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<br /> <br /> <br /> <br /> <br /> <br /> the Issuer and the Paying Agent/Registrar shall not be affected by any notice to the contrary; <br /> and payment of, or on account of, the principal of, premium, if any, and interest on any such <br /> Bond shall be made only to such registered owner. All such payments shall be valid and <br /> effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or <br /> sums so paid. <br /> <br /> (c) Pa,yment 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 <br /> Bonds, and to act as its agent to convert and exchange or replace Bonds, all as provided in <br /> this Ordinance. The Paying Agent/Registrar shall keep proper records of all payments made <br /> 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 <br /> Ordinance. However, in the event of a nonpayment of interest on a scheduled payment <br /> date, and for thirty (30) days thereafter, a new record date for such interest payment (a <br /> "Special Record Date") will be established by the Paying Agent/Registrar, if and when funds <br /> for the payment of such interest have been received from the Issuer. Notice of the Special <br /> Record Date and of the scheduled payment date of the past due interest (which shall be 15 <br /> days after the Special Record Date) shall be sent at least five (5) business days prior to the <br /> Special Record Date by United States mail, first class postage prepaid, to the address of <br /> each Bondholder appearing on the Security Register at the close of business on the last <br /> business day next preceding the date of mailing of such notice. <br /> <br /> (d) Conversion and Exchange or Replacement; Authentication. Each Bond issued <br /> and delivered pursuant to this Ordinance, to the extent of the unpaid or unredeemed <br /> principal balance or principal amount thereof, may, upon surrender of such Bond at the <br /> principal corporate trust office of the Paying Agent/Registrar, together with a written request <br /> therefor duly executed by the registered owner or the assignee or assignees thereof, or its <br /> or their duly authorized attorneys or representatives, with guarantee of signatures satisfactory <br /> to the Paying Agent/Registrar, may, at the option of the registered owner or such assignee <br /> or assignees, as appropriate, be converted into and exchanged for fully registered bonds, <br /> without interest coupons, in the form prescribed in the FORM OF SUBSTITUTE BOND <br /> set forth in this Ordinance, in the denomination of $5,000, or any integral multiple of $5,000 <br /> (subject to the requirement hereinafter stated that each substitute Bond shall have a single <br /> stated maturity date), as requested in writing by such registered owner or such assignee or <br /> assignees, in an aggregate principal amount equal to the unpaid or unredeemed principal <br /> balance or principal amount of any Bond or Bonds so surrendered, and payable to the <br /> appropriate registered owner, assignee, or assignees, as the case may be. If the Initial Bond <br /> is assigned and transferred or converted each substitute Bond issued in exchange for any <br /> 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 <br /> corresponding to the due date of the installment of principal or portion thereof for which <br /> the substitute Bond is being exchanged; and each such Bond shall bear interest at the single <br /> rate applicable to and borne by such installment of principal or portion thereof for which <br /> it is being exchanged. If a portion of any Bond (other than the Initial Bond) shall be <br /> <br /> 10 <br />