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<br />Certificate of Obligation or portion thereof as permitted or required by any provision of this Ordinance shall <br />constitute one of the Certificates of Obligation for all purposes of this Ordinance, and may again be converted <br />and exchanged or replaced. It is specifically provided that any Certificate of Obligation authenticated in <br />conversion of and exchange for or replacement of another Certificate of Obligation on or prior to the first <br />scheduled Record Date for the Initial Certificate of Obligation shall bear interest from the date of the Initial <br />Certificate of Obligation, but each substitute Certificate of Obligation so authenticated after such first <br />scheduled Record Date shall bear interest from the interest payment date next preceding the date on which <br />such substitute Certificate of Obligation was so authenticated, unless such Certificate of Obligation is <br />authenticated after any Record Date but on or before the next following interest payment date, in which case <br />it shall bear interest from such next following interest payment date; provided, however, that if at the time of <br />delivery of any substitute Certificate of Obligation the interest on the Certificate of Obligation for which it is <br />being exchanged is due but has not been paid, then such Certificate of Obligation shall bear interest from the <br />date to which such interest has been paid in full. THE INITIAL CERTIFICATE OF OBLIGATION issued <br />and delivered pursuant to this Ordinance is not required to be, and shall not be, authenticated by the Paying <br />Agent/Registrar, but on each substitute Certificate of Obligation issued in conversion of and exchange for or <br />replacement of any Certificate of Obligation or Certificates of Obligation issued under this Ordinance there <br />shall be printed a certificate, in the form substantially as follows: <br /> <br />"PAYING AGENTIREGlSTRAR'S AUTHENTICATION CERTIFICATE <br /> <br />It is hereby certified that this Certificate of Obligation has been issued under the provisions of the <br />Certificate of Obligation Ordinance described on the face of this Certificate of Obligation; and that this <br />Certificate of Obligation has been issued in conversion of and exchange for or replacement of a certificate <br />of obligation, certificates of obligation, or a portion of a certificate of obligation or certificates of obligation <br />of an issue which originally was approved by the Attorney General of the State of Texas and registered by <br />the Comptroller of Public Accounts of the State of Texas. <br /> <br />Paying Agent/Registrar <br /> <br />Dated <br /> <br />By <br />Authorized Representative" <br /> <br />An authorized representative of the Paying Agent/Registrar shall, before the delivery of any such Certificate <br />of Obligation, date and manually sign the above Certificate, and no such Certificate of Obligation shall be <br />deemed to be issued or outstanding unless such Certificate is so executed. The Paying Agent/Registrar <br />promptly shall cancel all Certificates of Obligation surrendered for conversion and exchange or replacement. <br />No additional ordinances, orders, or resolutions need be passed or adopted by the governing body of the Issuer <br />or any other body or person so as to accomplish the foregoing conversion and exchange or replacement of <br />any Certificate of Obligation or portion thereof, and the Paying Agent/Registrar shall provide for the printing, <br />execution, and delivery of the substitute Certificates of Obligation in the manner prescribed herein, and said <br />Certificates of Obligation shall be of type composition printed on paper with lithographed or steel engraved <br />borders of customary weight and strength. Chapter 1201, Texas Government Code, the duty of conversion <br />and exchange or replacement of Certificates of Obligation as aforesaid is hereby imposed upon the Paying <br />Agent/Registrar, and, upon the execution of the above Paying Agent/Registrar's Authentication Certificate, <br />the converted and exchanged or replaced Certificate of Obligation shall be valid, incontestable, and <br />enforceable in the same manner and with the same effect as the Initial Certificate of Obligation which <br /> <br />11 <br />