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<br />• ? ? ?.,,, <br />and transfer of Bonds as provided in this Section (the Bond Register). Sub- <br />ject to tYie provisions of Section 5, the person in whose name a Bond is regi- <br />stered on the Bond Register shall be regarded as the absolute owner of that <br />Bond for all purposes of this ordinance. Payment of or on account of the debt <br />charges on any Bond shall be made only to or upon the order of that person; <br />neither the City nor the Bond Registrar shall be affected by any notice to the <br />contrary, but the registration may be changed as provided in this Section. <br />All such payments shall be valid and effectual to satisfy and discharge the <br />City's liability upon the Bond, including interest, to the extent of the <br />amount or amounts so paid. <br />Any Bond may be exchanged for Bonds of any Authorized Denomination <br />upon presentation and surrender at the principal corporate trust office of the <br />Bond Registrar, together with a request for exchange signed by the registered <br />owner or by a person legally empowered to do so in a form satisfactory to the <br />Bond Registrar. A Bond may be transferred only on the Bond Register upon <br />presentation and surrender of the Bond at the principal corporate trust office <br />of the Bond Registrar together with an assignment signed by the registered <br />owner or by a person legally empowered to do so in a form satisfactory to the <br />Bond Registrar. Upon exchange or transfer the Bond Registrar shall complete, <br />authenticate and deliver a new Bond or Bonds of any Authorized Denomination or <br />Denominations requested by the owner equal in the aggregate to the unmatured <br />principal amount of the Bond surrendered and bearing interest at the same rate <br />and maturing on the same date. <br />If manual signatures on behalf of the City are required, the Bond <br />Registrar shall undertake the exchange or transfer of Bonds only after the new <br />Bonds are signed by the authorized officers of the City. In all cases of <br />Bonds exchanged or transferred, the City shall sign and the Bond Registrar <br />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, <br />except that the City and Bond Registrar may make a charge sufficient to reim- <br />burse them for any tax or other governmental charge required to be paid with <br />respect to the exchange or transfer. The City or the Bond Registrar may <br />require that those charges, if any, be paid before the procedure is begun for <br />the exchange or transfer. All Bonds issued and authenticated upon any <br />exchange or tr.ansfer shall be valid obligations of the City, evidencing the <br />same debt, and entitled to the same security and benefit under this ordinance, <br />as the Bonds surrendered upon that exchange or transfer. <br />Notwithstanding any other provisions of this ordinance, if it is <br />determined by the Director of Finance in the Certificate of Award to be advan- <br />tageous to the City, the Bonds may be issued in book entry form in accordance <br />with the provisions of this Section. As used in this Section and this <br />ordinance: <br />"Book entry form" or "book entry system" means a form or system under <br />which (i) the ownership of beneficial interests in Bonds and the principal of <br />and interest on the Bonds may be transferred only through a book entry, and <br />(ii) physical Bond certificates in fully registered form are issued by the <br />City only to a Depository or its nominee as registered owner, with the Bonds <br />"immobilized" in the custody of the Depository. The book entry maintained by <br />others than the City is the record that identifies the owners of beneficial <br />interests in those Bonds and that principal and interest. <br />- 7 - <br />