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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 owner of Bonds with the <br /> same rights it would have if it were not the Bond Registrar, and to the extent permitted by law <br /> may act as depository for and permit any of its officers or directors to act as a member of, or in <br /> any other capacity with respect to, any committee formed to protect the rights of Bond owners. <br /> Upon surrender thereof to the Bond Registrar, the Bonds are interchangeable for Bonds in <br /> any authorized denomination of an equal aggregate principal amount and of the same interest rate <br /> and maturity. Bonds may be transferred only if endorsed in the manner provided thereon and <br /> surrendered to the Bond Registrar. Upon such surrender, the Bond Registrar shall cancel the <br /> surrendered Bond and shall authenticate and deliver, without charge to the owner or transferee <br /> therefor, (other than taxes, if any, payable on account of such transfer) a new Bond (or Bonds, at <br /> the option of the new registered owner) of the same maturity and interest rate and for the same <br /> aggregate principal amount, in any authorized denomination, naming as registered owner the <br /> person or persons listed as the assignee on the assignment form appearing on the surrendered <br /> Bond, in exchange for such surrendered and canceled Bond. The Bond Registrar shall not be <br /> obligated to transfer or exchange any Bond during the period beginning on the 15th day of the <br /> month preceding any interest payment date and ending on such interest payment date. <br /> The City and the Bond Registrar, each in its discretion, may deem and treat the registered <br /> owner of each Bond as the absolute owner thereof for all purposes, and neither the City nor the <br /> Bond Registrar shall be affected by any notice to the contrary. <br /> SECTION 8. Mutilated. Lost, or Destroyed Bonds. If any Bond shall become mutilated, <br /> the Bond Registrar shall authenticate and deliver a new Bond of like series, amount, date, interest <br /> rate and tenor in exchange and substitution for the Bond so mutilated, upon the owner's paying <br /> the expenses and charges of the City and the Bond Registrar in connection therewith and upon <br /> surrender to the Bond Registrar of the Bond so mutilated. Every mutilated Bond so surrendered <br /> shall be canceled and destroyed by the Bond Registrar. <br /> -15- J:TWWVOHoM scxooc <br />