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<br />receipt of the Bond to be exchanged in proper form and with proper instructions <br />directing such exchange. <br /> <br />(d) Each Bond issued in exchange for any Bond or portion thereof <br />assigned, transferred or converted shall have the same principal maturity date and <br />bear interest at the same rate as the Bond for which it is being exchanged. Each <br />substitute Bond shall bear a letter and/or number to distinguish it from each other <br />Bond. The Paying Agent/Registrar shall convert and exchange the Bonds as provided <br />herein, and each substitute Bond delivered in accordance with this Section shall <br />constitute an original additional contractual obligation of the City and shall be <br />entitled to the benefits and security of this Ordinance to the same extent as the <br />Bond or Bonds in lieu of which such substitute Bond is delivered. <br /> <br />(e) The City will pay the Paying Agent/Registrar's reasonable and <br />customary charge for the initial registration or any subsequent transfer, exchange or <br />conversion of Bonds, but the Paying Agent/Registrar will require the Owner to pay a <br />sum sufficient to cover any tax or other governmental charge that is authorized to <br />be imposed in connection with the registration, transfer, exchange or conversion of <br />a Bond. In addition, the City hereby covenants with the Owners of the Bonds that it <br />will (i) pay the reasonable and standard or customary fees and charges of the Paying <br />Agent/Registrar for its services with respect to the payment of the principal of and <br />interest on the Bonds, when due, and (ii) pay the fees and charges of the Paying <br />Agent/Registrar for services with respect to the transfer, registration, conversion <br />and exchange of Bonds as provided herein. <br /> <br />Section 3.07. Cancellation and Authentication. <br /> <br />(a) All Bonds paid or redeemed before scheduled maturity in accordance <br />with this Ordinance, and all Bonds in lieu of which exchange Bonds or replacement <br />Bonds are authenticated and delivered in accordance with this Ordinance, shall be <br />cancelled and destroyed upon the making of proper records regarding such payment, <br />redemption, exchange or replacement. The Paying Agent/Registrar shall <br />periodically furnish the City with certificates of destruction of such Bonds. <br /> <br />(b) Each substitute Bond issued in conversion of and exchange for or <br />replacement of (pursuant to the provisions of Sections 3.06 and 3.08 hereof) any <br />Bond or Bonds issued under this Ordinance shall have printed thereon a Paying <br />Agent/Registrar's Authentication Bond, in the form hereinafter set forth. An <br />authorized representative of the Paying Agent/Registrar shall, before the delivery <br />of any such Bond, manually sign and date such Bond, and no such Bond shall be <br />deemed to be issued or outstanding unless such Bond is so executed. No additional <br />ordinances, orders, or resolutions need be passed or adopted by the City Council or <br />any other body or person so as to accomplish the foregoing conversion and exchange <br />or replacement of any Bond or portion thereof, and the Paying Agent/Registrar shall <br />provide for the printing, execution, and delivery of the substitute Bonds in the <br />manner prescribed herein, and said Bonds shall be of customary type and <br />composition and be printed on paper with lithographed or steel engraved borders of <br />customary weight and strength. Pursuant to Article 717k-6, Vernon's Texas Civil <br /> <br />2387f <br /> <br />-8- <br />