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<br /> <br /> <br /> <br /> <br /> <br /> Bond or portion thereof (other than the Initial Bond) is assigned and transferred or converted, each <br /> Bond 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 a letter <br /> and/or number to distinguish it from each other Bond. The Paying Agent/Registrar shall convert <br /> and exchange or replace Bonds as provided herein, and each fully registered bond delivered in <br /> conversion of and exchange for or replacement of any Bond or portion thereof as permitted or <br /> required by any provision of this Ordinance shall constitute one of the Bonds for all purposes of <br /> this Ordinance, and may again be converted and exchanged or replaced. It is specifically provided <br /> that any Bond authenticated in conversion of and exchange for or replacement of another Bond <br /> on or prior to the first scheduled Record Date for the Initial Bond shall bear interest from the date <br /> of the Initial Bond, but each substitute Bond so authenticated after such first scheduled Record <br /> Date shall bear interest from the interest payment date next preceding the date on which such <br /> substitute Bond was so authenticated, unless such Bond is authenticated after any Record Date but <br /> on or before the next following interest payment date, in which case it shall bear interest from <br /> such next following interest payment date; provided, however, that if at the time of delivery of <br /> any 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 paid <br /> in full. THE INITIAL BOND issued and delivered pursuant to this Ordinance is not required to <br /> be, and shall not be, authenticated by the Paying Agent/ Registrar, but on each substitute Bond <br /> issued in conversion of and exchange for or replacement of any Bond or Bonds issued under this <br /> Ordinance there shall be printed a certificate, in the form substantially as follows: <br /> <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 conversion <br /> of and exchange for or replacement of a bond, bonds, or a portion of a bond or bonds of an issue <br /> which originally was approved by the Attorney General of the State of Texas and registered by <br /> 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 such <br /> Bond, date and manually sign the above Certificate, and no such Bond shall be deemed to be <br /> issued or outstanding unless such Certificate is so executed. The Paying Agent/Registrar promptly <br /> shall cancel all Bonds surrendered for conversion and exchange or replacement. No additional <br /> ordinances, orders, or resolutions need be passed or adopted by the governing body of the Issuer <br /> or any other body or person so as to accomplish the foregoing conversion and exchange or <br /> replacement of any Bond or portion thereof, and the Paying Agent/Registrar shall provide for the <br /> printing, execution, and delivery of the substitute Bonds in the manner prescribed herein, and said <br /> <br /> 11 <br />