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Holder of that Bond for all purposes of the Bond Proceedings. Payment of the Debt <br />Charges on any Refunding Bond will be made only to or upon the order of that <br />person. Neither the City nor the Registrar Mil be affected by any notice to the <br />contrary, bht the registration may be changed as provided in this Section. All such <br />payments will be valid and effectual to satisfy and discharge the City's liability upon <br />that Refundfi~g Bond to the extent ofthe amount or mounts so paid. <br /> <br />Transfer and Exchange. Any Refunding Bond may be exchanged for Refunding <br />Bonds of any Authorized Denomination upon presentation and surrender at the <br />office of the Registrar, together with a request for exchange signed by the Holder or <br />by a person legally empowered to do so in a form satisfactory to the Registrar A <br />Refimding Bond may be transferred only on the Register npon presentation and <br />surrender of the Refunding Bond at the office of the Registrar together with an <br />assignment signed by the Holder or by a person legally empowered to do so in a <br />form satisfactory to the Registrar. Upon exchange or transfer the Registrar will <br />complete, authenticate, end deliver a new Refunding Bond or Bonds of any <br />Authorized Denomination requested by the Holder equal to the manatured principal <br />amount of the Refunding Bond surrendered and beating interest at the same rote and <br />maturing on the same date <br /> <br />If manual signatures on behalf of the City are required, the Registrar will undertake <br />the exehange or transfer of Reftmding Bonds only after the new Refunding Bonds <br />are signed by the authorized officers of the City. In all cases of Refunding Bonds <br />exchanged or transferred, the City will sign and the Registrar will authenticate and <br />deliver Refunding Bonds in accordance with the provisions of the Bond <br />Proceedings. The exclmnge or lrans£er vdll be without charge to the Holder, excep! <br />that the City and the Regislrar may make a charge sufficient to reimburse them for <br />any tax or other govennnental charge required to be paid with respect m the <br />exchange or transfer. The City or the Registrar may reqmre that those charges, if <br />any, be paid before the procedure is begun for the exchange or transfer All <br />Refunding Bonds issued and authenticated upon any exchange or transfer wilI be <br />valid obligations of the City. evidencing the same debh and entitled to the same <br />security and benefit under qbe Bond Proceedings as the Refunding Bonds <br />surrendered upon that exchange or transfer. Neither the City nor the Registrar will <br />be required to make any exchange or transfer of (1) Refimding Bonds then subject m <br />call for redemption between the 15th day preceding the mailing of notice of <br />Refunding Bonds to be redeemed and the date of that mailing, or (2) any Refunding <br />Bond selected for redemption, in whole or in part. <br /> <br />Book-Entry System. Unless otherwise determined in the Certificate of Award, the <br />Refimding Bonds must be originally issued in book-enn'y form to a Depository, <br />kdtially the Depository Trust Company, for use in a book-entry system upon the <br />terms provided in the Registrar Agreement. Under the book-entry system, the <br />Refunding Bonds will be registered in the name of a Depository or its nominee, the <br />bond certificates in fully-registered form will be deposited with and retained in the <br />custody of the Depository or its agent, and the ownersinp of interests in the <br />Refunding Bonds may be transferred only through a book entxy on the records of the <br />Depository <br /> <br />Subject to the provisions of this ordinance relating to the City's Conthlnlng <br />Disclosure Agreement, the City and the Registrar must recognize and treat the <br />Depository as the Holder of the Refunding Bonds for all purposes, including <br />payment of Debt Charges, redemption and other notices, and enforcement of <br />remedies. <br /> <br />If any Depository determines not to continue to act as a Depository for the <br />Reftmdifig Bonds for use in a book-entry system or if the City determines to <br />discontinue the book-entry system, the Director of Finance may attempt to establish <br />a securities depository/book-entry relationskip with another qualified Depository. If <br />the Director of Finance does not or is unable to do so, the Director of Finance must <br />direct the Registrar to make provision for notification of the book-entry interest <br /> <br />4 <br /> <br /> <br />