THE LAKEWOOD CITY COUNCIL CHAMBERS OCTOBER 18 2010 ...

shall be valid and effectual to satisfy and discharge the City s liability upon the Bond including
interest tothe extent ofthe amount or amounts so paid
b Transfer and Exchange Any Bond may be exchanged for Bonds of anyAuthorized
Denomination upon presentafion and surrender atthe designated corporate trust office ofthe Bond
Registrar together with a request for exchange signed by the registered owner orby aperson legally
empowered to do so in a form satisfactory to the Bond Registrar A Bond maybe transferred only
on the Bond Register upon presentation and surrender oftheBond at the designated corporate trust
office of the Bond Registrar together with an assignment signed by the registered owner or by a
person legally empowered to do so in a form satisfactory to the Bond Registraz Upon exchange or
transfer the Bond Registrar shall complete authenticate and deliver a new Bond or Bonds of any
Authorized Denomination or Denominations requested by the owner equal in the aggregate to the
unrnatured principal amount of the Bond surrendered and bearing interest at the same rate and
maturing
onthe samedate
If manual signatures on behalf ofthe City are required the Bond Registrar shall undertake
the exchange or transfer ofBonds only after the new Bonds are signed bythe authorized officers of
the City In all cases ofBonds exchanged or transferred the City shall provide for signing and the
Bond Registrar shall authenticate and deliver Bonds in accordancewith theprovisions ofthe Bond
proceedings The exchange or transfer shall be without charge to the owner except that the City
and Bond Registrar may make a charge sufficient to reimburse them for any tax or other
governmental charge required to be paid with respect to the exchange or transfer The City or the
Bond Registrar may require that those charges ifany be paid beforethe procedure is begun for the
exchange or transfer All Bonds issued and authenticated upon any exchange or transfer shall be
valid obligations ofthe City evidencing the same debt and entitled tothe same security and benefit
under the Bond proceedings as the Bonds surrendered upon that exchange or transfer Neither the
City nor the Bond Registrar shall be required to make any exchange or transfer ofi Bonds then
subject to call for redemption between the 15th day preceding themailing of nofice ofBonds tobe
redeemed and the date ofthat mailing oriiany Bond selected forredemption in whole orin part
c BookEntry System The Bonds may be issued to a Depository for use in abook entry
system and ifand aslong as abook entry systemis utilizeditheBonds maybe issued in the form
of a single fully registered Bond representing each maturity and registered in the name of the
Depository orits nominee asregistered owner and immobilized in the custody oftheDepository or
its designated agentiithe book entry interest owners of Bonds in book entry form shall have no
rightto receive Bonds in theform ofphysical securities or certificates iii ownership ofbook entry
interests in Bonds in book entry form shall be shown by book entry on the system maintained and
operated by the Depository and its Participants and transfers of the ownership of book entry
interests shall be madeonly by book entry bythe Depository and its Participants andivtheBonds as such shall not be transferable or exchangeable except for transfer to another Depository or to
another nominee ofaDepository withoutfurther action by the City
Ifany Depository determines not to continue to act as aDepository for the Bonds for use in
a book entry system the Director ofFinance may attempt to establish a securities depository book
entry relationship with another qualified Depository If the Director of Finance does not or is
unable to do so the Director of Finance and after the Bond Registraz has made provision for
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