No registered bonds shall be issued by the Sinking Fund Commission until the bonds and coupons offered in exchange shall have been cancelled or destroyed. The Commission shall make its own rules for the cancellation or destruction of coupon or registered bonds offered in exchange and shall charge the holder of the coupon or registered bond a fee of not less than one dollar ($1.00) as compensation for the expense of making the exchange of each registered bond.
(Ord. No. 2641-A-55. Passed 2-27-56, eff. 3-1-56)