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<br /> (b) Registration of any Bond may be transferred in the <br /> Register only upon the presentation and surrender thereof at the <br /> Paying Agent/Registrar Office for transfer of registration and <br /> cancellation, together with proper written instruments of <br /> assignment, in form and with guarantee of signatures satisfactory to <br /> the Paying Agent/Registrar, evidencing assignment of the Bonds, or <br /> any portion thereof in any integral multiple of $5,000, to the <br /> assignee or assignees thereof, and the right of such assignee or <br /> assignees thereof to have the Bond or any portion thereof registered <br /> in the name of such assignee or assignees. No transfer of any Bond <br /> shall be effective until entered in the Register. Upon assignment <br /> and transfer of any Bond or portion thereof, a new Bond or Bonds <br /> will be issued by the Paying Agent/Registrar in conversion and <br /> exchange for such transferred and assigned Bond. To the extent <br /> possible the Paying Agent/Registrar will issue such new Bond or <br /> Bonds in not more than three business days after receipt of the Bond <br /> to be transferred in proper form and with proper instructions <br /> directing such transfer. <br /> (c) Any Bond may be converted and exchanged only upon the <br /> presentation and surrender thereof at the Paying Agent/Registrar <br /> Office, together with a written request therefor duly executed by <br /> the registered owner or assignee or assignees thereof, or its or <br /> their duly authorized attorneys or representatives, with guarantees <br /> of signatures satisfactory to the Paying Agent/Registrar, for a Bond <br /> or Bonds of the same maturity and interest rate and in any <br /> authorized denomination and in an aggregate principal amount equal <br /> to the unpaid principal amount of the Bond presented for exchange. <br /> If a portion of any Bond is redeemed prior to its scheduled maturity <br /> as provided herein, a substitute Bond or Bonds having the same <br /> maturi ty date, bearing interest at the same rate, in the <br /> denomination or denominations of any integral multiple of $5,000 at <br /> the request of the registered owner, and in an aggregate principal <br /> amount equal to the unredeemed portion thereof, will be issued to <br /> the registered owner upon surrender thereof for cancellation. To <br /> the extent possible, a new Bond or Bonds shall be delivered by the <br /> Paying Agent/Registrar to the registered owner of the Bond or Bonds <br /> in not more than three business days after receipt of the Bond to be <br /> exchanged in proper form and with proper instructions directing such <br /> exchange. <br /> (d) Each Bond issued in exchange for any Bond or portion <br /> thereof assigned, transferred or converted shall have the same <br /> principal maturity date and bear interest at the same rate as the <br /> Bond for which it is being exchanged. Each substitute Bond shall <br /> bear a letter and/or number to distinguish it from each other Bond. <br /> The Paying Agent/Registrar shall convert and exchange the Bonds as <br /> provided herein, and each substitute Bond delivered in accordance <br /> with this Section shall constitute an original contractual <br /> obligation of the City and shall be entitled to the benefits and <br /> security of this Ordinance to the same extent as the Bond or Bonds <br /> in lieu of which such substitute Bond is delivered. <br /> 4322f <br /> -9- <br />