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by the Registrar. The principal and interest on the <br />Bonds is payable in lawful money of the United States of <br />America without deduction for the services of the Regis- <br /> <br />trar. <br /> <br /> No Bond shall be valid or become obligatory for <br />any purpose unless and until an authentication certifi- <br />cate appearing on the Bond shall have been duly endorsed <br />by the Registrar. <br /> <br /> Each Bond shall bear interest from its date and <br />shall be dated as of August 1,~ 1988, if authenticated <br />prior to December 1, 1988, and otherwise shall be dated <br />as of the Interest Payment Date next preceding the date <br />of its authentication, unless authenticated upon an <br />Interest Payment Date, in which case it shall be dated as <br />of the date of its authentication; provided, however, <br />that if at the time of authentication interest is in <br />default, such Bond shall be dated as of the date to which <br />interest has been paid. <br /> <br /> Any Bond, upon surrender thereof at the princi- <br />pal corporate trust office of the Registrar, together <br />with an assignment duly executed by the Holder or his <br />duly authorized attorney in such form as shall be satis- <br />factory to the Registrar, at the option of the Holder <br />thereof, may be exchanged for Bonds of any authorized <br />denomination or denominations in an aggregate principal <br />amount not exceeding the principal amount of the Bond so <br />exchanged, and bearing interest at the same rate and <br />maturing on the same date. <br /> <br /> Any Bond, at no cost to the Holder, may be <br />transferred only upon the books kept for the registration <br />and transfer of Bonds, upon surrender thereof at the <br />principal corporate trust office of the Registrar to- <br />gether with an assignment duly executed by the Holder or <br />his duly authorized attorney in such form as shall be <br />satisfactory to the Registrar. Upon the transfer of any <br />such Bond and on request of the Registrar, the City shall <br />execute in the name of the transferee, and the Registrar <br />shall authenticate and deliver, a new Bond, of any au- <br />thorized denomination, in aggregate principal amount <br />equal to the principal amount of such Bond, and bearing <br />interest at the same rate and maturing on the same date. <br /> <br /> In all cases in which Bonds shall be exchanged <br />or transferred, the City shall execute and the Registrar <br />shall authenticate and deliver Bonds in accordance with <br />the provisions of this Ordinance. The City and Registrar <br />may make a charge for every such exchange (but not for <br />any such transfer) of Bonds sufficient to reimburse them <br />for any tax, fee or other governmental charge required to <br />be paid with respect to such exchange or transfer, and <br />the City and the Registrar may charge a sum sufficient to <br />reimburse them for all other costs and expenses incurred <br /> <br />-3- <br /> <br /> <br />