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All Certificates delivered in exchange for or upon transfer of Certificates shall be valid <br />general obligations of the City evidencing the same debt, and entitled to the same benefits under <br />this resolution, as the Certificates surrendered for such exchange or transfer. <br />Every Certificate presented or surrendered for transfer or exchange shall be duly <br />endorsed or be accompanied by a written instrument of transfer, in form satisfactory to the <br />Registrar, duly executed by the Holder thereof or the Holder's attorney duly authorized in <br />writing. <br />The Registrar may require payment of a sum sufficient to cover any tax or other <br />governmental charge payable in connection with the transfer or exchange of any Certificate and <br />any legal or unusual costs regarding transfers and lost Certificates. <br />Transfers shall also be subject to reasonable regulations of the City contained in any <br />agreement with the Registrar, including regulations which permit the Registrar to close its <br />transfer books between record dates and payment dates. The City Administrator is hereby <br />authorized to negotiate and execute the terms of said agreement. <br />11. Rights Upon Transfer or Exchange. Each Certificate delivered upon transfer of or <br />in exchange for or in lieu of any other Certificate shall carry all the rights to interest accrued and <br />unpaid, and to accrue, which were carried by such other Certificate. <br />12. Interest Payment; Record Date. Interest on any Certificate shall be paid on each <br />Interest Payment Date by check or draft mailed to the person in whose name the Certificate is <br />registered (the "Holder ") on the registration books of the City maintained by the Registrar and at <br />the address appearing thereon at the close of business on the first day of the calendar month of <br />such Interest Payment Date (the "Regular Record Date "). Any such interest not so timely paid <br />shall cease to be payable to the person who is the Holder thereof as of the Regular Record Date, <br />and shall be payable to the person who is the Holder thereof at the close of business on.a date <br />(the "Special Record Date ") fixed by the Registrar whenever money becomes available for <br />payment of the defaulted interest. Notice of the Special Record Date shall be given by the <br />Registrar to the Holders not less than ten days prior to the Special Record Date. <br />13. Treatment of Registered Owner. The City and Registrar may treat the person in <br />whose name any Certificate is registered as the owner of such Certificate for the purpose of <br />receiving payment of principal of and premium, if any, and interest (subject to the payment <br />provisions in paragraph 12) on, such Certificate and for all other purposes whatsoever whether or <br />not such Certificate shall be overdue, and neither the City nor the Registrar shall be•affected by <br />notice to the contrary. <br />14. Delivery; Application of Proceeds. The Certificates when so prepared and <br />executed shall be delivered by the City Finance Director to the Purchaser upon receipt of the <br />purchase price, and the Purchaser shall not be obliged to see to the proper application thereof. <br />15. Fund and Accounts. There is hereby created a special fund to be designated the <br />"General Obligation Equipment Certificates, Series 2014A Fund" (the "Fund ") to be <br />administered and maintained by the Finance Director as a bookkeeping account separate and <br />apart from all other funds maintained in the official financial records of the City. The Fund shall <br />11 <br />