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1988-044
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1988-044
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14 <br />Upon surrender to the Bond Registrar for transfer or <br />exchange of any Bond accompanied by an assignment or written <br />authorization for exchange, whichever is applicable, duly executed <br />by the Registered Owner or his attorney duly authorized in writing, <br />the Bond Registrar shall deliver in the name of the Registered <br />Owner or the designated transferee or transferees, as the case may <br />be, a new fully registered Bond or Bonds of authorized <br />denominations and of the same maturity and interest rate, in an <br />aggregate principal amount equal to the principal amount that <br />remains outstanding with respect to such Bond so surrendered. <br />The Bond Registrar or the Board may require payment from <br />the Registered Owner or his transferee of a sum sufficient to cover <br />any tax, fee or other governmental charge that may be imposed in <br />connection with any transfer or exchange of the Bonds. Such <br />charges and expenses shall be paid before any such new Bond shall <br />be delivered. <br />Interest on the Bonds shall be paid to the Registered <br />Owner whose name appears on the books of the Bond Registrar as of <br />5:00 P.M. local time at the location of the Bond Registrar on the <br />Record Date. <br />New Bonds delivered upon any transfer or exchange shall <br />be valid obligations of the County, evidencing the same debt as <br />the Bonds surrendered, shall be secured by this Resolution, and <br />shall be entitled to all of the security and benefits hereof to the <br />same extent as the Bonds surrendered. <br />The County and the Bond Registrar may treat the <br />Registered Owner of any Bond as the absolute owner thereof for all <br />purposes, whether or not such Bond shall be overdue, and shall not <br />be bound by any notice to the contrary. <br />SECTION 10. DISPOSITION OF BONDS PAID OR REPLACED. <br />Whenever any Bond shall be delivered to the Bond Registrar for <br />cancellation, upon payment of the principal amount thereof, or for <br />replacement, transfer or exchange, such Bond shall be cancelled and <br />destroyed by the Bond Registrar, and counterparts of a certificate <br />of destruction evidencing such destruction shall be furnished to <br />the County. <br />SECTION 11. BONDS MUTILATED, DESTROYED, STOLEN OR LOST. <br />In case any Bond shall become mutilated, or be destroyed, stolen or <br />lost, the County may, in its discretion, issue and deliver a new <br />Bond of like tenor as the Bond so mutilated, destroyed, stolen or <br />lost, in exchange for and cancellation of such mutilated Bond or in <br />lieu of and substitution for the Bond destroyed, stolen or lost, <br />upon the Registered Owner furnishing the County and the Bond <br />Registrar proof of his ownership thereof and the loss thereof (if <br />lost, stolen or destroyed) and satisfactory indemnity and complying <br />with such other reasonable regulations and conditions as the Board <br />1.1 <br />
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