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shall be redeemed a substitute Certificate or Certificates having the same maturity date, bearing
<br />interest at the same rate, in any denomination or denominations in any integral multiple of $5,000,
<br />at the written request of the Registered Owner, and in aggregate principal amount equal to the
<br />unredeemed portion thereof, will be issued to the Registered Owner upon the surrender thereof for
<br />cancellation, at the expense of the City, all as provided in the Ordinance.
<br />DURING ANY PERIOD in which ownership of the Certificates is determined only by a
<br />book entry at a securities depository for the Certificates, if fewer than all of the Certificates of the
<br />same maturity and bearing the same interest rate are to be redeemed, the particular Certificates of
<br />such maturity and bearing such interest rate shall be selected in accordance with the arrangements
<br />between the City and the securities depository.
<br />WITH RESPECT TO any optional redemption of the Certificates, unless certain
<br />prerequisites to such redemption required by the Ordinance have been met and moneys sufficient to
<br />pay the principal of and premium, if any, and interest on the Certificates to be redeemed shall have
<br />been received by the Paying Agent/Registrar prior to the giving of such notice of redemption, such
<br />notice shall state that said redemption may, at the option of the City, be conditional upon the
<br />satisfaction of such prerequisites and receipt of such moneys by the Paying Agent /Registrar on or
<br />prior to the date fixed for such redemption, or upon any prerequisite set forth in such notice of
<br />redemption. If a conditional notice of redemption is given and such prerequisites to the redemption
<br />and sufficient moneys are not received, such notice shall be of no force and effect, the City shall not
<br />redeem such Certificates and the Paying Agent/Registrar shall give notice, in the manner in which
<br />the notice of redemption was given, to the effect that the Certificates have not been redeemed.
<br />ALL CERTIFICATES OF THIS SERIES are issuable solely as fully registered
<br />certificates, without interest coupons, in the denomination of any integral multiple of $5,000. As
<br />provided in the Ordinance, this Certificate may, at the request of the Registered Owner or the
<br />assignee or assignees hereof, be assigned, transferred, converted into and exchanged for a like
<br />aggregate principal amount of fully registered certificates, without interest coupons, payable to the
<br />appropriate Registered Owner, assignee or assignees, as the case may be, having the same
<br />denomination or denominations in any integral multiple of $5,000 as requested in writing by the
<br />appropriate Registered Owner, assignee or assignees, as the case may be, upon surrender of this
<br />Certificate to the Paying Agent /Registrar for cancellation, all in accordance with the form and
<br />procedures set forth in the Ordinance. Among other requirements for such assignment and transfer,
<br />this Certificate must be presented and surrendered to the Paying Agent/Registrar, together with
<br />proper instruments of assignment, in form and with guarantee of signatures satisfactory to the Paying
<br />Agent /Registrar, evidencing assignment of this Certificate or any portion or portions hereof in any
<br />integral multiple of $5,000 to the assignee or assignees in whose name or names this Certificate or
<br />any such portion or portions hereof is or are to be registered. The form of Assignment printed or en-
<br />dorsed on this Certificate may be executed by the Registered Owner to evidence the assignment
<br />hereof, but such method is not exclusive, and other instruments of assignment satisfactory to the
<br />Paying Agent /Registrar may be used to evidence the assignment of this Certificate or any portion or
<br />portions hereof from time to time by the Registered Owner. The Paying Agent /Registrar's reasonable
<br />standard or customary fees and charges for assigning, transferring, converting and exchanging any
<br />San Marcos CTRCO 2013: Ordinance 24
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