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on behalf of the City. The same person need not sign the certificate of authentication on all of the <br />Bonds. <br />Section 5. Registration; Transfer and Exchange; Book Entry System. <br />(a) Bond Registrar. So long as any of the Bonds remain outstanding, the City will cause <br />the Bond Registrar to maintain and keep the Bond Register at its designated corporate trust office. <br />Subject to the provisions of Section 5(c), the person in whose name a Bond is registered on the <br />Bond Register shall be regarded as the absolute owner of that Bond for all purposes of the Bond <br />proceedings. Payment of or on account of the debt charges on any Bond shall be made only to or <br />upon the order of that person; neither the City nor the Bond Registrar shall be affected by any notice <br />to the contrary, but the registration may be changed as provided in this Section. All such payments <br />shall be valid and effectual to safisfy and discharge the City's liability upon the Bond, including <br />interest, to the extent of the amount or amounts so paid. <br />(b) Transfer and Exchange. Any Bond may be exchanged for Bonds of any Authorized <br />Denomination upon presentation and surrender at the designated corporate trust office of the Bond <br />Registrar, together with a request for exchange signed by the registered owner or by a person legally <br />empowered to do so in a form satisfactory to the Bond Registrar. A Bond may be transferred only <br />on the Bond Register upon presentafion and surrender of the Bond at the designated corporate trust <br />office of the Bond Registrar together with an assignment signed by the registered owner or by a <br />person legally empowered to do so in a form satisfactory to the Bond Registrar. Upon exchange or <br />transfer the Bond Registrar shall complete, authenticate and deliver a new Bond or Bonds of any <br />Authorized Denomination or Denominations requested by the owner equal in the aggregate to the <br />unmatured principal amount of the Bond surrendered and bearing interest at the same rate and <br />maturing on the same date. <br />If manual signatures on behalf of the City are required, the Bond Registrar shall undertake <br />the exchange or transfer of Bonds only after the new Bonds are signed by the authorized officers of <br />the City. In all cases of Bonds exchanged or transferred, the City shall provide for signing and the <br />Bond Registrar shall authenticate and deliver Bonds in accordance with the provisions of the Bond <br />proceedings. The exchange or transfer shall be without charge to the owner, except that the City <br />and Bond Registrar may make a charge sufficient to reimburse them for any tax or other <br />governmental charge required to be paid with respect to the exchange or transfer. The City or the <br />Bond Registrar may require that those charges, if any, be paid before the procedure is begun for the <br />exchange or transfer. All Bonds issued and authenticated upon any exchange or transfer shall be <br />valid obligations of the City, evidencing the same debt, and entitled to the same security and benefit <br />under the Bond proceedings as the Bonds surrendered upon that exchange or transfer. Neither the <br />City nor the Bond Registrar shall be required to make any exchange or transfer of (i) Bonds then <br />` subject to call for redemption between the 15th day preceding the mailing of notice of Bonds to be <br />redeemed and the date of that mailing, or (ii) any Bond selected for redemption, in whole or in part. <br />(c) Book Entry System. The Bonds maybe issued to a Depository for use in a book entry <br />system and, if and as long as a book entry system is utilized, (i) the Bonds maybe issued in the form <br />of a single, fully registered Bond representing each maturity and registered in the name of the <br />Depository or its nominee, as registered owner, and immobilized in the custody of the Depository or <br />10 <br />