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Section 4. Registration, Exchange and Payments. <br /> (a) Bond Registrar/Bond Register. The City hereby specifies and adopts the system <br /> of registration approved by the Washington State Finance Committee from time to time through <br /> the appointment of state fiscal agencies. The City shall cause a bond register to be maintained by <br /> the Bond Registrar. So long as any Bonds remain outstanding, the Bond Registrar shall make all <br /> necessary provisions to permit the exchange or registration or transfer of Bonds at its principal <br /> corporate trust office. The Bond Registrar may be removed at any time at the option of the Chief <br /> Financial Officer upon prior notice to the Bond Registrar and a successor Bond Registrar <br /> appointed by the Chief Financial Officer. No resignation or removal of the Bond Registrar shall <br /> be effective until a successor shall have been appointed and until the successor Bond Registrar <br /> shall have accepted the duties of the Bond Registrar hereunder. The Bond Registrar is <br /> authorized, on behalf of the City, to authenticate and deliver Bonds transferred or exchanged in <br /> accordance with the provisions of such Bonds and this ordinance and to carry out all of the Bond <br /> Registrar's powers and duties under this ordinance. The Bond Registrar shall be responsible for <br /> its representations contained in the Certificate of Authentication of the Bonds. <br /> (b) Registered Ownership. The City and the Bond Registrar, each in its discretion, <br /> may deem and treat the Registered Owner of each Bond as the absolute owner thereof for all <br /> purposes (except as provided in Section 13 of this ordinance), and neither the City nor the Bond <br /> Registrar shall be affected by any notice to the contrary. Payment of any such Bond shall be <br /> made only as described in Section 4(g) hereof, but such Bond may be transferred as herein <br /> provided. All such payments made as described in Section 4(g) shall be valid and shall satisfy <br /> and discharge the liability of the City upon such Bond to the extent of the amount or amounts so <br /> paid. <br /> -6- P:\20287 CMW20287 8RS 02/08/10 <br />