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<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 the <br />city. <br /> <br />All Bonds delivered in exchange for or upon transfer of <br />Bonds shall be valid general obligations of the City evidencing <br />the same debt, and entitled to the same benefits under this <br />resolution, as the Bonds surrendered for such exchange or <br />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 its <br />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 payable <br />in connection with the transfer or exchange of any Bond and any <br />legal or unusual costs regarding transfers and lost Bonds. <br /> <br />Transfers shall also be subject to reasonable regula- <br />tions of the City contained in any agreement with, or notice to, <br />the 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. Riahts Upon Transfer or Exchanae. Each Bond <br />delivered upon transfer of or in exchange for or in lieu of any <br />other Bond shall carry all the rights to interest accrued and <br />unpaid, and to accrue, which were carried by such other Bond. <br /> <br />14. Interest Payment: Record Date. Interest on any <br />Global Certificate shall be paid as provided in the first <br />paragraph thereof, and interest on any Replacement Bond shall be <br />paid on each Interest Payment Date by check or draft mailed to <br />the person in whose name the Bond is registered (the "Holder") on <br />the registration books of the City maintained by the Bond <br />Registrar, and in each case at the address appearing thereon at <br />the close of business on the fifteenth (15th) calendar day <br />preceding such Interest Payment Date (the "Regular Record Date"). <br />Any such interest not so timely paid shall cease to be payable to <br />the person who is the Holder thereof as of the Regular Record <br />Date, and shall be payable to the person who is the Holder <br />thereof at the close of business on a date (the "Special Record <br />Date") fixed by the Bond Registrar whenever money becomes <br />available for payment of the defaulted interest. Notice of the <br />Special Record Date shall be given by the Bond Registrar to the <br /> <br />26250 <br /> <br />33 <br />