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• <br /> which shall at all times be open to inspection by the City. The Bond Registrar is authorized, on <br /> behalf of the City, to authenticate and deliver the Bonds transferred or exchanged in accordance <br /> with the provisions of such Bonds and this ordinance and to carry out all of the Bond Registrar's <br /> powers and duties under this ordinance. <br /> The Bond Registrar shall be responsible for its representations contained in the Certificate <br /> of Authentication on the Bonds. The Bond Registrar may become the Registered Owner of <br /> Bonds with the same rights it would have if it were not the Bond Registrar, and to the extent <br /> permitted by law may act as depositary for and permit any of its officers or directors to act as a <br /> member of, or in any other capacity with respect to, any committee formed to protect the rights of <br /> Registered Owners. <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, and neither the City nor the Bond Registrar shall be affected by any notice to the <br /> contrary. Payment of any such Bond shall be made only as described in Section 2 hereof, but such <br /> registration may be transferred as herein provided. All such payments made as described in <br /> Section 2 shall be valid and shall satisfy and discharge the liability of the City upon such Bond to <br /> the extent of the amount or amounts so paid. <br /> C. Transfer or Exchange of Registered Ownership; Change in Denominations. The <br /> registered ownership of any Bond may be transferred or exchanged, but no transfer of any Bond <br /> shall be valid unless it is surrendered to the Bond Registrar with the assignment form appearing on <br /> such Bond duly executed by the Registered Owner or such Registered Owner's duly authorized <br /> agent in a manner satisfactory to the Bond Registrar. Upon such surrender, the Bond Registrar <br /> shall 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 new <br /> Registered Owner) of the same date, maturity and interest rate and for the same aggregate <br /> principal amount in any authorized denomination, naming as Registered Owner the person or <br /> persons listed as the assignee on the assignment form appearing on the surrendered Bond, in <br /> -4- DOTOF7.DOC 96/03/12 <br />