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<br />prescribed in the FORM OF SUBSTITUTE CERTIFICATE OF OBLIGATION set forth in this Ordinance, <br />and shall have the characteristics, and may be assigned, transferred, and converted as hereinafter provided. <br />If the Initial Certificate of Obligation or any portion thereof is assigned and transferred or converted the Initial <br />Certificate of Obligation must be surrendered to the Paying Agent/Registrar for cancellation, and each <br />Certificate of Obligation issued in exchange for any portion of the Initial Certificate of Obligation shall have <br />a single stated principal maturity date, and shall not be payable in installments; and each such Certificate of <br />Obligation shall have a principal maturity date corresponding to the due date of the installment of principal or <br />portion thereof for which the substitute Certificate of Obligation is being exchanged; and each such Certificate <br />of Obligation shall bear interest at the single rate applicable to and borne by such installment of principal or <br />portion thereof for which it is being exchanged. If only a portion of the Initial Certificate of Obligation is <br />assigned and transferred, there shall be delivered to and registered in the name of the initial registered owner <br />substitute Certificates of Obligation in exchange for the unassigned balance of the Initial Certificate of <br />Obligation in the same manner as if the initial registered owner were the assignee thereof. If any Certificate <br />of Obligation or portion thereof other than the Initial Certificate of Obligation is assigned and transferred or <br />converted each Certificate of Obligation issued in exchange therefor shall have the same principal maturity <br />date and bear interest at the same rate as the Certificate of Obligation for which it is exchanged. A form of <br />assignment shall be printed or endorsed on each Certificate of Obligation, excepting the Initial Certificate of <br />Obligation, which shall be executed by the registered owner or its duly authorized attorney or representative <br />to evidence an assignment thereof. Upon surrender of any Certificates of Obligation or any portion or <br />portions thereof for transfer of registration, an authorized representative of the Paying Agent/Registrar shall <br />make such transfer in the Registration Books, and shall deliver a new fully registered substitute Certificate <br />of Obligation or Certificates of Obligation, having the characteristics herein described, payable to such <br />assignee or assignees (which then will be the registered owner or owners of such new Certificate of <br />Obligation or Certificates of Obligation), or to the previous registered owner in case only a portion of a <br />Certificate of Obligation is being assigned and transferred, all in conversion of and exchange for said assigned <br />Certificate of Obligation or Certificates of Obligation or any portion or portions thereof, in the same form and <br />manner, and with the same effect, as provided in Section 6(d), below, for the conversion and exchange of <br />Certificates of Obligation by any registered owner of a Certificate of Obligation. The Issuer shall pay the <br />Paying Agent/Registrar's standard or customary fees and charges for making such transfer and delivery of <br />a substitute Certificate of Obligation or Certificates of Obligation, but the one requesting such transfer shall <br />pay any taxes or other governmental charges required to be paid with respect thereto. The Paying <br />Agent/Registrar shall not be required to make transfers of registration of any Certificate of Obligation or any <br />portion thereof (i) during the period commencing with the close of business on any Record Date and ending <br />with the opening of business on the next following principal or interest payment date, or, (ii) with respect to <br />any Certificate of Obligation or any portion thereof called for redemption prior to maturity, within 45 days <br />prior to its redemption date. <br /> <br />(b) Ownership of Certificates of Obligation. The entity in whose name any Certificate of Obligation <br />shall be registered in the Registration Books at any time shall be deemed and treated as the absolute owner <br />thereof for all purposes of this Ordinance, whether or not such Certificate of Obligation shall be overdue, and <br />the Issuer and the Paying Agent/Registrar shall not be affected by any notice to the contrary; and payment <br />of, or on account of, the principal of, premium, if any, and interest on any such Certificate of Obligation shall <br />be made only to such registered owner. All such payments shall be valid and effectual to satisfy and <br />discharge the liability upon such Certificate of Obligation to the extent of the sum or sums so paid. <br /> <br />(c) Payment of Certificates of Obligation and Interest. The Issuer hereby further appoints the <br /> <br />9 <br />