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<br />(a) Register. The Registrar must keep at its principal corporate trust office a <br />bond register in which the Registrar provides for the registration of ownership of Bonds <br />and the registration of transfers and exchanges of Bonds entitled to be registered, <br />transferred or exchanged. <br /> <br />(b) Transfer of Bonds. Upon surrender for transfer of a Bond duly endorsed <br />by the registered owner thereof or accompanied by a written instrument of transfer, in <br />form satisfactory to the Registrar, duly executed by the registered owner thereof or by an <br />attorney duly authorized by the registered owner in writing, the Registrar will <br />authenticate and deliver, in the name of the designated transferee or transferees, one or <br />more new Bonds of a like aggregate principal amount and maturity, as requested by the <br />transferor. The Registrar may, however, close the books for registration of any transfer <br />after the fifteenth day of the month preceding each interest payment date and until that <br />interest payment date. <br /> <br />(c) Exchange of Bonds. When Bonds are surrendered by the registered owner <br />for exchange the Registrar will authenticate and deliver one or more new Bonds of a like <br />aggregate principal amount and maturity as requested by the registered owner or the <br />owner's attorney in writing. <br /> <br />(d) Cancellation. Bonds surrendered upon transfer or exchange will be <br />promptly cancelled by the Registrar and thereafter disposed of as directed by the City. <br /> <br />(e) Imorooer or Unauthorized Transfer. When a Bond is presented to the <br />Registrar for transfer, the Registrar may refuse to transfer the Bond until the Registrar is <br />satisfied that the endorsement on the Bond or separate instrument of transfer is valid and <br />genuine and that the requested transfer is legally authorized. The Registrar will incur no <br />liability for the refusal, in good faith, to make transfers which it, in its judgment, deems <br />improper or unauthorized. <br /> <br />(f) Persons Deemed Owners. The City and the Registrar may treat the person <br />in whose name a Bond is registered in the bond register as the absolute owner of the <br />Bond, whether the Bond is overdue or not, for the purpose of receiving payment of, or on <br />account of, the principal of and interest on the Rond and for all other purposes and <br />payments so made to registered owner or upon the owner's order will be valid and <br />effectual to satisfy and discharge the liability upon the Bond to the extent of the sum or <br />sums so paid. <br /> <br />(g) Taxes, Fees and Charges. The Registrar may impose a charge upon the <br />owner thereof for a transfer or exchange of Bonds, sufficient to reimburse the Registrar <br />for any tax, fee or other governmental charge required to be paid with respect to the <br />transfer or exchange. <br /> <br />294858v3 SIB CEJ55-26 <br /> <br />5 <br />