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series shall be issued in the appropriate denominations and registered in the names of <br />such persons as are requested in such written request. <br />(e) Registration of Transfer of Ownership or Exchange; Change in <br />Denominations. The transfer of any Bond may be registered and Bonds may be <br />exchanged, but no transfer of any such Bond shall be valid unless it is surrendered to <br />the Bond Registrar with the assignment form appearing on such Bond duly executed by <br />the Registered Owner or such Registered Owner's duly authorized agent in a manner <br />satisfactory to the Bond Registrar. Upon such surrender, the Bond Registrar shall <br />cancel the surrendered Bond and shall authenticate and deliver, without charge to the <br />Registered Owner or transferee therefor, a new Bond (or Bonds at the option of the <br />new Registered Owner) of the same date, maturity, and interest rate and for the same <br />aggregate principal amount in any authorized denomination, naming as Registered <br />Owner the person or persons listed as the assignee on the assignment form appearing <br />on the surrendered Bond, in exchange for such surrendered and cancelled Bond. Any <br />Bond may be surrendered to the Bond Registrar and exchanged, without charge, for an <br />equal aggregate principal amount of Bonds of the same date, maturity, and interest <br />rate, in any authorized denomination. The Bond Registrar shall not be obligated to <br />register the transfer of or to exchange any Bond during the 15 days preceding any <br />principal payment or redemption date. <br />(f) Bond Registrar's Ownership of Bonds. The Bond Registrar may become <br />the Registered Owner of any Bond with the same rights it would have if it were not the <br />Bond Registrar, and to the extent permitted by law, may act as depository for and <br />permit any of its officers or directors to act as a member of, or in any other capacity with <br />respect to, any committee formed to protect the right of the Registered Owners or <br />beneficial owners of Bonds. <br />(g) Place and Medium of Payment Both principal of and interest on the Bonds <br />shall be payable in lawful money of the United States of America. Interest on the <br />Bonds shall be calculated on the basis of a year of 360 days and twelve 30-day <br />months. For so long as all Bonds are held by a depository, payments of principal <br />thereof and interest thereon shall be made as provided in accordance with the <br />operational arrangements of DTC referred to in the Letter of Representations. In the <br />event that the Bonds are no longer held by a depository, interest on the Bonds shall be <br />paid by check or draft mailed to the Registered Owners at the addresses for such <br />Registered Owners appearing on the Bond Register on the Record Date, or upon the <br />written request of a Registered Owner of more than $1,000,000 of Bonds (received by <br />the Bond Registrar at least by the Record Date), such payment shall be made by the <br />Bond Registrar by wire transfer to the account within the United States designated by <br />the Registered Owner. Principal of the Bonds shall be payable upon presentation and <br />surrender of such Bonds by the Registered Owners at the designated office of the Bond <br />Registrar. <br />If any Bond is duly presented for payment and funds have not been provided by the <br />City on the applicable payment date, then interest will continue to accrue thereafter on <br />the unpaid principal thereof at the rate stated on the Bond until the Bond is paid. <br />W: Word Processing\Ordinances\LTGO Bonds-Street improvements 5-31-17 <br />PM:bjs Page 7 of 16 <br />17 <br />