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<br />Certificate, the converted and exchanged or replaced Certificates shall be valid, <br />incontestable, and enforceable in the same manner and with the same effect as the <br />Initial Certificate which was originally delivered pursuant to this Ordinance, <br />approved by the Attorney General, and registered by the Comptroller of Public <br />Accounts. <br /> <br />(c) Certificates issued in conversion and exchange or replacement of any <br />other Certificate or portion thereof, (i) shall be issued in fully registered form, <br />without interest coupons, with the principal of and interest on such Certificates to <br />be payable only to the registered owners thereof, (ii) may be redeemed prior to their <br />scheduled maturities, (iii) may be transferred and assigned, (iv) may be converted <br />and exchanged for other Certificates, (v) shall have the characteristics, (vi) shall be <br />signed and sealed, and (vii) the principal of and interest on the Certificates shall be <br />payable, all as provided, and in the manner required or indicated, in the Form of <br />Certificates set forth in this Ordinance. <br /> <br />Section 3.08. Replacement Certificates. <br /> <br />(a) Upon the presentation and surrender to the Paying Agent/Registrar <br />of a mutilated Certificate, the Paying Agent/Registrar shall authenticate and <br />deliver in exchange therefor a replacement Certificate of like tenor and principal <br />amount, bearing a number not contemporaneously outstanding. The City or the <br />Paying Agent/ Registrar may require the Holder of such Certificate to pay a sum <br />sufficient to cover any tax or other governmental charge that is authorized to be <br />imposed in connection therewith and any other expenses connected herewith. <br /> <br />(b) In the event that any Certificate is lost, apparently destroyed or <br />wrongfully taken, the Paying Agent/Registrar, pursuant to the applicable laws of the <br />State of Texas and in the absence of notice or knowledge that such Certificate has <br />been acquired by a bona fide purchaser, shall authenticate and deliver a replacement <br />Certificate of like tenor and principal amount, bearing a number not <br />contemporaneously outstanding, provided that the Holder first: <br /> <br />(i) furnishes to the Paying Agent/Registrar satisfactory <br />evidence of his or her ownership of and the circumstances of the loss, <br />destruction or theft of such Certificate; <br /> <br />(ii) furnishes such security or indemnity as may be required by <br />the Paying Agent/Registrar, and acceptable to the City, to save it harmless; <br /> <br />(iii) pays all expenses and charges in connection therewith, <br />including, but not limited to, printing costs, legal fees, fees of the Paying <br />Agent/Registrar and any tax or other governmental charge that is authorized <br />to be imposed; and <br /> <br />(iv) satisfies any other reasonable requirements imposed by the <br />City and the Paying Agent/Registrar. <br /> <br />(c) If, after the delivery of such replacement Certificate, a bona fide <br />purchaser of the original Certificate in Heu of which such replacement Certificate <br /> <br />0405s <br /> <br />-10- <br />