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<br />10. Registration. Transfer and Exchange. Upon surrender for transfer or exchange of <br /> <br />any Bond at the principal office of the Registrar, the City shall execute and deliver and the <br /> <br />Registrar shall authenticate in the name of the transferee or transferees a new Bond or Bonds of <br /> <br />any authorized denomination in an aggregate principal amount equal to the Bond surrendered <br /> <br />and of the same form and maturity and bearing interest at the same rate as the Bond surrendered, <br /> <br />subject in each case to such reasonable regulations as the City and the Registrar may prescribe. <br /> <br />All Bonds presented for transfer or exchange shall be accompanied by a written instrument or <br /> <br />instruments of transfer or authorization for exchange, in form and substance reasonably <br /> <br />satisfactory to the City and the Registrar, duly executed by the registered owner or byhis or her <br /> <br />duly authorized attorney-in-fact or legal representative. No Bond may be registered to bearer. <br /> <br />New Bonds delivered upon any transfer or exchange shall be valid obligations of the <br /> <br />City, evidencing the same debt as the Bonds surrendered, shall be secured by this Ordinance and <br /> <br />entitled to all of the security and benefits hereof to the same extent as the Bonds surrendered. <br /> <br />11. 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 to 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 />12. Non-Arbitrage Certificate and Tax Covenants. The City Representative is <br /> <br /> <br />authorized and directed to execute a Non-Arbitrage Certificate and Tax Covenants setting forth <br /> <br /> <br />the expected use and investment of the proceeds of the Bonds and containing such covenants as <br /> <br />may be necessary in order to comply with the provisions of the Internal Revenue Code of 1986, <br /> <br />as amended (the "Code"), including without limitation the provisions of Section 148 of the Code <br /> <br />and applicable regulations relating to "arbitrage bonds." The City Council covenants on behalf <br /> <br />-7- <br />