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HomeMy WebLinkAbout0013_0011Bond 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 Ag-ent/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 Bondshallbear interest at the single rate applicable to and .borne by such installment -of principal or portion 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)eis 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 an& 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 bcheduled 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 sha4l 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 itis 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 Faying'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 ai certificate, in the 'f�+-m substantially as fellows; 9