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<br />other Bond. The Paying Agent/Registrar shall convert and exchange the Bonds as provided herein, and each
<br />substitute Bond delivered in accordance with this Section shall constitute an original contractual obligation
<br />of the City and shall be entitled to the benefits and security of this Ordinance to the same extent as the Bond
<br />or Bonds in lieu of which such substitute Bond is delivered.
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<br />(e) The City will pay the Paying Agent/Registrar's reasonable and customary charge for the
<br />initial registration or any subsequent transfer, exchange or conversion of Bonds, but the Paying
<br />Agent/Registrar will require the Owner to pay a sum sufficient to coveraQY tax or other governmental charge
<br />that is authorized to be imposed in connection with the registration, transfer, exchange or conversion of a
<br />Bond. In addition, the City hereby covenants with the Owners of the Bonds that it will (i) pay the reasonable
<br />and standard or customary fees and charges of the Paying Agent/Registrar for its services with respect to the
<br />payment of the principal of and interest on the Bonds, when due, and (ii) pay the fees and charges of the
<br />Paying Agent/Registrar for services with respect to the transfer, registration, conversion and exchange of
<br />Bonds as provided herein.
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<br />(f) Neither the City nor the Paying Agent/Registrar shall be required to transfer or exchange any
<br />Bond called for redemption, in whole or in part, within 45 days of the date fixed for redemption; provided,
<br />however, such limitation shall not be applicable to an exchange by the Owner of the uncalled balance of a
<br />Bond.
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<br />Section 3.07. Cancellation and Authentication.
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<br />(a) All Bonds paid or redeemed before scheduled maturity in accordance with this Ordinance,
<br />and all Bonds in lieu of which exchange Bonds or replacement Bonds are authenticated and delivered in
<br />accordance with this Ordinance, shall be canceled and destroyed upon the making of proper records
<br />regarding such payment, redemption, exchange or replacement. The Paying Agent/Registrar shall
<br />periodically furnish the City with certificates of destruction of such Bonds.
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<br />(b) Each substitute Bond issued pursuant to the provisions of Sections 3.06 and 3.09 of this
<br />Ordinance, in conversion of and exchange for or replacement of any Bond or Bonds issued under this
<br />Ordinance, shall have printed thereon a Paying AgentlRegistrar's Authentication Certificate, in the form
<br />hereinafter set forth. An authorized representative of the Paying Agent/Registrar shall, before the delivery
<br />of any such Bond, manually sign and date such Certificate., and no such Bond shall be deemed to be issued
<br />or outstanding unless such Certificate is so executed. No additional ordinances, orders, or resolutions need
<br />be passed or adopted by the City Councilor any other body or person so as to accomplish the foregoing
<br />conversion and exchange or replacement of any Bond or portion thereof, and the Paying Agent/Registrar
<br />shall provide for the printing, execution, and delivery of the substitute Bonds in the manner prescribed
<br />herein. Pursuant to Article 717k-6, Vernon's Annotated Civil Statutes, as amended, and particularly Section
<br />6 thereof, the duty of conversion and exchange or replacement of Bonds as aforesaid is hereby imposed upon
<br />the Paying Agent/Registrar, and, upon the execution of the above Paying Agent/Registrar's Authentication
<br />Certificate, the converted and exchanged or replaced Bonds shall be valid, incontestable, and enforceable
<br />in the same manner and with the same effect as the Initial Bond which was originally delivered pursuant to
<br />this Ordinance, approved by the Attorney General, and registered by the Comptroller of Public Accounts.
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<br />(c) Bonds issued in conversion and exchange or replacement of any other Bond or portion
<br />thereof, (i) shall be issued in fully registered form, without interest coupons, with the principal of and interest
<br />on such Bonds to 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 and exchanged for other
<br />Bonds, (v) shall have the characteristics, (vi) shaH be signed and sealed, and (vii) shall be payable as to
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