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that interest is to be paid to the person in whose name the Certificate is registered on the Record <br />Date or Special Record Date, as applicable), and for all other purposes, whether or not such <br />Certificate is overdue, and neither the City nor the Paying Agent/Registrar shall be bound by any <br />notice or knowledge to the contrary. <br /> (b) All payments made to the person deemed to be the Owner of any Certificate in <br />accordance with this Section shall be valid and effectual and shall discharge the liability of the City <br />and the Paying Agent/Registrar upon such Certificate to the extent of the sums paid. <br /> Section 3.06. Registration, Transfer and Exchange. <br /> (a) So long as any Certificates remain outstanding, the City shall cause the Paying <br />Agent/Registrar to keep at the Designated Payment/Transfer Office a register (the "Register") in <br />which, subject to such reasonable regulations as it may prescribe, the Paying Agent/Registrar shall <br />provide for the registration and transfer of Certificates in accordance with this Ordinance. <br /> (b) Registration of any Certificate may be transferred in the Register only upon the <br />presentation and surrender thereof at the Designated Payment/Transfer Office for transfer of <br />registration and cancellation, together with proper written instruments of assignment, in form and <br />with guarantee of signatures satisfactory to the Paying Agent/Registrar, evidencing assignment of <br />the Certificates, or any portion thereof in any integral multiple of $5,000, to the assignee or <br />assignees thereof, and the right of such assignee or assignees thereof to have the Certificate or any <br />portion thereof registered in the name of such assignee or assignees. No transfer of any Certificate <br />shall be effective until entered in the Register. Upon assignment and transfer of any Certificate or <br />portion thereof, a new Certificate or Certificates will be issued by the Paying Agent/Registrar in <br />conversion and exchange for such transferred and assigned Certificate. To the extent possible the <br />Paying Agent/Registrar will issue such new Certificate or Certificates in not more than three <br />business days after receipt of the Certificate to be transferred in proper form and with proper <br />instructions directing such transfer. <br /> (c) Any Certificate may be converted and exchanged only upon the presentation and <br />surrender thereof at the Designated Payment/Transfer Office, together with a written request <br />therefor duly executed by the registered owner or assignee or assignees thereof, or its or their duly <br />authorized attorneys or representatives, with guarantees of signatures satisfactory to the Paying <br />Agent/Registrar, for a Certificate or Certificates of the same maturity and interest rate and in any <br />authorized denomination and in an aggregate principal amount equal to the unpaid principal amount <br />of the Certificate presented for exchange. If a portion of any Certificate is redeemed prior to its <br />scheduled maturity as provided herein, a substitute Certificate or Certificates having the same <br />maturity date, bearing interest at the same rate, in the denomination or denominations of any <br />integral multiple of $5,000 at the request of the registered owner, and in an aggregate principal <br />amount equal to the unredeemed portion thereof, will be issued to the registered owner upon <br />surrender thereof for cancellation. To the extent possible, a new Certificate or Certificates shall be <br />delivered by the Paying Agent/Registrar to the Owner of the Certificate or Certificates in not more <br />than three business days after receipt of the Certificate to be exchanged in proper form and with <br />proper instructions directing such exchange. <br />14 <br />San Marcos CTRCO 2021A: Ordinance <br /> <br />