and entitled to the same benefits under this <br />resolution, as the Bonds surrendered for such exchange or transfer. <br />Every Bond presented or surrendered for transfer or exchange shall be duly endorsed or <br />be accompanied by a written instrument of transfer, in form satisfactory to the Bond Registrar, <br />duly executed by the Holder thereof or his, her or its attorney duly authorized in writing. <br />The Bond Registrar may require payment of a sum sufficient to cover any tax or other <br />governmental charge payable in connection with the transfer or exchange of any Bond and any <br />legal or unusual costs regarding transfers and lost Bonds. <br />Transfers shall also be subject to reasonable regulations of the City contained in any. <br />agreement with the Bond Registrar, including regulations which permit the Bond Registrar to <br />close its transfer books between record dates and payment dates. The Administrator is hereby <br />authorized to negotiate and execute the terms of said agreement. <br />11. Rights is Upon Transfer or -Exchange. Each Bond delivered upon transfer of or in <br />exchange for or in lieu of any other Bond shall carry all the rights to interest accrued and unpaid, <br />and to accrue, which were carried by such other Bond. <br />12. Interest Payment: Record Date. Interest on any Bond shall be paid on each <br />Interest Payment Date by check or draft mailed to the person in whose name the Bond is <br />registered (the "Holder") on the registration books of the City maintained by the Bond Registrar <br />and at the address appearing thereon at the close of business on the fifteenth (15th) day of the <br />calendar month next preceding such Interest Payment Date (the "Regular Record Date"). Any <br />such interest not so timely paid shall cease to be payable to the person who is the Holder thereof <br />as of the Regular Record Date, and shall be payable to the person who is the Holder thereof at <br />the close of business on a date (the "Special Record Date") fixed by the Bond Registrar <br />whenever money becomes available for payment of the defaulted interest. Notice of the Special <br />Record Date shall be given by the Bond Registrar to the Holders not less than ten (10) days prior <br />to the Special Record Date. <br />13. Treatment of Registered Owner. The City and Bond Registrar may treat the <br />person in whose name any Bond is registered as the owner of such Bond for the purpose of <br />receiving payment of principal of and premium, if any; and interest (subject to the payment <br />provisions in paragraph 12 above) on, such Bond and for all other purposes whatsoever whether <br />or not such Bond shall be overdue, and neither the City nor the Bond Registrar shall be affected <br />by notice to the contrary. <br />13:4267'. 15 <br />