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Section 3.6. Ownership. <br />(a) The City, the Trustee, the Paying Agent/Registrar and any other Person may treat <br />the Person in whose name any Bond is registered as the absolute owner of such Bond for the <br />purpose of making and receiving payment as provided herein (except interest shall be paid to the <br />Person in whose name such Bond is registered on the Record Date or Special Record Date, as <br />applicable) and for all other purposes, whether or not such Bond is overdue, and none of the <br />City, the Trustee or the Paying Agent/Registrar shall be bound by any notice or knowledge to the <br />contrary. <br />(b) All payments made to the Owner of any Bond shall be valid and effectual and <br />shall discharge the liability of the City, the Trustee and the Paying Agent/Registrar upon such <br />Bond to the extent of the sums paid. <br />Section 3.7. Registration, Transfer and Exchange. <br />(a) So long as any Bond remains outstanding, the City shall cause the Paying <br />Agent/Registrar to keep at the Designated Payment/Transfer Office a Register in which, subject <br />to such reasonable regulations as it may prescribe, the Paying Agent/Registrar shall provide for <br />the registration and transfer of Bonds in accordance with this Indenture. The Paying <br />Agent/Registrar represents and warrants that it will maintain a copy of the Register, and shall <br />cause the Register to be current with all registration and transfer information as from time to time <br />may be applicable. <br />(b) A Bond shall be transferable only upon the presentation and surrender thereof at <br />the Designated Payment/Transfer Office of the Paying Agent/Registrar with such endorsement or <br />other evidence of transfer as is acceptable to the Paying Agent/Registrar. No transfer of any <br />Bond shall be effective until entered in the Register. <br />(c) The Bonds shall be exchangeable upon the presentation and surrender thereof at <br />the Designated Payment/Transfer Office of the Paying Agent/Registrar for a Bond or Bonds of <br />the same maturity and interest rate and in any Authorized Denomination and in an aggregate <br />principal amount equal to the unpaid principal amount of the Bond presented for exchange. The <br />Trustee is hereby authorized to authenticate and deliver Bonds exchanged for other Bonds in <br />accordance with this Section. <br />(d) The Trustee is hereby authorized to authenticate and deliver Bonds transferred or <br />exchanged in accordance with this Section. A new Bond or Bonds will be delivered by the <br />Paying Agent/Registrar, in lieu of the Bond being transferred or exchanged, at the Designated <br />Payment/Transfer Office, or sent by United States mail, first class, postage prepaid, to the Owner <br />or his designee. Each transferred Bond delivered by the Paying Agent/Registrar in accordance <br />with this Section shall constitute an original contractual obligation of the City and shall be <br />entitled to the benefits and security of this Indenture to the same extent as the Bond or Bonds in <br />lieu of which such transferred Bond is delivered. <br />21 <br />