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•• <br />such Bonds such person may not have held such office or may not have been so <br />authorized. The Issuer may adopt and use for such purposes the facsimile <br />signatures of any such persons who shall have held such offices at any time <br />after the date of the adoption of this Instrument, notwithstanding that either <br />or both shall have ceased to hold such office at the time the Bonds shall be <br />actually sold and delivered. <br />2.06 Negotiability, Registration and Exchange. The Bonds shall be <br />and shall have all the qualities and incidents of negotiable instruments under <br />laws of the State of Florida, and each successive holder, in accepting any of <br />the Bonds shall be conclusively deemed to have agreed that the Bonds shall be <br />and have all of the qualities and incidents of negotiable instruments. <br />The Clerk, as Bond Registrar, shall not be required to make any <br />registration or transfer of Bonds during 15 days next preceding an interest <br />payment date on the Bonds, or in the case of any proposed redemption of Bonds, <br />after such Bonds have been selected for redemption. The person in whose name <br />any Bond shall be registered shall be deemed and regarded as the absolute owner <br />thereof for all purposes, and payment of or on account of the principal of any <br />Bond and the interest on any Bond shall be made only to or upon the order of the <br />registered owner thereof or his legal representative. All such payments shall <br />be valid and effectual to satisfy and discharge the liability upon such Bond <br />including the interest thereon to the extent of the suTi or sums so paid. <br />The single fully -registered Bond may be exchanged by the owner and <br />holder thereof at any time, not more than 90 days after surrender of such Bond <br />to the Bond Registrar, for an equal aggregate principal amount of fully <br />- 9 - <br />