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<br /> is being exchanged. Each 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 herein, and each substitute
<br /> Bond delivered in accorchmce ~'Ìth tills Section shall constitute an original contractual obligation of the City and
<br /> shall be entitled to the benefits and security of tlùs Ordinance to the same extent as the Bond or Bonds in lieu of
<br /> which such substitute Bond is delivered.
<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 Agent/Registrar
<br /> will require the Owner to pay a sum sufficient to cover any tax or other governmental charge that is authorized
<br /> to be imposed in connection with the registration, transfer, exchange or conversion of a Bond In addition, the
<br /> City' hereby covenants with the Owners of the Bonds that it will (i) pay the reasonable and standard or customary
<br /> fees and charges of the Paying AgentiRegistrar 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 Agent/Registrar for services with
<br /> respect to the transfer, registration, conversion and exchange of Bonds as provided herein.
<br /> (f) Neither the City' nor the Paying Agent/Registrar shall be required to transfer or exchange
<br /> any 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 Bond.
<br /> Section 3.07. Cancellation and Authentication.
<br /> (a) All Bonds paid or redeemed before scheduled maturity in accordance with tlùs Ordinance,
<br /> and all Bonds in lieu of which exchange Bonds or replacement Bonds are authenticated and delivered in
<br /> accordance with tlùs Ordinance, shall be canceled and destroyed upon the making of proper records regarding
<br /> such payment, redemption, exchange or replacement. The Paying Agent/Registrar shà.II periodically :furnish the
<br /> City "vith certificates of destruction of such Bonds.
<br /> (b) Each substiMe 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 Ordinance,
<br /> shall have printed thereon a Paying AgentJRegistrar's Authentication Certificate, in the form hereinafter set forth.
<br /> An authorized representative of the Paying AgentJRegistrar shall, before the delivery of any such Bond, manually
<br /> sign and date such Certificate, and no such Bond 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 adopted by the City
<br /> CO1illcilor any other body or person so as to accomplish the foregoing conversion and exchange or replacement
<br /> of any Bond or portion thereof, and the Paying Agent/Registrar shall provide for the printing, execution, and
<br /> delivery of the substitute Bonds in the 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 customary weight and
<br /> strength. 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 the
<br /> Paying AgentJRegistrar, 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 in the
<br /> same manner and with the same effect as the Initial Bond which was originally delivered pursuant to tlùs
<br /> Ordinance, approved by the Attorney General, and registered by the Comptroller of Public Accounts.
<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 on
<br /> such Bonds to be payable only to the registered owners thereof, (ii) may be redeemed prior to their scheduled
<br /> maturities, (ill) may be transferred and assigned, (iv) may be converted and exchanged for other Bonds, (v) shall
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