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HomeMy WebLinkAbout0130_0029Bond at the principal corporate trust office of the Paying Agent/Registrar together with a written request therefor duly executed by the registered owner or the assignee or assignees thereof or its or their duly authorized attorneys or represen- tatives with guarantee of signatures satisfactory to the Pay- ing Agent/Registrar may at the option of the registered owner or such assignee or assignees as appropriate be converted into and exchanged for fully registered bonds without interest coupons in the form prescribed in the FORM OF SUBSTITUTE BOND set forth .in this Ordinance in the denomination of $5 000 or any integral multiple of $5 000 (subject to the requirement hereinafter stated that each substitute Bond shall have a single stated maturity date) as requested in writing by such registered owner or such assignee or assignees in an aggregate principal amount equal to the unpaid or unredeemed principal balance or principal amount of any Bond or Bonds so surren- dered and payable to the appropriate registered owner assign- ee or assignees as the case may be If the Initial Bond is assigned and transferred or converted each substitute Bond .issued in exchange for any portion of the Initial Bond shall have a single stated principal maturity date and shall not be payable in installments and each such Bond shall have a prin- cipal maturity date corresponding to the due date of the in- stallment of principal or portion thereof for which the sub- stitute Bond is being exchanged and each such Bond shall bear interest at the single rate applicable to and borne by such installment of principal or porton thereof for which it is being exchanged If a portion of any Bond (other than the Initial Bond) shall be redeemed prior to Its scheduled maturity as provided herein a substitute Bond or Bonds having the same maturity date bearing interest at the same rate in the denom- ination or denominations of any integral multiple of $5 000 at the request of the registered owner and in aggregate principal amount equal to the unredeemed portion thereof will be issued to the registered owner upon surrender thereof for cancella- tion If any Bond or portion thereof (other than the Initial Bond) is assigned and transferred or converted each Bond is- sued in exchange therefor shall have the same principal matur- ity date and bear interest at the same rate as the Bond for which it is being exchanged Each substitute Bond shall bear a letter and/or number to distinguish it from each other Bond The Paying Agent/Registrar shall convert and exchange or re- place Bonds as provided herein and each fully registered bond delivered in conversion of and exchange for or replacement of any Bond or portion thereof as permitted or required by any provision of this Ordinance shall constitute one of the Bonds for all purposes of this Ordinance and may again be converted and exchanged or replaced It is specifically provided that any Bond authenticated in conversion of and exchange for or replacement of another Bond on or prior to the first scheduled Record Date for the Initial Bond shall bear interest from the date of the Initial Bond but each substitute Bond so authenti- cated after such first scheduled Record Date shad bear inter- est from the interest payment date next preceding the date on which such substitute Bond was so authenticated unless such Bond is authenticated after any Record Date but on or before the next following interest payment date in which case it shall bear interest from such next following interest payment date provided however that if at the time of delivery of any substitute Bond the interest on the Bond for which it is being exchanged .is due but has not been paid then such Bond shall bear interest from the date to which such interest has been paid in full THE INITIAL BOND issued and delivered pursuant to this Ordinance is not required to be and shall not be au- thenticated by the Paying Agent/Registrar but on each substi- tute Bond issued in conversion of and exchange for or replace- ment of any Bond or Bonds issued under this Ordinance there shall be printed a certificate in the form substantially as follows 0