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rate as -the Bond for which it `is exchanged. A form of assign-
ment shall be printed or endorsed on each Bond, excepting the
Initial Bond, which shall be executed by the registered owner
or.its duly authorized attorney or, representative to evidence
an assignment thereof. Upon surrender of - any Bonds or any
portion or portions thereof for transfer of registration, an
authorized representative of the Paying Agent/Registrar shall
make such transfer in the Registration Books, and shall deliver
a new fully registered substitute Bond or Bonds, having the
characteristics herein described, payable to such assignee or
assignees (which then will be the registered owner or owners of
such new Bond or Bonds), or to the previous registered owner in
case only a portion of a Bond is being assigned and trans-
ferred, , all
ransferred,,all in conversion of and exchange for said assigned
Bond or Bonds or any portion or portions thereof, in the same
form and manner,and with the same effect, as provided in
Section 6(d), below, for the conversion and exchange of Bonds
by any registered owner of a Bond. The Issuer shall' pay the
Paying Agent/Registrar's standard or customary fees and charges
for making such transfer and delivery of a substitute Bond or
Bonds, but the one requesting such transfer shall pay any taxes
or other governmental charges required to be paid with respect
thereto. The Paying Agent ,'Registrar shall not be required to
make transfers of. registration of any Bond or'° any portion
thereof - (i) during the period commencing with the close of
business on any RecordDate and ending with the opening of
business on the next following principal or interest payment
date, or, (ii) with respect to any Bond or any portion thereof
called for redemption prior` to' maturity, within 45 days prior
to its redemption date.
(b) Ownership of Bonds. The entity in whose -name any
Bond shall be registered in the Registration Books at any time
shall be deemed and treated as the absolute owner thereof for
all purposes of this Ordinance, whether or not such Bond shall
be overdue, and the Issuer and the Paying Agent/Registrar shall "
not be affected by any notice to the contrary; and payment of,
or on, account of, the. principal of, premium, if any, and
interest on any such Bond shall be made only to such registered
owner. All such payments shall be valid and effectual to
satisfy and discharge the liability upon such Bond to the
extent of the sum or sums so paid.
(c) moment of Bonds -'and "Interest. The Issuer hereby
further _appoints the Paying _Agent/Registrar to act as the
paying agent --for paying the principal of and interest on the
Bonds,; and to" act as its agent to convert and exchange or
replace Bonds, all as provided in this Ordinance,` The Paying
Agent/Registrar shall keep proper records of all payments made
by the Issuer and the Paying Agent/Registrar with .respect to
the Bonds, and of all conversions and exchanges of Bonds, and
all replacements of Bonds, as provided in this Ordinance. How-
ever,, in the event of a nonpayment of interest on a scheduled
payment date,, and for thirty'(30) days thereafter, a new record
date for such interest payment (a "Special Record Date") will
be established by the Paying Agexit/Registrar,_if and when funds
for the payment of such interest have been ,received from the
District. N6tice of the past due interest (which -shall be 15
days after the Special Record Date) shall be sent at least five
(5) business days prior to the Special Record Date by United
States mail, first class postage prepaid, to the address of
each Bondholder appearing on the Security Register at the close
of business on the last business day'next preceding the date of
mailing of such notice.
(d) Conversion and E;xchanae�or Replacement; Authentica-
tion Each Bond issued and delivered pursuant.tothis yOrdin-
ance,,,-to-the extent of the unpaid or unredeemed principal bal-
ance ,or principal amount thereof, may, upon surrender oz such
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