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having the same stated maturity and interest rate, as requested <br />by the transferor; provided, however, that no bond may be <br />registered in blank or in the name of "bearer" or similar <br />designation. <br />At the option of the holder, Bonds may be exchanged <br />for Bonds of any authorized denomination or denominations of a <br />like aggregate principal amount and stated maturity, upon <br />surrender of the Bonds to be exchanged at the principal office <br />of the Bond Registrar. Whenever any Bonds are so surrendered <br />for exchange, the City shall execute (if necessary), and the <br />Bond Registrar shall authenticate, insert the date of registra- <br />tion of, and deliver the Bonds which the holder making the <br />exchange is entitled to receive. <br />All Bonds surrendered upon any exchange or transfer <br />provided for in this resolution shall be promptly cancelled by <br />the Bond Registrar and thereafter disposed of as directed by <br />the City. <br />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 holder thereof or his attorney <br />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 Bond <br />and any legal or unusual costs regarding transfers and lost <br />Bonds. No service charge shall be made to the holder of any <br />Bond for any registration, transfer or exchange. <br />Transfers shall also be subject to reasonable regula- <br />tions of the Issuer contained in any agreement with the Bond <br />Registrar, including regulations which permit the Bond <br />Registrar to close its transfer books between record dates and <br />payment dates. <br />11. Rights upon Transfer or Exchange. Each Bond <br />delivered upon transfer of or in exchange for or in lieu of any <br />other Bond shall carry all the rights to interest accrued and <br />unpaid, and to accrue, which were carried by such other Bond. <br />12. Interest Payment; Record Date. Interest on any <br />Bond shall be paid on each interest payment date by check or <br />-11- <br />