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• authenticate and deliver, in the name of the designated transferee or transferees, a new <br />Bond of a like principal amount and maturity, as requested by the transferor. The <br />Registrar may, however, close the books for registration of any transfer after the 15th day <br />of the month preceding each interest payment date and until that interest payment date. <br />(c) Exchange of Bonds. When Bonds are surrendered by the registered owner <br />for exchange the Registrar will authenticate and deliver one or more new Bonds of a like <br />aggregate principal amount and maturity as requested by the registered owner or the <br />owner's attorney in writing. <br />(d) Cancellation. The Bond surrendered upon transfer will be promptly <br />cancelled by the Registrar and thereafter disposed of as directed by the City. <br />(e) Improper or Unauthorized Transfer. When a Bond is presented to the <br />Registrar for transfer, the Registrar may refuse to transfer the Bond until the Registrar is <br />satisfied that the endorsement on the Bond or separate instrument of transfer is valid and <br />genuine and that the requested transfer is legally authorized. The Registrar will incur no <br />liability for the refusal, in good faith, to make transfers which it, in its judgment, deems <br />improper or unauthorized. <br />(f) Persons Deemed Owners. The City and the Registrar may treat the person <br />in whose name the Bond is registered in the bond register as the absolute owner of the <br />Bond, whether the Bond is overdue or not, for the purpose of receiving payment of, or on <br />account of, the principal of and interest on the Bond and for all other purposes and <br />payments so made to registered owner or upon the owner's order will be valid and <br />effectual to satisfy and discharge the liability upon the Bond to the extent of the sum or <br />sums so paid. <br />(g) Taxes, Fees and Charges. The Registrar may impose a charge upon the <br />owner thereof for a transfer of the Bond, sufficient to reimburse the Registrar for any tax, <br />fee or other governmental charge required to be paid with respect to the transfer. <br />(h) Mutilated, Lost, Stolen or Destroyed Bond. If the Bond becomes <br />mutilated or is destroyed, stolen or lost, the Registrar will deliver a new Bond of like <br />amount, number, maturity date and tenor in exchange and substitution for and upon <br />cancellation of the mutilated Bond or in lieu of and in substitution for a Bond destroyed, <br />stolen or lost, upon the payment of the reasonable expenses and charges of the Registrar <br />in connection therewith; and, in the case of a Bond destroyed, stolen or lost, upon filing <br />with the Registrar of evidence satisfactory to it that the Bond was destroyed, stolen or <br />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 and as provided by <br />law, in which both the City and the Registrar must be named as obligees. The Bond so <br />surrendered to the Registrar will be cancelled by the Registrar and evidence of such <br />cancellation must be given to the City. If the mutilated, destroyed, stolen or lost Bond <br />• <br />398211v3 JSB EL185-IS 5 <br />