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<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> delivered in conversion of and exchange for the Initial Bond <br /> shall be in any denomination or denominations of any integral <br /> multiple of $5,000 (subject to the requirement hereinafter <br /> stated that each substitute Bond shall have a single stated <br /> principal maturity date), shall be in the form prescribed in <br /> the FORM OF SUBSTITUTE BOND set forth in this Ordinance, and <br /> shall have the characteristics, and may be assigned, trans- <br /> ferred, and converted as hereinafter provided. If the Initial <br /> Bond or any portion thereof is assigned and transferred or <br /> converted the Initial Bond must be surrendered to the Paying <br /> Agent/Registrar for cancellation, and each Bond issued in <br /> exchange for any portion of the Initial Bond shall have a <br /> single stated principal maturity date, and shall not be payable <br /> in installments; and each such Bond shall have a principal <br /> maturity date corresponding to the due date of the installment <br /> of principal or portion thereof for which the substitute Bond <br /> is being exchanged; and each such Bond shall bear interest at <br /> the single rate applicable to and borne by such installment of <br /> principal or portion thereof for which it is being exchanged. <br /> If only a portion of the Initial Bond is assigned and trans- <br /> ferred, there shall be delivered to and registered in the name <br /> of the initial registered owner substitute Bonds in exchange <br /> for the unassigned balance of the Initial Bond in the same <br /> manner as if the initial registered owner were the assignee <br /> thereof. If any Bond or portion thereof other than the Initial <br /> Bond is assigned and transferred or converted each Bond issued <br /> in exchange therefor shall have the same principal maturity <br /> date and bear interest at the same rate as the Bond for which <br /> it is exchanged. A form of assignment shall be printed or <br /> endorsed on each Bond, excepting the Initial Bond, which may be <br /> executed by the registered owner to evidence an assignment <br /> thereof, but such method is not exclusive, and any other <br /> written instruments of assignment satisfactory to the Paying <br /> Agent/Registrar may be used in the assignment and transfer of <br /> any substitute Bond or any portion or portions thereof, in any <br /> integral multiple of $5,000, from time to time by the regis- <br /> tered owner or any subsequent assignee or assignees of such <br /> substitute Bond or any such portion or portions thereof, <br /> including all assignments from assignee to assignee prior to <br /> the ultimate registration of such substitute Bond in the name <br /> of an assignee, at the written request of such assignee. Upon <br /> surrender of any Bonds or any portion or portions thereof for <br /> transfer of registration, an authorized representative of the <br /> Paying Agent/Registrar shall make such transfer in the Regis- <br /> tration Books, and shall deliver a new fully registered substi- <br /> tute Bond or Bonds, having the characteristics herein des- <br /> cribed, payable to such assignee or assignees (which then will <br /> be the registered owner or owners of such new Bond or Bonds), <br /> or to the previous registered owner in case only a portion of a <br /> Bond is being assigned and transferred, all in conversion of <br /> and exchange for said assigned Bond or Bonds or any portion or <br /> portions thereof, in the same form and manner, and with the <br /> same effect, as provided in Section 6(d), below, for the <br /> conversion and exchange of Bonds by any registered owner of a <br /> Bond. The Issuer shall pay the Paying Agent/Registrar's <br /> reasonable and standard or customary fees and charges for <br /> making such transfer and delivery of a substitute Bond or <br /> Bonds, but the one requesting such transfer shall pay any taxes <br /> or other governmental charges required to be paid with respect <br /> thereto. The Paying Agent/Registrar shall not make transfers <br /> of registration of any Bond within 15 days prior to a principal <br /> or interest payment date or within 45 days prior to a redemp- <br /> tion date. <br /> (b) Ownership of Bonds. The entity in whose name any <br /> Bond shall be registered in the Registration Books at any time <br /> may be deemed and treated as the absolute owner thereof for all <br /> purposes of this Ordinance, whether or not such Bond shall be <br /> overdue, and the Issuer and the Paying Agent/Registrar shall <br /> 7 <br />