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<br /> <br /> <br /> <br /> <br /> <br /> redeemed prior to its scheduled maturity as provided herein, a substitute Bond or Bonds <br /> having the same maturity date, bearing interest at the same rate, in the denomination or <br /> denominations of any integral multiple of $5,000 at the request of the registered owner, and <br /> in aggregate principal amount equal to the unredeemed portion thereof, will be issued to <br /> the registered owner upon surrender thereof for cancellation. If any Bond or portion <br /> thereof (other than the Initial Bond) is assigned and transferred or converted, each Bond <br /> issued in exchange therefor shall have the same principal maturity date and bear interest at <br /> the same rate as the Bond for which it is being exchanged. Each substitute Bond shall bear <br /> a letter and/or number to distinguish it from each other Bond. The Paying Agent/Registrar <br /> shall convert and exchange or replace Bonds as provided herein, and each fully registered <br /> bond delivered in conversion of and exchange for or replacement of any Bond or portion <br /> thereof as permitted or required by any provision of this Ordinance shall constitute one of <br /> the Bonds for all purposes of this Ordinance, and may again be converted and exchanged <br /> or replaced. It is specifically provided that any Bond authenticated in conversion of and <br /> exchange for or replacement of another Bond on or prior to the first scheduled Record Date <br /> for the Initial Bond shall bear interest from the date of the Initial Bond, but each substitute <br /> Bond so authenticated after such first scheduled Record Date shall bear interest from the <br /> interest payment date next preceding the date on which such substitute Bond was so <br /> authenticated, unless such Bond is authenticated after any Record Date but on or before the <br /> next following interest payment date, in which case it shall bear interest from such next <br /> following interest payment date; provided, however, that if at the time of delivery of any <br /> substitute Bond the interest on the Bond for which it is being exchanged is due but has not <br /> been paid, then such Bond shall bear interest from the date to which such interest has been <br /> paid in full. THE INITIAL BOND issued and delivered pursuant to this Ordinance is not <br /> required to be, and shall not be, authenticated by the Paying Agent/ Registrar, but on each <br /> substitute Bond issued in conversion of and exchange for or replacement of any Bond or <br /> Bonds issued under this Ordinance there shall be printed a certificate, in the form <br /> substantially as follows: <br /> <br /> "PAYING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE <br /> <br /> It is hereby certified that this Bond has been issued under the provisions of the Bond <br /> Ordinance described on the face of this Bond; and that this Bond has been issued in conver- <br /> sion of and exchange for or replacement of a bond, bonds, or a portion of a bond or bonds <br /> of an issue which originally was approved by the Attorney General of the State of Texas and <br /> registered by the Comptroller of Public Accounts of the State of Texas. <br /> <br /> Paying Agent/Registrar <br /> <br /> Dated By <br /> Authorized Representative" <br /> <br /> An authorized representative of the Paying Agent/Registrar shall, before the delivery of any <br /> such Bond, date and manually sign the above Certificate, and no such Bond shall be deemed <br /> <br /> 11 <br />