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<br />any Bond or any portion thereof, a new substitute Bond or Bonds shall be issued in conversion and exchange <br />therefor in the manner herein provided. The Initial Bond, to the extent of the unpaid principal balance thereof, <br />may be assigned and transferred by the initial registered owner thereof once only, and to one or more <br />assignees designated in writing by the initial registered owner thereof. All Bonds issued and delivered in <br />conversion of and exchange for the Initial Bond shall be in any denomination or denominations of any inlegral <br />multiple of $5,000 (subject to the requiremenl hereinafter slated that each substitute Bond shall have a single <br />stated principal maturity date), shall be in the form prescribed in the FORM OF SUBSTITUTE BOND sel <br />forth in this Ordinance, and shall have the characteristics, and may be assigned, transferred, and converted <br />as hereinafter provided. If the Initial Bond or any portion thereof is assigned and transferred or converted <br />the Initial Bond must be surrendered to the Paying Agent/Registrar for cancellation. and each Bond issued <br />in exchange for any portion of the Initial Bond shall have a single stated principal maturity date, and shall not <br />be payable in installments; and each such Bond shall have a principal maturity date corresponding 10 the due <br />date of the installment of principal or portion thereof for which the subslitute Bond is being exchanged; and <br />each such Bond shall bear interest at the single rale applicable to and borne by such installment of principal <br />or portion thereof for which it is being exchanged. If only a portion of the Initial Bond is assigned and <br />transferred, there shall be delivered to and registered in the name of the initial registered owner subslitule <br />Bonds in exchange for the unassigned balance of the Initial Bond in the same manner as if the initial <br />registered owner were the assignee thereof. If any Bond or portion thereof other than the Initial Bond is <br />assigned and transferred or converted each Bond issued in exchange shall have the same principal maturily <br />dale and bear interest at the same rate as the Bond for which it is exchanged. A form of assignment shall <br />be prinled or endorsed on each Bond, excepting the Initial Bond, which shall be executed by the registered <br />owner or its duly authorized attorney or representative to evidence an assignment thereof. Upon surrender <br />of any Bonds or any portion or portions thereof for transfer of registration, an authorized representative of <br />the Paying Agent/Registrar shall make such transfer in the Registration Books, and shall deliver a new fully <br />registered substitute Bond or Bonds, having the characleristics herein described, payable to such assignee or <br />assignees (which Ihen will be the registered owner or owners of such new Bond or Bonds), or to the previous <br />registered owner in case only a portion of a Bond is being assigned and transferred, all in conversion of and <br />exchange for said assigned Bond or Bonds or any portion or portions thereof, in the same form and manner, <br />and with the same effect, as provided in Section 6(d), below, for the conversion and exchange of Bonds by <br />any registered owner of a Bond.. The Issuer shall pay the Paying Agent/Registrar's standard or customary <br />fees and charges for making such transfer and delivery of a substitute Bond or Bonds, but the one requesting <br />such transfer shall pay any taxes or other governmental charges required to be paid with respecl thereto. The <br />Paying Agent/Registrar shall not be required 10 make transfers of registration of any Bond or any portion <br />thereof during the period cornmencing with the close of business on any Record Date and ending with the <br />opening of business on the next following principal or interesl paymenl date. <br /> <br />(h) Ownership of Bonds. The entity in whose name any Bond shall be regislered in the Registration <br />Books at any time shall be deemed and treated as the absolute owner thereof for all purposes of this <br />Ordinance, whether or nol such Bond shall be overdue, and the Issuer and the Paying Agent/Registrar shall <br />nol be affected by any notice to the contrary; and payment of, or on account of, the principal of, premium, <br />if any, and interest on any such Bond shall be made only to such registered owner. All such payments shall <br />be valid and effectual to satisfY and discharge the liability upon such Bond to the extent of the sum or sums <br />so paid. <br /> <br />(c) Payment of Bonds and Interest. The Issuer hereby further appoints the Paying Agent/Registrar <br />to act as the paying agent for paying the principal of and interest on the Bonds, and to act as ils agent 10 <br /> <br />8 <br />