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Section 2 . Findings . The City Council of the City finds <br /> that it is in the City' s best interest to establish a system of <br /> registering the ownership of the City' s bonds and obligations in <br /> the manner permitted by law. <br /> Section 3 . Adoption of Registration System. The City <br /> adopts the following system of registering the ownership of its <br /> bonds and obligations . <br /> a . Registration Requirement . All bonds and obliga- <br /> tions offered to the public, having a maturity of more than one <br /> year and issued by the City after June 30, 1983 , on which the <br /> interest is intended to be exempt from federal income taxation <br /> shall be registered as to both principal and interest as pro- <br /> vided in this ordinance . <br /> b. Method of Registration. The registration of all <br /> City bonds and obligations required to be registered shall be <br /> carried out either by <br /> 1) a book entry system of recording the owner- <br /> ship of the bond or obligation on the books of the <br /> City or the fiscal agency, whether or not a physical <br /> instrument is issued or <br /> 2 ) by recording the ownership of the bond or <br /> obligation and requiring as a condition of the trans- <br /> fer of ownership of any bond or obligation the <br /> surrender of the old bond or obligation and either <br /> the reissuance of the old bond or obligation or the <br /> issuance of a new bond or obligation to the new <br /> owners . <br /> No transfer of any bond or obligation subject to registration <br /> requirements shall be effective until the name of the new owner <br /> and the new owner ' s mailing address, together with such other <br /> information deemed appropriate by the registrar, shall be <br /> recorded on the books of the registrar . <br /> - 2 - <br />