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deliver, in the name of the designated transferee or transferees, <br />one or more new Bonds of any authorized denomination or <br />denominations of a like aggregate principal amount, having the <br />same stated maturity and interest rate, as requested by the <br />transferor; provided, however, that no Bond may be registered in <br />blank or in the name of "bearer" or similar designation. <br /> <br /> At the option of the registered owner thereof, Bonds <br />may be exchanged for Bonds of any authorized denomination or <br />denominations of a like aggregate principal amount and stated <br />maturity, upon surrender of the Bonds to be exchanged at the <br />principal office of the Bond Registrar. Whenever any Bonds are <br />so surrendered for exchange, the City shall execute (if <br />necessary), and the Bond Registrar shall authenticate, insert the <br />date of registration of, and deliver the Bonds which the <br />registered owner making the exchange is entitled to receive. <br /> <br /> Ail 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 the <br />City. <br /> <br /> Ail Bonds delivered in exchange for or upon transfer of <br />Bonds shall be valid obligations of the City evidencing the same <br />debt, and entitled to the same benefits under this Resolution, as <br />the Bonds surrendered for such exchange or transfer. <br /> <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 the <br />registered owner's attorney duly authorized in writing. <br /> <br /> The Bond Registrar may require payment of a sum <br />sufficient to cover any tax or other governmental charge payable <br />in connection with the transfer or exchange of any Bond and any <br />legal or unusual costs regarding transfers and lost Bonds. <br /> <br /> Transfers shall also be subject to reasonable regula- <br />tions of the City contained in any agreement with the Bond <br />Registrar, including regulations which permit the Bond Registrar <br />to close its transfer books between record dates and payment <br />dates. <br /> <br /> 12. Riqhts 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 /> <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 registered <br />on the registration books of the City maintained by the Bond <br /> <br />3586?5. ~ 17 <br /> <br /> <br />