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Bond Registrar shall authenticate in the name of the transferee or transferees a new Bond or <br /> <br />Bonds of any authorized denomination in an aggregate principal amount equal to the Bond <br /> <br />surrendered and of the same form and maturity and bearing interest at the same rate as the Bond <br /> <br />surrendered, subject in each case to such reasonable regulations as the City and the Bond <br /> <br />Registrar may prescribe. All Bonds presented for transfer or exchange shall be accompanied by <br /> <br />a written instrument or instruments of transfer or authorization for exchange, in form and <br /> <br />substance reasonably satisfactory to the City and the Bond Registrar, duly executed by the <br /> <br />registered owner or by his or her duly authorized attorney-in-fact or legal represenative. No <br /> <br />Bond may be registered to bearer. <br /> <br /> New Bonds delivered upon any transfer or exchange shall be valid obhgations of the <br /> <br />City, evidencing the same debt as the Bonds surrendered, shall be secured by this Resolution and <br /> <br />entitled to all of the security and benefits hereof to the same extent as the Bonds surrendered. <br /> <br /> 10. Charges for Exchange or Transfer. No charge shall be made for any exchange or <br /> <br />transfer of Bonds. but the City may require payment by the registered owner of any Bond of a <br /> <br />sum sufficient ro cover any tax or other governmental charge which may be imposed with <br /> <br />respect to the transfer or exchange of such Bond. <br /> <br /> 11. Non-Arbitrage Certificate and Tax Covenants. The City Manager and the Chief <br /> <br />Financial Officer, or either of them, are authorized and directed to execute a Non-Arbitrage <br /> <br />Certificate and Tax Covenants setting forth the expected use and investment of the proceeds of <br /> <br />the Bonds and containing such covenants as may be necessary in order to comply with the <br /> <br />provisions of the Code, including the provisions of Section 148 of the Code and applicable <br /> <br />regulations relating to "arbitrage bonds." The City Council covenants on behalf of the City that <br /> <br />all of such proceeds will be invested and expended as set forth in the City's Non-Arbitrage <br /> <br /> <br />