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<br /> 15'0/1/ <br /> effectual and shall discharge the liability of the City and the <br /> Paying Agent/Registrar upon such Bond to the extent of the sums paid. <br /> Section 3.06. Reqistration, Transfer and Exchanqe. <br /> (a) So long as any Bonds remain outstanding, the City shall <br /> cause the Paying Agent/Registrar to keep at the Designated <br /> Payment/Transfer Office a register (the "Register") in which, <br /> subject to such reasonable regulations as it may prescribe, the <br /> Paying Agent/Registrar shall provide for the registration and <br /> transfer of Bonds in accordance with this Ordinance. <br /> (b) Registration of any Bond may be transferred in the <br /> Register only upon the presentation and surrender thereof at the <br /> Designated Payment/Transfer Office for transfer of registration and <br /> cancellation, together with proper written instruments of <br /> assignment, in form and with guarantee of signatures satisfactory to <br /> the Paying AgÈmt/Registrar, evidencing assignment of the Bonds, or <br /> any portion thereof in any integra 1 multiple of $5,000, to the <br /> assignee or assignees thereof, and the right of such assignee or <br /> assignees thereof to have the Bond or any portion thereof registered <br /> in the name of such assignee or assignees. No transfer of any Bond <br /> shall be effective until entered in the Register. Upon assignment <br /> and transfer of any Bond or portion thereof, a new Bond or Bonds <br /> will be issued by the Paying Agent/Registrar in conversion and <br /> exchange for such transferred and assigned Bond. To the extent <br /> possible the Paying Agent/Registrar will issue such new Bond or <br /> Bonds in not more than three business days after receipt of the Bond <br /> to be transferred in proper form and with proper instructions <br /> directing such transfer. <br /> (c) Any Bond may be converted and exchanged only upon the <br /> presentation and surrender thereof at the Designated <br /> Payment/Transfer Office, together with a wri tten request therefor <br /> duly executed by the registered owner or assignee or assignees <br /> thereof, or its or their duly authorized attorneys or <br /> representatives, with guarantees of signatures satisfactory to the <br /> Paying Agent/Registrar, for a Bond or Bonds of the same maturity and <br /> interest rate and in any authorized denomination and in an aggregate <br /> principal amount equal to the unpaid principal amount of the Bond <br /> presented for exchange. If a portion of any Bond is redeemed prior <br /> to its scheduled maturity as provided herein, a substitute Bond or <br /> Bonds having the same maturity date, bearing interest at the same <br /> rate, in the denomination or denominations of any integral multiple <br /> of $5,000 at the request of the registered owner, and in an <br /> aggregate principal amount equal to the unredeemed portion thereof, <br /> will be issued to the registered owner upon surrender thereof for <br /> cancellation. To the extent possible, a new Bond or Bonds shall be <br /> delivered by the Paying Agent/Registrar to the registered owner of <br /> the Bond or Bonds in not more than three business days after receipt <br /> of the Bond to be exchanged in proper form and with proper <br /> instructions directing such exchange. <br /> 4588f <br /> -10- <br />