Resolution - #85-032 - 02/27/1985

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shall provide for the registration of ownership of Refunding Bonds and the registration of transfers and exchanges of Refund- ing Bonds entitled to be registered, transferred or exchanged. (b) Transfer of Bonds. Upon surrender for transfer of any Refunding Bond duly endorsed by the registered owner thereof or accompanied by a written instrument of transfer, in form satis- factory to the Registrar, duly executed by the registered owner thereof or by an attorney duly authorized by the registered owner in writing, the Registrar shall authenticate the deliver, in the name of the designated transferee or transferees, one or more new Refunding Bonds of a like aggregate principal amount and matur- ity, as requested by the transferor. The Registrar ~ay, however, close the books for registration of any transfer after the fifteenth day of the month preceding each interest payment date and until such interest payment date. (c) Exchange oK Bond.s.. Whenever any Refunding Bonds are surrendered by the registered owner for exchange the Registrar shall authenticate and deliver one or more new Refunding Bonds of a like aggregate principal amount and maturity, as requested by the registered owner or the owner's attorney in writing. (d) Cancellation. Ail Refunding Bonds surrendered upon any transfer or exchange shall be promptly cancelled by the Registrar and thereafter disposed of as directed by the City. (e) Improper or Unauthorized Transfer. When any Refunding Bond is presented to the Registrar for transfer, the Registrar may refuse to transfer the same until it is satisfied that the endorsement on such Refunding Bond or separate instrument of transfer is valid and genuine and that the requested transfer is legally authorized. The Registrar shall incur no liability for the refusal, in good faith, to make transfers which it, in its Judgment, deems improper or unauthorized. (f) Persons Deemed Owners. The City and the Registrar may treat the person in whose name any Refunding Bond Ss at any time registered in the bond register as the absolute owner of such Refunding Bond, whether such Bond shall be overdue or not, for the purpose of receiving payment of, or on account of, the prin- cipal of and interest on such Refunding Bond and for all other purposes, and all such payments so made to any such registered owner or upon the owner's order shall be valid and effectual to satisfy the discharge the liability upon such Bond to the extent of the sum or sums so paid. (g) Taxes, Fees and Char~es. For every transfer or ex- change of Refunding Bonds, the Registrar may impose a charge upon the owner thereof sufficient to reimburse the Registrar for any tax, fee or other governmental charge required to be pa~d with respect to such transfer or exchange.