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services with respect to the transfer, registration, conversion and exchange of Certificates as <br />provided herein. <br /> (f) Neither the City nor the Paying Agent/Registrar shall be required to transfer or <br />exchange any Certificate called for redemption, in whole or in part, within 45 days of the date fixed <br />for redemption; provided, however, such limitation shall not be applicable to an exchange by the <br />Owner of the uncalled balance of a Certificate. <br /> Section 3.07. Cancellation and Authentication. <br /> (a) All Certificates paid or redeemed before scheduled maturity in accordance with this <br />Ordinance, and all Certificates in lieu of which exchange Certificates or replacement Certificates are <br />authenticated and delivered in accordance with this Ordinance, shall be canceled and destroyed <br />upon the making of proper records regarding such payment, redemption, exchange or replacement. <br />The Paying Agent/Registrar shall periodically furnish the City with certificates of destruction of <br />such Certificates. <br /> (b) Each substitute Certificate issued pursuant to the provisions of Sections 3.06 and <br />3.08 of this Ordinance, in conversion of and exchange for or replacement of any Certificate or <br />Certificates issued under this Ordinance, shall have printed thereon a Paying Agent/Registrar's <br />Authentication Certificate, in the form hereinafter set forth. An authorized representative of the <br />Paying Agent/Registrar shall, before the delivery of any such Certificate, manually sign and date <br />such Certificate, and no such Certificate shall be deemed to be issued or outstanding unless such <br />Certificate is so executed. No additional ordinances, orders, or resolutions need be passed or <br />adopted by the City Council or any other body or person so as to accomplish the foregoing <br />conversion and exchange or replacement of any Certificate or portion thereof, and the Paying <br />Agent/Registrar shall provide for the printing, execution, and delivery of the substitute Certificates <br />in the manner prescribed herein. Pursuant to Title 9, Tex. Gov't Code Ann., as amended, and <br />particularly Chapter 1201, Subchapter D thereof, the duty of conversion and exchange or <br />replacement of Certificates as aforesaid is hereby imposed upon the Paying Agent/Registrar, and, <br />upon the execution of the above Paying Agent/Registrar's Authentication Certificate, the converted <br />and exchanged or replaced Certificates shall be valid, incontestable, and enforceable in the same <br />manner and with the same effect as the Initial Certificate which was originally delivered pursuant to <br />this Ordinance, approved by the Attorney General, and registered by the Comptroller of Public <br />Accounts. <br /> (c) Certificates issued in conversion and exchange or replacement of any other <br />Certificate or portion thereof, (i) shall be issued in fully registered form, without interest coupons, <br />with the principal of and interest on such Certificates to be payable only to the registered owners <br />thereof, (ii) may be redeemed prior to their scheduled maturities, (iii) may be transferred and <br />assigned, (iv) may be converted and exchanged for other Certificates, (v) shall have the <br />characteristics, (vi) shall be signed and sealed, and (vii) shall be payable as to principal of and <br />interest, all as provided, and in the manner required or indicated, in the Form of Certificates set forth <br />in this Ordinance. <br />15 <br />San Marcos CTRCO 2021B: Ordinance <br /> <br />