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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 of a Bond, Bonds may <br />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 /> All Bonds surrendered upon any exchange or transfer provided <br />for in this Resolution shall be promptly canceled by the Bond <br />Registrar and thereafter disposed of as directed by the City. <br /> All 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 exchange <br />shall be duly endorsed or be accompanied by a written instrument <br />of transfer, in form satisfactory to the Bond Registrar, duly <br />executed by the registered owner thereof or his, her or its <br />attorney duly authorized in writing. <br /> <br /> The Bond Registrar may require payment of a sum sufficient <br /> to cover any tax or other governmental charge payable in <br /> connection with the transfer or exchange of any Bond and any <br /> legal or unusual costs regarding transfers and lost Bonds. <br /> Transfers shall also be subject to reasonable regulations of <br /> the City contained in any agreement with, or notice to, 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. Rights Upon Transfer or Exchange. Each Bond delivered <br /> upon transfer of or in exchange for or in lieu of any other Bond <br /> shall carry all the rights to interest accrued and unpaid, and to <br /> accrue, which were carried by such other Bond. <br /> 13. Interest Payment; Record Date. Interest on any Bond <br /> shall be paid on each Interest Payment Date by check or draft <br /> mailed to the person in whose name the Bond is registered on the <br /> registration books of the City maintained by the Bond Registrar <br /> and at the address appearing thereon at the close of business on <br /> the fifteenth (15th) day of the calendar month preceding such <br /> Interest Payment Date (the "Regular Record Date"). Any such <br /> interest not so timely paid shall cease to be payable to the <br /> person who is the registered owner thereof as of the Regular <br /> Record Date, and shall be payable to the person who is the <br /> <br />1218477.1 <br /> <br />18 <br /> <br /> <br />