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<br />5.02. Each Bond shall be dated as of the last interest payment date preceding the date of <br />authentication to which interest on the Bond has been paid or made available for payment, unless <br />(i) the date of authentication is an interest payment date to which interest has been paid or made <br />available for payment, in which case such Bond shall be dated as of the date of authentication, or <br />(ii) the date of authentication is prior to the first Interest Payment Date, in which case such bond <br />shall be dated as of the date of original issue. The interest on the Bonds shall be payable to the <br />owner of record thereof as of the close of business on the fifteenth day of the month preceding <br />the interest payment date, whether or not such day is a business day. <br /> <br />Section 6. Registration. The City appoints U.S. Bank National Association, St. Paul, <br />Minnesota, as bond registrar and paying agent (the "Registrar"). The effect of registration and <br />the rights and duties of the City and the Registrar with respect thereto shall be as follows: <br /> <br />(a) Register. The Registrar shall keep at its principal office a bond register in which the <br />Registrar shall provide for the registration of ownership of the Bonds and the registration of <br />transfers or exchanges of the Bonds. <br /> <br />(b) Transfer of Bonds. Upon surrender for transfer of the Bonds duly endorsed by the <br />registered owner thereof or accompanied by a written instrument of transfer, in form satisfactory <br />to the Registrar, duly executed by the registered owner thereof or by an attorney duly authorized <br />by the registered owner in writing, the Registrar shall authenticate and deliver, in the name of the <br />designated transferee or transferees, a new Bond of a like aggregate principal amount and <br />maturity, as requested by the transferor. The Registrar may close the books for registration of <br />any transfer after the fifteenth day of the month preceding each Interest Payment Date and until <br />such Interest Payment Date. <br /> <br />(c) Cancellation. The Bonds surrendered upon any transfer shall be promptly canceled <br />by the Registrar and thereafter disposed of as directed by the City. <br /> <br />(d) Improper or Unauthorized Transfer. When any Bond is presented to the Registrar <br />for transfer, the Registrar may refuse to transfer the same until it is satisfied that the endorsement <br />on such Bond or separate instrument of transfer is valid and genuine and the requested transfer is <br />legally authorized. The Registrar shall incur no liability for its refusal, in good faith, to make <br />transfers which it, in its judgment, deems improper or unauthorized. <br /> <br />(e) Persons Deemed Owners. The City and the Registrar may treat the person(s) in <br />whose name(s) the Bonds are at any time registered in the bond register as the absolute owners <br />of the Bonds, whether the Bonds shall be overdue or not, for the purpose of receiving payment <br />of, or on account of, the principal of or interest on such Bonds and for all other purposes, and all <br />such payments so made to any such registered owners or upon the owners' order shall be valid <br />and effectual to. satisfy and discharge the liability of the City upon such Bonds to the extent of <br />the sum or sums so paid. <br /> <br />7 <br />