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(b) Pavment of Bonds and Interest. The Issuer hereby further appoints the Paying
<br />Agent/Registrar to act as the paying agent for paying the principal of and interest on the Bonds, all
<br />as provided in this Ordinance. The Paying Agent/Registrar shall keep proper records of all
<br />payments made by the Issuer and the Paying Agent/Registrar with respect to the Bonds, and of all
<br />conversions and exchanges of Bonds, and all replacements of Bonds, as provided in this Ordinance.
<br />However, in the event of a nonpayment of interest on a scheduled payment date, and for thirty (30)
<br />days thereafter, a new record date for such interest payment (a "Special Record Date") will be
<br />established by the Paying Agent/Registrar, if and when funds for the payment of such interest have
<br />been received from the Issuer. Notice of the past due interest shall be sent at least five (5) business
<br />days prior to the Special Record Date by United States mail, first-class postage prepaid, to the
<br />address of each registered owner appearing on the Registration Books at the close of business on the
<br />last business day next preceding the date of mailing of such notice.
<br />(c) In General. The Bonds (i) shall be issued in fully registered form, without interest
<br />coupons, with the principal of and interest on such Bonds to be payable only to the registered owners
<br />thereof, (ii) may be redeemed prior to their scheduled maturities (notice of which shall be given to
<br />the Paying Agent/Registrar by the Issuer at least 50 days prior to any such redemption date), (iii)
<br />may be converted and exchanged for other Bonds, (iv) may be transferred and assigned, (v) shall
<br />have the characteristics, (vi) shall be signed, sealed, executed and authenticated, (vii) the principal
<br />of and interest on the Bonds shall be payable, and (viii) shall be administered and the Paying
<br />Agent/Registrar and the Issuer shall have certain duties and responsibilities with respect to the
<br />Bonds, 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. The Bond initially issued and delivered pursuant to this
<br />Ordinance is not required to be, and shall not be, authenticated by the Paying Agent/Registrar, but
<br />on each substitute Bond issued in conversion of and exchange for any Bond or Bonds issued under
<br />this Ordinance the Paying Agent/Registrar shall execute the PAYING AGENT/REGISTRAR'S
<br />AUTHENTICATION CERTIFICATE, in the form set forth in the FORM OF BOND.
<br />(d) Paying Agent/Registrar for the Bonds. The Issuer covenants with the registered owners
<br />of the Bonds that at all times while the Bonds are outstanding the Issuer will provide a competent
<br />and legally qualified bank, trust company, financial institution, or other entity to act as and perform
<br />the services of Paying Agent/Registrar for the Bonds 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 75 days written notice to the Paying Agent/Registrar,
<br />to be effective not later than 60 days prior to the next principal or interest payment date after such
<br />notice. In the event that the entity at any time acting as Paying Agent/Registrar (or its successor by
<br />merger, acquisition, or other method) should resign or otherwise cease to act as such, the Issuer
<br />covenants that promptly it will appoint a competent and legally qualified bank, trust company,
<br />financial institution, or other entity to act as Paying Agent/Registrar under this Ordinance. Upon
<br />any change in the Paying AgentlRegistrar, the previous Paying Agent/Registrar promptly shall
<br />transfer and deliver the Registration Books (or a copy thereof), along with all other pertinent books
<br />and records relating to the Bonds, to the new Paying Agent/Registrar designated and appointed by
<br />the Issuer. Upon any change in the Paying Agent/Registrar, the Issuer promptly will cause a written
<br />notice thereof to be sent by the new Paying Agent/Registrar to each Registered Owner of the Bonds,
<br />by United States mail, first-class postage prepaid, which notice also shall give the address of the new
<br />Paying Agent/Registrar. By accepting the position and performing as such, each Paying
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