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I , <.' , . , I .03. Registration. The City will appoint a bond registrar, transfer agent, authenticating gent and paying agent (Registrar). The effect of registration and the rights and duties of e City and the Registrar with respect thereto are as follows: (a) Register. The Registrar must keep at its principal corporate trust office a ond register in which the Registrar provides for the registration of ownership of Bonds d the registration of transfers and exchanges of Bonds entitled to be registered, ransferred or exchanged, (b) Transfer of Bonds. Upon surrender for transfer of a Bond duly endorsed y the registered owner thereof or accompanied by a written instrument of transfer, in orm satisfactory to the Registrar, duly executed by the registered owner thereof or by an ttorney duly authorized by the registered owner in writing, the Registrar will uthenticate and deliver, in the name of the designated transferee or transferees, one or ore new Bonds of a like aggregate principal amount and maturity, as requested by the ransferor. The Registrar may, however, close the books for registration of any transfer fter the fifteenth day of the month preceding each interest payment date and until that nterest payment date. (c) Exchange of Bonds. When Bonds are surrendered by the registered owner or exchange the Registrar will authenticate and deliver one or more new Bonds of a like ggregate principal amount and maturity as requested by the registered owner or the wner's attorney in writing. (d) Cancellation. Bonds surrendered upon transfer or exchange will be romptly cancelled by the Registrar and thereafter disposed of as directed by the City. (e) Improper or Unauthorized Transfer. When a Bond is presented to the Registrar for transfer, the Registrar may refuse to transfer the Bond until the Registrar is satisfied that the endorsement on the Bond or separate instrument of transfer is valid and genuine and that the requested transfer is legally authorized. The Registrar will incur no liability for the refusal, in good faith, to make transfers which it, in its judgment, deems improper or unauthorized. (t) Persons Deemed Owners. The City and the Registrar may treat the person in whose name a Bond is registered in the bond register as the absolute owner of the Bond, whether the Bond is overdue or not, for the purpose of receiving payment of, or on account of, the principal of and interest on the Bond and for all other purposes, and payments so made to a registered owner or upon the owner's order will be valid and effectual to satisfy and discharge the liability upon the Bond to the extent of the sum or sums so paid. (g) Taxes. Fees and Charges. The Registrar may impose a charge upon the owner thereof for a transfer or exchange of Bonds sufficient to reimburse the Registrar for any tax, fee or other governmental charge required to be paid with respect to the transfer or exchange. SJB-25 Ovl NE 136- 4