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as provided in this Ordinance, The Paying AgenURegistrar shall keep proper records of all
<br />payments made by the Issuer and the Paying Agent/Registrar with respect to the Bond, shall
<br />properly and accurately record all payments on the Bond on the Registration Books, and shall keep
<br />proper records of all exchanges of Bonds, and all replacements of Bonds, as provided in this
<br />Ordinance. However, in the event of a nonpayment of interest on a scheduled payment date, and
<br />for thirty (30) days thereafter, a new record date for such interest payment (a "Special Record
<br />Date") will be established by the Paying Agent/Registrar, if and when funds for the payment of
<br />such interest have been received frorn the Issuer, Notwithstanding the foregoing, any such
<br />nonpayment of' interest shall constitute an Event of Default as defined in Section I I of this
<br />Ordinance. Notice of the past due interest shall be sent at least five (5) business, days prior to the
<br />Special Record Date by United States mail, first-class postage prepaid, to the address of the
<br />Registered Owner appearing on the Registration Books at the close of business on the last business
<br />day next preceding the date of mailing of such notice.
<br />(d) In General. The Bond (i) shall be issued in fully registered form, without interest
<br />coupons, with the principal of and interest on such Bond to be payable only to the Registered
<br />Owner thereof, (ii) shall not be subject to redemption prior to its scheduled maturity, (iii) nay be
<br />exchanged for another Bond, (1v) may be transferred and assigned in whole but not in part,
<br />(v) shall have the characteristics, (vi) shall be signed, sealed, executed and authenticated, (vii) the
<br />principal of and interest on the Bond shall be payable, and (viii) shall be administered and the
<br />Paying Agent/Registrar and the Issuer shall have certain duties and responsibilities with respect to
<br />the Bond, all as provided, and in the manner and to the effect as required or indicated, in the FORM
<br />OF BOND set forth in this Ordinance.
<br />(e) Pavin,� Agent/Registrar. The Issuer covenants with the Registered Owner of the
<br />Bond that at all times while the Bond is outstanding the Issuer will provide a competent and legally
<br />qualified bank, trust company, financial institution, or other entity to act as and perform the
<br />services of Paying Agent/Registrar for the Bond under this Ordinance, and that the Paying
<br />Agent/Registrar will be one entity. The Issuer reserves the right to, and may, at its option, change
<br />the Paying Agent/Registrar upon not less than 20 days written notice to the Paying
<br />Agent/Registrar, to be effective not later than 15 days prior to the next principal or interest
<br />payment date after such notice, In the event that the entity at any time acting as Paying
<br />Agent/Registrar (or its successor by merger, acquisition, or other method) should resign or
<br />otherwise cease to act as such, the Issuer covenants that promptly it will appoint a competent and
<br />legally qualified bank, trust company, financial institution, or other agency to act as Paying
<br />Agent/Registrar under this Ordinance, Upon any change in the Paying Agent/Registrar, the
<br />previous Paying Agent/Registrar promptly shall transfer and deliver the Registration Books (or a
<br />copy thereof), along with all other pertinent books and records relating to the Bond, to the new
<br />Paying Agent/Registrar desigi-iated and appointed by the Issuer. Upon any change in the Paying
<br />Agent/Registrar, the Issuer promptly will cause a written notice thereof to be sent by the new
<br />Paying Agent/Registrar to the Registered Owner of the Bond, by United States mail, first-class
<br />postage prepaid, which notice also shall give the address of the new Paying Agent/Registrar. By
<br />accepting the position and perfonning as such, each Paying Agent/Registrar shall be deemed to
<br />have agreed to the provisions of this Ordinance, and a certified copy of this Ordinance shall be
<br />delivered to each Paying Agent/Registrar.
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