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<br /> <br /> <br /> <br /> <br /> a new substitute Certificate of Obligation or Certificates of Obligation shall be issued in <br /> conversion and exchange therefor in the manner herein provided. The Initial Certificate of <br /> Obli;ation, to the extent of the unpaid or unredeemed principal balance thereof, may be <br /> assigned and transferred by the initial registered ovmer thereof once only, and to one or <br /> more assignees designated in writing by the initial registered owner thereof. All Certificates <br /> of Obligation issued and delivered in conversion of and exchange for the Initial Certificate <br /> of Obligation shall be in any denomination or denominations of any integral multiple of <br /> $5,000 (subject to the requirement hereinafter stated that each substitute Certificate of <br /> Obligation shall have a single stated principal maturity date), shall be in the form prescribed <br /> in the FORM OF SUBSTITLJTE CERTIFICATE OF OBLIGATION set forth in this <br /> Ordinance, and shall have the characteristics, and may be assigned, transferred, and <br /> converted as hereinafter provided. If the Initial Certificate of Obligation or any portion <br /> thereof is assigned and transferred or converted the Initial Certificate of Obligation must be <br /> surrendered to the Paying Agent/Registrar for cancellation, and each Certificate of <br /> Obligation issued in exchange for any portion of the Initial Certificate of Obligation shall <br /> have a single stated principal maturity date, and shall not be payable in installments; and <br /> each such Certificate of Obligation shall have a principal maturiry date corresponding to the <br /> due date of the installment of principal or portion thereof for which the substitute Certificate <br /> of Obligation is being exchanged; and each such Certificate of Obligation shall bear interest <br /> at the single rate applicable to and borne by such installment of principal or portion thereof <br /> for which it is being exchanged. If only a portion of the Initial Certificate of Obligation is <br /> assigned and transferred, there shall be delivered to and registered in the name of the initial <br /> registered owner substitute Certificates of Obligation in exchange for the unassigned balance <br /> of the Initial Certificate of Obligation in the same manner as if -the initial registered owner <br /> were the assignee thereof. If any Certificate of Obligation or portion thereof other than the <br /> Initial Certificate of Obligation is assigned and transferred or converted each Certificate of <br /> Obligation issued in exchange therefor shall have the same principal maturity date and bear <br /> interest at the same rate as the Certificate of Obligation for which it is exchanged. A form <br /> of assignment shall be printed or endorsed on each Certificate of Obligation, excepting the <br /> Initial Certificate of Obligation, which shall be executed by the registered owner or its duly <br /> authorized attorney or representative to evidence an assignment thereof. Upon surrender <br /> of any Certificates of Obligation or any portion or portions thereof for transfer of <br /> registration, an authorized representative of the Paying Agent/Registrar shall make such <br /> transfer in the Registration Books, and shall deliver a new fully registered substitute <br /> Certificate of Obligation or Certificates of Obligation, having the characteristics herein des- <br /> cribed, payable to such assignee or assignees (which then will be the registered owner or <br /> owners of such new Certificate of Obligation or Certificates of Obligation), or to the <br /> previous registered owner in case only a portion of a Certificate of Obligation is bein- <br /> assigned and transferred, all in conversion of and exchange for said assigned Certificate of <br /> Obligation or Certificates of Obligation or any portion or portions thereof, in the same form <br /> and manner, and with the same effect, as provided in Section 6(d), below, for the conversion <br /> and exchange of Certificates of Obligation by any registered owner of a Certificate of <br /> Obligation. 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 Certificate of Obligation <br /> <br /> <br /> 9 <br />