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� • � <br /> The Bond Registrar shall not be required to transfer or <br /> exchange any Bond during the period from the close of business on <br /> the 15th day of the calendar month preceding an interest payment <br /> date on the Bonds to the opening of business on such interest <br /> payment date. <br /> The execution by the City of any fully registered Bond <br /> shall constitute full and due authorization of such Bond, and the <br /> Bond Registrar shall thereby be authorized to authenticate, date <br /> and deliver such Bond; provided, however, the principal amount of <br /> Bonds of each maturity authenticated by the Bond Registrar shall <br /> not at any one time exceed the authorized principal amount of <br /> Bonds for such maturity less the amount of such Bonds which have <br /> been paid. <br /> The person in whose name any Bond shall be registered <br /> shall be deemed and regarded as the absolute owner thereof for <br /> all purposes, and payment of the principal of or interest on any <br /> Bond shall be made only to or upon the order of the registered <br /> owner thereof or his legal representative. All such payments <br /> shall be valid and effectual to satisfy and discharge the lia- <br /> bility upon such Bond to the extent of the sum or sums so paid. <br /> No service charge shall be made to any registered owner <br /> of Bonds for any transfer or exchange of Bonds, but the City or <br /> the Bond Registrar may require payment of a sum sufficient to <br /> cover any tax or other governmental charge that may be imposed in <br /> connection with any transfer or exchange of Bonds. <br /> _g_ I <br />