A. The registration of all city bonds and obligations required to be registered shall be carried out either by:
1. A book entry system of recording the ownership of the bond or obligation on the books of the city or the fiscal agencies, whether or not a physical instrument is issued; or
2. Recording the ownership of the bond or obligation and requiring as a condition of the transfer of ownership of any bond or obligation the surrender of the old bond or obligation and either the re-issuance of the old bond or obligation or the issuance of a new bond or obligation to the new owners.
B. No transfer of any bond or obligation subject to registration requirements shall be effective until the name of the new owner and the new owner’s mailing address, together with such other information deemed appropriate by the registrar, shall be recorded on the books of the registrar. (Ord. 1556, 1985.)