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registration of Certificates and the registration of transfers <br />of Certificates entitled to be registered or transferred as <br />herein provided. <br />Upon surrender for transfer of any Certificate at <br />the principal office of the Certificate Registrar, the City <br />shall execute (if necessary), and the Certificate Registrar <br />shall authenticate, insert the date of registration (as <br />provided in paragraph 9) of, and deliver, in the name of the <br />designated transferee or transferees, one or more new <br />Certificates of any authorized denomination or denominations <br />of a like aggregate principal amount, having the same stated <br />maturity and interest rate, as requested by the transferor; <br />provided, however, that no Certificate may be registered in <br />blank or in the name of "bearer" or similar designation. <br />At the option of the Holder thereof, Certificates <br />may be exchanged for Certificates of any authorized <br />denomination or denominations of a like aggregate principal <br />amount and stated maturity, upon surrender of the Certificates <br />to be exchanged at the principal office of the Certificate <br />Registrar. whenever any Certificates are so surrendered for <br />exchange, the City shall execute (if necessary), and the <br />Certificate Registrar shall authenticate, insert the date of <br />registration of, and deliver the Certificates which the holder <br />making the exchange is entitled to receive. <br />All Certificates surrendered upon any exchange or <br />transfer provided for in this resolution shall be promptly <br />cancelled by the Certificate Registrar and thereafter disposed <br />of as directed by the City. <br />All Certificates delivered in exchange for or upon <br />transfer of Certificates shall be valid general obligations of <br />the City evidencing the same debt, and entitled to the same <br />benefits under this Resolution, as the Certificates <br />surrendered for such exchange or transfer. <br />Every Certificate presented or surrendered for <br />transfer or exchange shall be duly endorsed or be accompanied <br />by a written instrument of transfer, in form satisfactory to <br />the Certificate Registrar, duly executed by the Holder thereof <br />or his, her or its attorney duly authorized in writing. <br />The Certificate Registrar may require payment of a <br />sum sufficient to cover any tax or other governmental charge <br />payable in connection with the transfer or exchange of any <br />Certificate and any legal or unusual costs regarding transfers <br />and lost Certificates. <br />12 <br />