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authenticate and deliver at the earliest practicable time Bonds in <br />accordance with the provisions of this resolution. All Bonds <br />surrendered in any such exchange or registration of transfer shall <br />forthwith be cancelled by the Bond Registrar. The Issuer or the <br />Bond Registrar may make a charge for every such exchange or <br />registration of transfer of Bonds sufficient to reimburse it for <br />shipping charges, out-of-pocket costs and any tax, fee or other <br />governmental charge required to be paid with respect to such <br />exchange or registration of transfer, but no other charge shall be <br />made by the Issuer or the Bond Registrar for exchanging or <br />registering the transfer of Bonds under this resolution. The Bond <br />Registrar shall not be required to exchange or register the <br />transfer of any Bond during a period beginning at the opening of <br />business 15 days before the day of the mailing of a notice of <br />redemption of Bonds or any portion thereof and ending at the close <br />of business on the day of such mailing or of any Bond called for <br />redemption in whole or in part pursuant to Section 4 of this <br />resolution. <br /> <br /> As to any Bond, the person in whose name the same shall be <br />registered shall be deemed and regarded as the absolute owner <br />thereof for all purposes, and payment of or on account of the <br />principal or redemption price of any such Bond and the interest on <br />any such Bond shall be made only to or upon the order of the <br />registered owner thereof or the legal representative of such <br />registered owner. All such payments shall be valid and effectual <br />to satisfy and discharge the liability upon such Bond, including <br /> <br />23 <br /> <br /> <br />