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(a) Register. The Registrar must keep at its principal corporate trust office a bond
<br />register in which the Registrar provides for the registration of ownership of Bonds and the
<br />registration of transfers and exchanges of Bonds entitled to be registered, transferred, or
<br />exchanged.
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<br /> (b) Transfer of Bonds. Upon surrender for transfer of a Bond duly endorsed by
<br />the registered owner thereof or accompanied by a written instrument of transfer, in form
<br />satisfactory to the Registrar, duly executed by the registered owner thereof or by an attorney
<br />duly authorized by the registered owner in writing, the Registrar will authenticate and deliver, in
<br />the name of the designated transferee or transferees, one or more new Bonds of a like aggregate
<br />principal amount and maturity, as requested by the transferor. The Registrar may, however,
<br />close the books for registration of any transfer after the fifteenth day of the month preceding
<br />each interest payment date and until that interest payment date.
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<br /> (c) Exchange of Bonds. When Bonds are surrendered by the registered owner for
<br />exchange the Registrar will authenticate and deliver one or more new Bonds of a like aggregate
<br />principal amount and maturity as requested by the registered owner or the owner’s attorney in
<br />writing.
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<br /> (d) Cancellation. Bonds surrendered upon transfer or exchange will be promptly
<br />cancelled by the Registrar and thereafter disposed of as directed by the City.
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<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 liability
<br />for the refusal, in good faith, to make transfers which it, in its judgment, deems improper or
<br />unauthorized.
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<br /> (f) Persons Deemed Owners. The City and the Registrar may treat the person in
<br />whose name a Bond is registered in the bond register as the absolute owner of the Bond,
<br />whether the Bond is overdue or not, for the purpose of receiving payment of, or on account of,
<br />the principal of and interest on the Bond and for all other purposes, and payments so made to a
<br />registered owner or upon the owner’s order will be valid and effectual to satisfy and discharge
<br />the liability upon the Bond to the extent of the sum or sums so paid.
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<br /> (g) Taxes, Fees, and Charges. The Registrar may impose a charge upon the owner
<br />thereof for a transfer or exchange of Bonds sufficient to reimburse the Registrar for any tax,
<br />fee, or other governmental charge required to be paid with respect to the transfer or exchange.
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<br /> (h) Mutilated, Lost, Stolen, or Destroyed Bonds. If a Bond becomes mutilated or
<br />is destroyed, stolen, or lost, the Registrar will deliver a new Bond of like amount, number,
<br />maturity date, and tenor in exchange and substitution for and upon cancellation of the
<br />mutilated Bond or in lieu of and in substitution for any Bond destroyed, stolen, or lost, upon
<br />the payment of the reasonable expenses and charges of the Registrar in connection therewith;
<br />and, in the case of a Bond destroyed, stolen, or lost, upon filing with the Registrar of evidence
<br />satisfactory to it that the Bond was destroyed, stolen, or lost, and of the ownership thereof, and
<br />upon furnishing to the Registrar an appropriate bond or indemnity in form, substance, and
<br />amount satisfactory to it and as provided by law, in which both the City and the Registrar must
<br />be named as obligees. Bonds so surrendered to the Registrar will be cancelled by the Registrar
<br />603216v1EL185-44
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