The system of registration maintained by the issuer, or on its behalf by its designated financial intermediary shall provide:
A. Certificated Registered Public Obligations: That such certificated registered public obligations shall specify a person entitled to the obligation and the rights it represents; that transfer of the obligation and the rights it represents be registered upon books maintained for that purpose by the issuer, or on the issuers behalf by its designated financial intermediary;
B. Uncertificated Registered Public Obligations: That books be maintained by the issuer, or on the issuer's behalf by its designated financial intermediary, for the purpose of registration of the transfer of such obligations and which specify the person entitled to the obligation and the rights evidenced thereby; and that the transfer of such obligations and rights evidenced thereby shall be registered upon such books maintained by, or on behalf of, the issuer; and,
C. Compliance With Law: That such system maintained by the issuer, or its designated financial intermediary, be in full compliance with Idaho Code §50-1019 et seq., §50-1026 et seq. and §50-1701 et seq., the "Registered Public Obligations Act of Idaho," the Internal Revenue Code of 1954, as amended, as well as all temporary and permanent rules and regulations duly promulgated thereunder. (Ord. 1841 §7, 1984)