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holder or his transferee a sum sufficient to reimburse them for <br />any expenses incurred in making any exchange or transfer after the <br />first such transfer after the delivery of the Bonds. The Bond <br />Registrar or the County may also require payment from the bond- <br />holder or his transferee of a sum sufficient to cover any tax, fee <br />or other governmental charge that may be imposed in relation <br />thereto, Such charges and expenses shall be paid before any such <br />new Bond shall be delivered. <br />Interest shall be paid on such dates as are set forth in a <br />subsequent resolution to the Registered Owner of record whose <br />name appears on the books of the Bond Registrar as of 5:00 p.m. <br />(local time, Vero Beach, Florida) on the Record Date. <br />New Bonds delivered upon any transfer or exchange shall be <br />valid obligations of the County, evidencing the same debt as the <br />Bonds surrendered, shall be secured by this Resolution, and shall <br />be eptitled to all of the security and benefits hereof to the same <br />extent as the Bonds surrendered. <br />The County and the Bond Registrar may treat the registered <br />owner of any Bond as the absolute owner thereof for all purposes, <br />whether or not such Bond shall be overdue, and shall not be bound <br />by any notice to the contrary. The person in whose name any Bond <br />is registered may be deemed the owner thereof by the County and the <br />Bond Registrar, and any notice to the contrary shall not be binding <br />upon the County or the Bond Registrar. <br />Notwithstanding the foregoing provisions of this Section <br />10, the County reserves the right, on or prior to the delivery of <br />the Bonds, to amend or modify the foregoing provisions relating to <br />registration of the Bonds in order to comply with all applicable <br />laws, rules, and regulations of the United States Government and <br />the State of Florida relating thereto. <br />SECTION 11. DISPOSITION OF BONDS PAID OR REPLACED. When- <br />ever any Bond shall be delivered to the Bond Registrar for cancella- <br />tion, upon payment of the principal amount thereof or for replace- <br />ment or transfer or exchange, such Bond shall either be retained by <br />-10- <br />