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90-093
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90-093
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8/8/2005 1:23:24 PM
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8/5/2005 10:48:44 AM
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<br />2.03. Re~istration. The City will appoint, and shall maintain, a bond registrar, <br />transfer agent, authenticating agent and paying agent (Registrar). The effect of <br />registration and the rights and duties of the City and the Registrar with respect <br />thereto are as follows: <br /> <br />(a) Re!;ister. The Registrar must keep at its principal corporate trust <br />office a bond register in which the Registrar provides for the registration of <br />ownership of Bonds and the registration of transfers and exchanges of Bonds <br />entitled to be registered, transferred or exchanged. <br /> <br />(b) Transfer of Bonds. Upon surrender for transfer of a Bond duly <br />endorsed by the registered owner thereof or accompanied by a written <br />instrument of transfer, in form satisfactory to the Registrar, duly executed by <br />the registered owner thereof or by an attorney duly authorized by the registered <br />owner in writing, the Registrar will authenticate and deliver, in the name of the <br />designated transferee or transferees, one or more new Bonds of a like aggregate <br />principal amount, as requested by the transferor. The Registrar may, however, <br />close the books for registration of any transfer after the fifteenth day of the <br />month preceding each interest payment date and until such interest payment <br />date. <br /> <br />(c) Exchange of Bonds. When Bonds are surrendered by the registered <br />owner for exchange the Registrar will authenticate and deliver one or more new <br />Bonds of a like aggregate principal amount, as requested by the registered owner <br />or the owner's attorney in writing. <br /> <br />(d) Cancellation. Bonds surrendered upon any transfer or exchange will <br />be promptly cancelled by the Registrar and thereafter disposed of as direCted by <br />the City. <br /> <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 <br />Registrar is satisfied that the endorsement on such Bond or separate instrument <br />of transfer is valid and genuine and that the requested transfer is legally <br />authorized. The Registrar will incur no liability for the refusal, in good faith, to <br />make transfers which it, in its judgment, deems improper or unauthorized. <br /> <br />(f) Persons Deemed Owners. The City and the Registrar may treat the <br />person in whose name a Bond is registered in the bond register as the absolute <br />owner of the Bond, whether the Bond is overdue or not, for the purpose of <br />receiving payment of, or on account of, the principal of and interest on the Bond <br />and for all other purposes, and payments so made to a registered owner or upon <br />the owner's order will be valid and effectual to satisfy and discharge the liability <br />upon such Bond to the extent of the sum or sums so paid. <br /> <br />(g) Taxes, Fees and Char~es. For a transfer or exchange of Bonds, the <br />Registrar may impose a charge upon the owner thereof sufficient to reimburse <br />the Registrar for any tax, fee or other governmental charge required to be paid <br />with respect to the transfer or exchange. <br /> <br />(h) Mutilated, Lost, Stolen or Destroyed Bonds. If a Bond becomes <br />mutilated or is destroyed, stolen or lost, the Registrar will deliver a new Bond of <br />like amount, number and tenor in exchange and substitution for and upon <br /> <br />3 <br />
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