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<br /> <br /> <br /> <br /> <br /> <br /> initial registered owner thereof. All Bonds issued and delivered in conversion of and exchange <br /> for the Initial Bond shall be in any denomination or denominations of any integral multiple of <br /> $5,000 (subject to the requirement hereinafter stated that each substitute Bond shall have a single <br /> stated principal maturity date), shall be in the form prescribed in the FORM OF SUBSTITUTE <br /> BOND set forth in this Ordinance, and shall have the characteristics, and may be assigned, trans- <br /> ferred, and converted as hereinafter provided. If the Initial Bond or any portion thereof is <br /> assigned and transferred or converted the Initial Bond must be surrendered to the Paying <br /> Agent/Registrar for cancellation, and each Bond issued in exchange for any portion of the Initial <br /> Bond shall have a single stated principal maturity date, and shall not be payable in installments; <br /> and each such Bond shall have a principal maturity date corresponding to the due date of the <br /> installment of principal or portion thereof for which the substitute Bond is being exchanged; and <br /> each such Bond shall bear interest at the single rate applicable to and borne by such installment <br /> of principal or portion thereof for which it is being exchanged. If only a portion of the Initial <br /> Bond is assigned and transferred, there shall be delivered to and registered in the name of the <br /> initial registered owner substitute Bonds in exchange for the unassigned balance of the Initial Bond <br /> in the same manner as if the initial registered owner were the assignee thereof. If any Bond or <br /> portion thereof other than the Initial Bond is assigned and transferred or converted each Bond <br /> issued in exchange shall have the same principal maturity date and bear interest at the same rate <br /> as the Bond for which it is exchanged. A form of assignment shall be printed or endorsed on each <br /> Bond, excepting the Initial Bond, which shall be executed by the registered owner or its duly <br /> authorized attorney or representative to evidence an assignment thereof. Upon surrender of any <br /> Bonds or any portion or portions thereof for transfer of registration, an authorized representative <br /> of the Paying Agent/Registrar shall make such transfer in the Registration Books, and shall deliver <br /> a new fully registered substitute Bond or Bonds, having the characteristics herein described, <br /> payable to such assignee or assignees (which then will be the registered owner or owners of such <br /> new Bond or Bonds), or to the previous registered owner in case only a portion of a Bond is being <br /> assigned and transferred, all in conversion of and exchange for said assigned Bond or Bonds or <br /> <br /> any portion or portions thereof, in the same form and manner, and with the same effect, as <br /> provided in Section 6(d), below, for the conversion and exchange of Bonds by any registered <br /> owner of a Bond. The Issuer shall pay the Paying Agent/Registrar's standard or customary fees <br /> and charges for making such transfer and delivery of a substitute Bond or Bonds, but the one re- <br /> questing such transfer shall pay any taxes or other governmental charges required to be paid with <br /> respect thereto. The Paying Agent/Registrar shall not be required to make transfers of registration <br /> of any Bond or any portion thereof (i) during the period commencing with the close of business <br /> on any Record Date and ending with the opening of business on the next following principal or <br /> interest payment date, or, (ii) with respect to any Bond or any portion thereof called for redemp- <br /> tion prior to maturity, within 45 days prior to its redemption date. <br /> <br /> (b) Ownership of Bonds. The entity in whose name any Bond shall be registered in the <br /> Registration Books at any time shall be deemed and treated as the absolute owner thereof for all <br /> purposes of this Ordinance, whether or not such Bond shall be overdue, and the Issuer and the <br /> Paying Agent/Registrar shall not be affected by any notice to the contrary; and payment of, or on <br /> account of, the principal of, premium, if any, and interest on any such Bond shall be made only <br /> <br /> 9 <br />