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the registered owner applying for a replacement certificate shall furnish to the City and to the <br />Paying Agent/Registrar such security or indemnity as may be required by them to save each of <br />them harmless from any loss or damage with respect thereto. Also, in every case of loss, theft or <br />destruction of a Certificate, the registered owner shall furnish to the City and to the Paying <br />Agent/Registrar evidence to their satisfaction of the loss, theft or destruction of such Certificate, <br />as the case may be. In every case of damage or mutilation of a Certificate, the registered owner <br />shall surrender to the Paying Agent/Registrar for cancellation the Certificate so damaged or <br />mutilated. <br />(c) No Default Occurred. Notwithstanding the foregoing provisions of this Ordinance, <br />in the event any such Certificate shall have matured, and no default has occurred that is then <br />continuing in the payment of the principal of, redemption premium, if any, or interest on the <br />Certificate, the City may authorize the payment of the same (without surrender thereof except in <br />the case of a damaged or mutilated Certificate) instead of issuing a replacement Certificate, <br />provided security or indemnity is furnished as above provided in this Section. <br />(d) Charge for Issuing Replacement Certificates. Prior to the issuance of any <br />replacement certificate, the Paying Agent/Registrar shall charge the registered owner of such <br />Certificate with all legal, printing, and other expenses in connection therewith. Every replacement <br />certificate issued pursuant to the provisions of this Section by virtue of the fact that any Certificate <br />is lost, stolen or destroyed shall constitute a contractual obligation of the City whether or not the <br />lost, stolen or destroyed Certificate shall be found at any time, or be enforceable by anyone, and <br />shall be entitled to all the benefits of this Ordinance equally and proportionately with any and all <br />other Certificates duly issued under this Ordinance. <br />(e) Authority for Issuing Replacement Certificates. In accordance with Section <br />1206.022, Government Code, this Section shall constitute authority for the issuance of any such <br />replacement certificate without necessity of further action by the governing body of the City or <br />any other body or person, and the duty of the replacement of such certificates is hereby authorized <br />and imposed upon the Paying Agent/Registrar, and the Paying Agent/Registrar shall authenticate <br />and deliver such Certificates in the form and manner and with the effect, as provided in Section <br />3(a) of this Ordinance for Certificates issued in conversion and exchange for other Certificates. <br />Z <br />