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m.. ,._ ?..:?.?.......,,m_.i.._.a. , Ordinance No. 85-61 - 2 - Section 4. If the Bonds are issued and sold to the Director of Finance, as officer in charge of one or more of the funds of the City, the Director of Finance shall act as the authenticating agent, bond registrar, transfer agent and paying agent (collectively, the Bond Registrar) for the Bonds and shall continue in that capacity so long as the Bonds are held as an investment of funds of the City. In the event that any of the Bonds is to be held by a person other than the Director of Finance, prior to the execution and delivery of that Bond, there shall be signed and delivered, in the name and on behalf of the Citq, and in a form having this Council's approval, an agreement with a bank or trust company in which the City appoints that bank or trust company, and it agrees to act, as the Bond Registrar for the Bonds. The Director of Finance shall provide for the payment of the services rendered and for reimbursement of expenses incurred pursuant to such an agreement from the proceeds of the Bonds to the extent available and then from other funds lawfullq available and appropriated or to be appropriated for that purpose. Section 5. The principal of and interest on the Bonds shall be payable in lawful money of the United States of America without deduction for the services of the Bond Registrar as paying agent. Principal shall be payable when due upon presentation and surrender of the Bonds or, in the event a single Bond is issued, upon presentation for endorsement of the amount paid thereon at the office of the Bond Registrar. Interest on a Bond shall be paid on each Interest Payment Date by check or draft mailed or otherwise delivered to the person in whose name the Bond was registered, and to that person's address appearing, on the Bond Register (as defined in Section 6 below) at the close of business on the 15th day of the calendar month next preceding that Interest Payment Date (the Record Date). Section 6. So long as any of the Bonds remain outstanding, the City will cause the Bond Registrar to maintain and keep at its office all books and records necessary for the registration, exchange and transfer of Bonds as provided in this Section (the Bond Register). Subject to the provisions of Section 5 above, the person in whose name a Bond is registered on the Bond Register shall be regarded as the absolute owner of that Bond for all purposes of this ordinance. Payment of or on account of the principal of and interest on any Bond shall be made only to or upon the order of that person; neither the City nor the Bond Registrar shall be affected by any notice to the contrary, but the registration may be changed as provided in this Section. All such payments shall be valid and effectual to satisfy and discharge the City's liability upon the Bond, including interest, to the extent of the amount or amounts so paid. Any Bond may be exchanged for Bonds of any authorized denomination upon presentation and surrender at the office of the Bond Registrar, together with a request for exchange signed by the registered owner or by a person legally empowered to do so in a form satisfactory to the Bond Registrar. A Bond may be transferred only on the Bond Register upon presentation and surrender the Bond at the office of the Bond Registrar together with an assignment executed by the registered owner or by a person legally empowered to do so in a form satisfactory to the Bond Registrar. Upon exchange or transfer the Bond Registrar shall complete, authenticate and deliver a new Bond or Bonds of any authorized denomination or denominations requested by the owner equal in the aggregate to the unmatured principal amount of the Bond surrendered and bearing interest at the same rate and maturing on the same date. If manual signatures on behalf of the City are required, the Bond Registrar shall undertake the exchange or transfer of Bonds only after the new Bonds are signed by the authorized officers of the City. In all cases of exchanged or transferred Bonds, the City shall sign and the Bond Registrar shall authenticate and deliver Bonds in accordance with the provisions of this ordinance. The exchange or transfer shall be without charge to the owner, except that the City and Bond Registrar may make a charge sufficient to reimburse them for any tax or other governmental charge required to be paid with respect to the exchange or transfer. The City or the Bond Registrar may require that those charges, if any, be paid before the procedure is begun for