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<br /> <br /> <br /> <br /> <br /> <br /> payable to such assignee or assignees (which then will be the new registered owner or <br /> owners of such new Bond or Bonds) or to the initial registered owner as to any portion of <br /> this Bond which is not being assigned and transferred by the initial registered owner, shall <br /> be delivered by the Paying Agent/Registrar in conversion of and exchange for this Bond or <br /> any portion or portions hereof, but solely in the form and manner as provided in the nexrt <br /> paragraph hereof for the conversion and exchange of this Bond or any portion hereof. The <br /> registered owner of this Bond shall be deemed and treated by the Issuer and the Paying <br /> Agent/Registrar as the absolute owner hereof for all purposes, including payment and <br /> discharge of liability upon this Bond to the extent of such payment, and the Issuer and the <br /> Paying Agent/Registrar shall not be affected by any notice to the contrary. <br /> <br /> AS PROVIDED above and in the Bond Ordinance, this Bond, to the extent of the <br /> unpaid or unredeemed principal balance hereof, may be converted into and exchanged for <br /> a like aggregate principal amount of fully registered bonds, without interest coupons, payable <br /> to the assignee or assignees duly designated in writing by the initial registered owner hereof, <br /> or to the initial registered owner as to any portion of this Bond which is not being assigned <br /> and transferred by the initial registered owner, in any denomination or denominations in any <br /> integral multiple of $5,000 (subject to the requirement hereinafter stated that each substitute <br /> bond issued in exchange for any portion of this Bond shall have a single stated principal <br /> maturity date), upon surrender of this Bond to the Paying Agent/Registrar for cancellation, <br /> all in accordance with the form and procedures set forth in the Bond Ordinance. If this <br /> Bond or any portion hereof is assigned and transferred or converted each bond issued in <br /> exchange for any portion hereof shall have a single stated principal maturity date <br /> corresponding to the due date of the installment of principal of this Bond or portion hereof <br /> for which the substitute bond is being exchanged, and shall bear interest at the rate <br /> applicable to and borne by such installment of principal or portion thereof. Such bonds, <br /> respectively, shall be subject to redemption prior to maturity on the same dates and for the <br /> same prices as the corresponding installment of principal of this Bond or portion hereof for <br /> which they are being exchanged. No such bond shall be payable in installments, but shall <br /> have only one stated principal maturity date. AS PROVIDED IN THE BOND <br /> ORDINANCE, THIS BOND IN ITS PRESENT FORM MAY BE ASSIGNED AND <br /> TRANSFERRED OR CONVERTED ONCE ONLY, and to one or more assignees, but the <br /> bonds issued and delivered in exchange for this Bond or any portion hereof may be assigned <br /> and transferred, and converted, subsequently, as provided in the Bond Ordinance. The <br /> Issuer shall pay the Paying Agent/Registrar's standard or customary fees and charges for <br /> transferring, converting, and exchanging this Bond or any portion thereof, but the one <br /> requesting such transfer, conversion, and exchange shall pay any taxes or governmental <br /> charges required to be paid with respect thereto. The Paying Agent/Registrar shall not be <br /> required to make any such assignment, conversion, or exchange (i) during the period <br /> commencing with the close of business on any Record Date and ending with the opening of <br /> business on the next following principal or interest payment date, or, (ii) with respect to any <br /> Bond or portion thereof called for prepayment or redemption prior to maturity, within 45 <br /> days prior to its prepayment or redemption date. ' <br /> <br /> <br /> 6 <br />