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All Bonds delivered in exchange for or upon transfer <br />of Bonds shall be valid general obligations of the City <br />evidencing the same debt, and entitled to the same benefits <br />under this Resolution, as the Bonds surrendered for such <br />exchange or transfer. <br />Every Bond presented or surrendered for transfer or <br />exchange shall be duly endorsed or be accompanied by a written <br />instrument of transfer, in form satisfactory to the Bond <br />Registrar, duly executed by the registered owner thereof or <br />the registered owner's attorney duly authorized in writing. <br />The Bond Registrar may require payment of a sum <br />sufficient to cover any tax or other governmental charge <br />payable in connection, with the transfer or exchange of any <br />Bond and any legal or unusual costs regarding transfers and <br />lost Bonds. <br />Transfers shall also be subject to reasonable <br />regulations of the City contained in any agreement with the <br />Bond Registrar, including regulations which permit the Bond <br />Registrar to close its transfer books between record dates and <br />payment dates. <br />12. Rights Upon Transfer or Exchange. Each Bond <br />delivered upon transfer of or in exchange for or in lieu of <br />any other Bond shall carry all the rights to interest accrued <br />and unpaid, and to accrue, which were carried by such other <br />Bond. <br />13. Interest Payment; Record Date. Interest on any <br />Bond shall be paid on each Interest Payment Date by check or <br />draft mailed to the person in whose name the Bond is <br />registered on the registration books of the City maintained by <br />the Bond Registrar and at the address appearing thereon at the <br />close of business on the fifteenth (15th) day of the calendar <br />month preceding such Interest Payment Date (the "Regular <br />Record Date"). Any such interest not so timely paid shall <br />cease to be payable to the person who is the registered owner <br />thereof as of the Regular Record Date, and shall be payable to <br />the person who is the registered owner thereof at the close of <br />business on a date (the "Special Record Date") fixed by the <br />Bond Registrar whenever money becomes available for payment of <br />the defaulted interest. Notice of the Special Record Date <br />shall be given by the Bond Registrar to the registered owners <br />not less than ten (10) days prior to the Special Record Date. <br />17 <br />