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<br />may be. If the Initial Certificate of Obligation is assigned and transferred or converted each <br />substitute Certificate of Obligation issued in exchange for any portion of the Initial Certificate of <br />Obligation shall have a single stated principal maturity date, and shall not be payable in installments; <br />and each such Certificate of Obligation shall have a principal maturity date corresponding to the due <br />date of the installment of principal or portion thereof for which the substitute Certificate of <br />Obligation is being exchanged; and each such Certificate of Obligation shall bear interest at the <br />single rate applicable to and borne by such installment of principal or portion thereof for which it <br />is being exchanged. If a portion of any Certificate of Obligation (other than the Initial Certificate <br />of Obligation) shall be redeemed prior to its scheduled maturity as provided herein, a substitute <br />Certificate of Obligation or Certificates of Obligation having the same maturity date, bearing interest <br />at the same rate, in the denomination or denominations of any integral multiple of $5,000 at the <br />request ofthe registered owner, and in aggregate principal amount equal to the unredeemed portion <br />thereof, will be issued to the registered owner upon surrender thereof for cancellation. If any <br />Certificate of Obligation or portion thereof (other than the Initial Certificate of Obligation) is <br />assigned and transferred or converted, each Certificate of Obligation issued in exchange therefor <br />shall have the same principal maturity date and bear interest at the same rate as the Certificate of <br />Obligation for which it is being exchanged. Each substitute Certificate of Obligation shall bear a <br />letter and/or number to distinguish it from each other Certificate of Obligation. The Paying <br />Agent/Registrar shall convert and exchange or replace Certificates of Obligation as provided herein, <br />and each fully registered certificate of obligation delivered in conversion of and exchange for or <br />replacement of any Certificate of Obligation or portion thereof as permitted or required by any provi- <br />sion of this Ordinance shall constitute one of the Certificates of Obligation for all purposes of this <br />Ordinance, and may again be converted and exchanged or replaced. It is specifically provided that <br />any Certificate of Obligation authenticated in conversion of and exchange for or replacement of <br />another Certificate of Obligation on or prior to the first scheduled Record Date for the Initial <br />Certificate of Obligation shall bear interest from the date of the Initial Certificate of Obligation, but <br />each substitute Certificate of Obligation so authenticated after such first scheduled Record Date shall <br />bear interest from the interest payment date next preceding the date on which such substitute <br />Certificate of Obligation was so authenticated, unless such Certificate of Obligation is authenticated <br />after any Record Date but on or before the next following interest payment date, in which case it <br />shall bear interest from such next following interest payment date; provided, however, that if at the <br />time of delivery of any substitute Certificate of Obligation the interest on the Certificate of <br />Obligation for which it is being exchanged is due but has not been paid, then such Certificate of <br />Obligation shall bear interest from the date to which such interest has been paid in full. THE <br />INITIAL CERTIFICATE OF OBLIGATION issued and delivered pursuant to this Ordinance is not <br />required to be, and shall not be, authenticated by the Paying Agent/Registrar, but on each substitute <br />Certificate of Obligation issued in conversion of and exchange for or replacement of any Certificate <br />of Obligation or Certificates of Obligation issued under this Ordinance there shall be printed a <br />certificate, in the form substantially as follows: <br /> <br />npA YING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE <br /> <br />12 <br />