Transfer of obligations shall be made by the designated financial intermediary, as required by law, unless registration of such obligations is maintained by the issuer, in which case transfer shall be the responsibility of the issuer. Prompt and timely payment of the principal and interest of and on the obligations shall be made, in accordance with the law and the covenants of the obligations, by the designated financial intermediary, unless registration of such obligations is maintained by the issuer. (Ord. 1841 §8, 1984)