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DocuSign Envelope ID: D1 D7BO29-ODBD-4276-9A2E-BOA56F6EO688 <br />Registrar shall promptly advise all bondholders of its identity and address. So long as any of the Bonds remain <br />outstanding, the City shall cause to be maintained and kept by the Bond Registrar, at the office of the Bond <br />Registrar, all books and records necessary for the registration, exchange and transfer of Bonds as provided in <br />this Section (the "Bond Register"). Subject to the provisions of hereinabove, the person in whose name any <br />Bond shall be registered on the Bond Register shall be regarded as the absolute owner thereof for all purposes. <br />Payment of or on account of the principal of and interest on any Bond shall be made only to or upon the order <br />of that person. Neither the City nor the Bond Registrar shall be affected by any notice to the contrary, but the <br />registration may be changed as herein provided. All payments shall be valid and effectual to satisfy and <br />discharge the liability upon the Bonds, including the interest thereon, to the extent of the amount or amounts <br />so paid. <br />Any Bond, upon presentation and surrender at the office of the Bond Registrar, together with a request <br />for exchange signed by the registered owner or by a person authorized by the owner to do so by a power of <br />attorney in a form satisfactory to the Bond Registrar, may be exchanged for Bonds of the same form and of <br />any authorized denomination or denominations equal in the aggregate to the unmatured principal amount of <br />the Bonds surrendered, and bearing interest at the same rate and maturing on the same date. <br />A Bond may be transferred only on the Bond Register upon presentation and surrender thereof at the <br />office of the Bond Registrar, together with an assignment executed by the registered owner or by a person <br />authorized by the owner to do so by a power of attorney in a form satisfactory to the Bond Registrar. Upon <br />that transfer, the Bond Registrar shall complete, authenticate and deliver a new Bond or Bonds of any <br />authorized denomination or denominations equal in the aggregate to the unmatured principal amount of the <br />Bonds surrendered, and bearing interest at the same rate and maturing on the same date. <br />The City and the Bond Registrar shall not be required to transfer or exchange (i) any Bond during a <br />period beginning at the opening of business 15 days before the day of mailing of a notice of redemption of <br />Bonds, and ending at the close of business on the day of such mailing, or (ii) any Bonds selected for <br />redemption, in whole or in part, following the date of such mailing. <br />In all cases in which Bonds are exchanged or transferred hereunder, the City shall cause to be executed <br />and the Bond Registrar shall authenticate and deliver Bonds in accordance with the provisions of this <br />Ordinance. The exchange or transfer shall be without charge to the owner; except that the City and Bond <br />Registrar may make a charge sufficient to reimburse them for any tax or other governmental charge required <br />to be paid with respect to the exchange or transfer. The City or the Bond Registrar may require that those <br />charges, if any, be paid before it begins the procedure for the exchange or transfer of the Bonds. All Bonds <br />issued upon any transfer or exchange shall be the valid obligations of the City, evidencing the same debt, and <br />entitled to the same benefits under this Ordinance, as the Bonds surrendered upon that transfer or exchange. <br />Section 8. Book -entry System. For purposes of this Ordinance, the following terms shall have <br />the following meanings: <br />"Book -entry form" or "book -entry system" means a form or system under which (i) the beneficial <br />right to payment of principal of and interest on the Bonds may be transferred only through a book -entry and <br />(ii) physical Bonds in fully registered form are issued only to the Depository or its nominee as registered <br />owner, with the Bonds "immobilized" to the custody of the Depository, and the book -entry is the record that <br />identifies the owners of beneficial interests in those Bonds. <br />"Depository" means any securities depository that is a clearing agency under federal law operating <br />and maintaining, together with its participants, a book -entry system to record beneficial ownership of Bonds <br />and to effect transfers of Bonds, in book -entry form, and includes The Depository Trust Company (a limited <br />purpose trust company), New York, New York. <br />190017990 6 <br />