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endorsed by or accompanied by a written instrument or instruments of transfer or exchange in form <br /> satisfactory to the Bond Registrar and duly executed by the registered owner or an attorney for <br /> such owner duly authorized in writing, the City shall execute and the Bond Registrar shall <br /> authenticate, date and deliver in the name of the transferee or transferees or, in the case of an <br /> exchange, the registered owner, a new fully registered Bond or Bonds of like tenor, of the same <br /> maturity,bearing the same interest rate,of authorized denominations,for a like aggregate principal <br /> amount. <br /> The Bond Registrar shall not be required to transfer or exchange any Bond during the <br /> period from the close of business on the Record Date for an interest payment to the opening of <br /> business on such interest payment date or during the period of 15 days preceding the giving of <br /> notice of redemption of Bonds or to transfer or exchange any Bond all or a portion of which has <br /> been called for redemption. <br /> The execution by the City of any fully registered Bond shall constitute full and due <br /> authorization of such Bond, and the Bond Registrar shall thereby be authorized to authenticate, <br /> date and deliver such Bond; provided, however, that the principal amount of Bonds of each <br /> maturity authenticated by the Bond Registrar shall not at any one time exceed the authorized <br /> principal amount of Bonds for such maturity less the amount of such Bonds which have been paid. <br /> The person in whose name any Bond shall be registered shall be deemed and regarded as <br /> the absolute owner thereof for all purposes,and payment of the principal of or interest on any Bond <br /> shall be made only to or upon the order of the registered owner thereof or his or her legal <br /> representative. All such payments shall be valid and effectual to satisfy and discharge the liability <br /> upon such Bond to the extent of the sum or sums so paid. <br /> No service charge shall be made for any transfer or exchange of Bonds, but the City or the <br /> Bond Registrar may require payment of a sum sufficient to cover any tax or other governmental <br /> -13- <br />