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each.year,. commencing February 1, 20i6, to the registered owners of rece�zd as of the close of business on the fifteenth day of the immediately preceding. receding month,.whether or not that day is a business'day.. 2.03: Registration. The City will appoint a bond registrar, transfer agent, authenticating agent and paying agent (# m"Registrar"). The effect of registration and the rights and. duties of the City and the Registrar with respectthereto are. as:follows: a Refrister, The Registrar must keep at its principal corporate trust office a bond () register in which the Registrar provides for the registration .of ownership of Bonds and the registration of* transfers. anal 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 registered owner thereof or accompanied by a written instrument of transfer, in form satisfactory to the Registrar, duly executed by the. registered owner thereof or by an. attorney duly :authorized. by the.registered owner in writing, -the Registrar will authenticate and deliver, in the name of the designated transferee. or transferees, one or morenew .Bonds of a like aggregate principal amount: and: maturity, as requested by the transferor: The Registrar may, however, close thebooks for .registration .of any transfer after the -fifteenth day of the month preceding each. interest payment date: and Until that. interest payment date. (c) Exchan e of Bonds. When Bonds are surrendered by the registered owner for exchange the Registrar will authenticate and deliver. one or more. new Bonds. of a like aggregate principal amount and maturity as requested by the registered owner or the owner's attorney in writing. (d) Cancellation Bonds surrendered upon..`transfer .or exchange will be promptly cancelled bythe Registrar and thereafter disposed of as directed bythe City. (e) Improper or Unauthorized Transfer. When a:Borid is*presented-to the Registrar for transfer, the: Registrar may refuse to transfer the Bond until the.Registrar issatisfied 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 liabilityfor the refusal, in. good faith, to make transfers :which it, in its judgment, deems improper or unauthorized. (f) Persons -Deemed Own_M. 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 will be valid and. effectual to satisfy and discharge the registered owner or upon the owner's order .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. ther.governmental chargerequired to bepaid with respect -to. the transfer or exchange. (h) Mutilated L st, Stolen of Destroyed Bonds. If a Bond becomes mutilated or is destroyed; stolen or lost, the Registrar vAll deliver a new Bond of like amount, number, maturity date -and tenor in exchange and substitution -for and upon cancellation of the mutilated Bond or in I ieu of and i.n substitution for %any Bond destroyed, stolen or 'lost, upon the payment of the reasonable expenses and charges of the Registrar' in connection therewith; and, in the case Vf -a 461MVGAF GE.1.90-12 5