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<br />",~, ~. <br /> <br />At the option of the Holder of a Replacement Bond, <br />Replacement Bonds may be exchanged for Replacement Bonds of <br />any authorized denomination or denominations of a like <br />aggregate principal amount and stated maturity, upon surrender <br />of the Replacement Bonds to be exchanged at the principal <br />office of the Bond Registrar. Whenever any Replacement Bonds <br />are so surrendered for exchange, the City shall execute (if <br />necessary), and the Bond Registrar shall authenticate, insert <br />the date of registration of, and deliver the Replacement Bonds <br />which the Holder making the exchange is entitled to receive. <br />Global Certificates may not be exchanged for Global <br />Certificates of smaller denominations. <br /> <br />All Bonds surrendered upon any exchange or transfer <br />provided for in this resolution shall be promptly cancelled by <br />the Bond Registrar and thereafter disposed of as directed by <br />the City. <br /> <br />All Bonds delivered in exchange for or upon transfer <br />of Bonds shall be valid general obligations of the City <br />evidencing the same debt, and entitled to the same benefits <br />under this resolution, as the Bonds surrendered for such <br />exchange or transfer. <br /> <br />Every Bond presented or surrendered for transfer or <br />exchange shall be duly endorsed or be accompanied by a written <br />instrument of transfer, in form satisfactory to the Bond <br />Registrar, duly executed by the holder thereof or his, her or <br />its attorney duly authorized in writing. <br /> <br />The Bond Registrar may require payment of a sum <br />sufficient to cover any tax or other governmental charge <br />payable in connection with the transfer or exchange of any <br />Bond and any legal or unusual costs regarding transfers and <br />lost Bonds. <br /> <br />Transfers shall also be subject to reasonable <br />regulations of the City contained in any agreement with the <br />Bond Registrar, including regulations which permit the Bond <br />Registrar to close its transfer books between record dates and <br />payment dates. <br /> <br />13. Rights Upon Transfer or Exchange. Each Bond <br />delivered upon transfer of or in exchange for or in lieu of <br />any other Bond shall carryall the rights to interest accrued <br />and unpaid, and to accrue, which were carried by such other <br />Bond. <br />