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40 <br />do <br />0o <br />transfer or authorization for exchange, in form and with guaranty <br />Of signature satisfactory to the Board or the Bond Registrar, <br />duly executed by the Registered Owner or by his duly authorized <br />attorney. In the case of partial redemption of a Bond, and in <br />lieu of issuing a new Bond or Bonds in the aggregate principal <br />amount then outstanding on the Bond after such redemption, the <br />County may, at its option, instruct the Bond Registrar to note on <br />the Bond the principal amount of such redemption, the date of <br />redemption and the outstanding principal amount of such Bond <br />after such redemption, and return the Bond to the Registered <br />Owner. <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 exe- <br />cuted by the Registered Owner or his attorney duly authorized in <br />writing, the Bond Registrar shall deliver in the name of the <br />Registered Owner or the transferee or transferees, as the case <br />may be, a new fully registered Bond or Bonds of authorized deno- <br />minations and of the same maturity and interest rate for the <br />aggregate principal amount which the Registered Owner is entitled <br />to receive. <br />The Board and the Bond Registrar may charge the <br />Registered Owner a sum sufficient to reimburse them for any <br />expenses incurred in making any exchange or transfer after the <br />first such exchange or transfer following the delivery of the <br />Bonds. The Bond Registrar or the Board may also require payment <br />from the Registered owner or his transferee, as the case may be, <br />of a sum sufficient to cover any tax, fee or other governmental <br />charge that may be imposed in relation thereto. Such charges and <br />expenses shall be paid before any such new Bond shall be <br />delivered. <br />Interest on the Bonds shall be paid to the Registered <br />Owner whose name appears on the books of the Bond Registrar on <br />the Record Date. <br />-8- <br />