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which interest has been paid or made available for payment, in which case the Bond will be <br /> dated as of the date of authentication, or (ii) the date of authentication is prior to the first interest <br /> payment date, in which case the Bond will be dated as of the date of original issue. The interest <br /> on the Bonds is payable on February 1 and August 1 of each year, commencing February 1, <br /> 2022, to the registered owners thereof of record as of the close of business on the 15th day of the <br /> immediately preceding month,whether or not that day is a business day. <br /> 3.03. Registration. The City, by the Commission, will appoint and will maintain, a <br /> bond registrar, transfer agent, authenticating agent and paying agent(the "Registrar"). The effect <br /> of registration and the rights and duties of the City and the Registrar with respect thereto are as <br /> follows: <br /> (a) Register. The Registrar will keep at its principal corporate trust office a <br /> bond register in which the Registrar provides for the registration of ownership of Bonds <br /> and the registration of transfers and exchanges of Bonds entitled to be registered, <br /> transferred or exchanged. <br /> (b) Transfer of Bonds. Upon surrender for transfer of any Bond duly <br /> endorsed by the registered owner thereof or accompanied by a written instrument of <br /> transfer, in form satisfactory to the Registrar, duly executed by the registered owner <br /> thereof or by an attorney duly authorized by the registered owner in writing, the Registrar <br /> will authenticate and deliver, in the name of the designated transferee or transferees, one <br /> or more new Bonds of a like aggregate principal amount and maturity, as requested by <br /> the transferor. The Registrar may, however, close the books for registration of any <br /> transfer after the 15th day of the month preceding each interest payment date and until <br /> that interest payment date. <br /> (c) Exchange of Bonds. Whenever any Bonds are surrendered by the <br /> registered owner for exchange the Registrar will authenticate and deliver one or more <br /> new Bonds of a like aggregate principal amount and maturity as requested by the <br /> registered owner or the owner's attorney in writing. <br /> (d) Cancellation. All Bonds surrendered upon any transfer or exchange will <br /> be promptly 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 a Bond is at any time registered, as of the applicable record date, in the <br /> bond register as the absolute owner of such Bond, whether the Bond is overdue or not, for <br /> the purpose of receiving payment of, or on account of, the principal of and interest on the <br /> EL185-69-713323 v2 5 <br />