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II :: :1' 'I, 1 r, .... f -, ' cord as of the close of business on the fifteenth day of the immediately preceding month, hether or not that day is a business day. .03. Registration. The City will appoint a bond registrar, transfer agent, authenticating agent d paying agent (Registrar). The effect of registration and the rights and duties of the City and e Registrar with respect thereto are as follows: (a) Re~ister. The Registrar must keep at its principal corporate trust office a bond gister in which the Registrar provides for the registration of ownership of Bonds and the gistration of transfers and exchanges of Bonds entitled to be registered, transferred or exchanged. (b) Transfer of Bonds. Upon surrender for transfer of a Bond duly endorsed by the egistered owner thereof or accompanied by a written instrument of transfer, in form satisfactory to e Registrar, duly executed by the registered owner thereof or by an attorney duly authorized by e registered owner in writing, the Registrar will authenticate and deliver, in the name of the esignated transferee or transferees, one or more new Bonds of a like aggregate principal amount d maturity, as requested by the transferor. The Registrar may, however, close the books for egistration of any transfer after the fifteenth day of the month preceding each interest payment ate and until that interest payment date. (c) Exchange of Bonds. When Bonds are surrendered by the registered owner for xchange the Registrar will authenticate and deliver one or more new Bonds of a like aggregate rincipal amount and maturity as requested by the registered owner or the owner's attorney in riting. (d) Cancellation. Bonds surrendered upon transfer or exchange will be promptly ancelled 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 ransfer, the Registrar may refuse to transfer the Bond until the Registrar is satisfied that the ndorsement on such Bond or separate instrument of transfer is valid and genuine and that the equested transfer is legally authorized. The Registrar will incur no liability for the refusal, in ood faith, to make transfers which it, in its judgment, deems improper or unauthorized. (f) Persons Deemed Owners. The City and the Registrar may treat the person in whose ame a Bond is registered in the bond register as the absolute owner of the Bond, whether the and is overdue or not, for the purpose of receiving payment of, or on account of, the principal of d interest on the Bond and for all other purposes, and payments so made to a registered owner or pon the owner's order will be valid and effectual to satisfy and discharge the liability upon the and to the extent of the sum or sums so paid. SJB-252 vi NE136-1