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<br /> <br /> <br /> <br /> <br /> of the registered owner or such assignee or assignees, as appropriate, be converted into and exchanged for fully registered certificate of obligations, without interest coupons, in the form <br /> <br /> prescribed in the FORM OF SUBSTITUTE CERTIFICATE OF OBLIGATION set forth <br /> in this Ordinance, in the denomination of $5,000, or any integral multiple of $5,000 (subject <br /> to the requirement hereinafter stated that each substitute Certificate of Obligation shall have <br /> a single stated maturity date), as requested in writing by such registered owner or such <br /> assignee or assignees, in an aggregate principal amount equal to the unpaid or unredeemed <br /> principal balance or principal amount of any Certificate of Obligation or Certificates of <br /> Obligation so surrendered, and payable to the appropriate registered owner, assignee, or <br /> assignees, as the case may be. If the Initial Certificate of Obligation is assigned and <br /> transferred or converted each substitute Certificate of Obligation issued in exchange for any <br /> portion of the Initial Certificate of Obligation shall have a single stated principal maturity <br /> date, and shall not be payable in installments; and each such Certificate of Obligation shall <br /> have a principal maturity date corresponding to the due date of the installment of principal <br /> or portion thereof for which the substitute Certificate of Obligation is being exchanged; and <br /> each such Certificate of Obligation shall bear interest at the single rate applicable to and <br /> borne by such installment of principal or portion thereof for which it is being exchanged. <br /> If a portion of any Certificate of Obligation (other than the Initial Certificate of Obligation) <br /> shall be redeemed prior to its scheduled maturity as provided herein, a substitute Certificate <br /> of Obligation or Certificates of Obligation having the same maturity date, bearing interest <br /> at the same rate, in the denomination or denominations of any integral multiple of $5,000 <br /> at the request of the registered owner, and in aggregate principal amount equal to the <br /> unredeemed portion thereof, will be issued to the registered owner upon surrender thereof <br /> for cancellation. If any Certificate of Obligation or portion thereof (other than the Initial <br /> Certificate of Obligation) is assigned and transfened 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 being exchanged. <br /> Each substitute Certificate of Obligation shall bear a letter and/or number to distinguish it <br /> from each other Certificate of Obligation. The Paying Agent/Registrar shall convert and <br /> exchange or replace Certificates of Obligation as provided herein, and each fully registered <br /> certificate of obligation delivered in conversion of and exchange for or replacement of any <br /> Certificate of Obligation or portion thereof as permitted or req}sired by any provision of this <br /> Ordinance shall constitute one of the Certificates of Obligation for all purposes of this <br /> Ordinance, and may again be converted and exchanged or replaced. It is specifically <br /> provided that any Certificate of Obligation authenticated in conversion of and exchange for <br /> or replacement of another Certificate of Obligation on or prior to the first scheduled Record <br /> Date for the Initial Certificate of Obligation shall bear interest from the date of the Initial <br /> Certificate of Obligation, but each substitute Certificate of Obligation so authenticated after <br /> such first scheduled Record Date shall bear interest from the interest payment date next <br /> preceding the date on which such substitute Certificate of Obligation was so authenticated, <br /> unless such Certificate of Obligation is authenticated after any Record Date but on or before <br /> the 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 Certificate of Obligation the interest on the Certificate of Obligation for which it <br /> <br /> 11 <br />