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required to be paid with respect ,to such exchange or registration <br /> of transfer, but no other charge shall be made by the Issuer or the <br /> Bond Registrar for exchanging or registering the transfer of Bonds <br /> under this resolution. The Bond Registrar shall not be required to <br /> exchange or register the transfer of any Bond during a period <br /> beginning at the opening of business fifteen (15) days before the <br /> day of the mailing of a notice of redemption of Bonds or any <br /> portion thereof and ending at the close of business on the day of <br /> such mailing or of any Bond called for redemption in whole or in <br /> part pursuant to Section 4 of this resolution. <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 his legal representative. All such <br /> payments shall be valid and effectual to satisfy and discharge the <br /> liability upon such Bond, including the redemption premium, if any, <br /> and interest thereon, to the extent of the sum or sums so paid. <br /> The Issuer shall appoint such registrars, transfer agents, <br /> depositaries or other agents as may be necessary for the <br /> registration, registration of transfer and exchange of Bonds within <br /> a reasonable time according to then current commercial standards <br /> and for the timely payment of principal, interest and any <br /> redemption premium with respect to the Bonds. The Finance Director <br /> 20 <br />