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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 tor the previous registered owner, in case only a
portion of .a Bond is being assigned and transferred,' 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., theconversion 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 Record Date 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 suchBond 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 Land effectual to
satisfy and: discharge the liability upon °such nBond to the
extent of the sum or sums so paid.
4 (c) Payment 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, exchangers 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 interestona 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 Agent/Registrar,-if and,when funds
for the payment of such interest have been. received from the
District. Notice 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. Late by United ,
States mail,,: first class postage prepaid, to the address of
each Bondholder apperaring 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 Exchange or Replacement; Authentica-
tion.**. Each Bond issued and delivered pursuant to this Ordin-
ance,_ to the extent of the unpaid -,or unredeemed principal
balance or principal amount thereof, may, upon surrender of.
such.Bond 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
Paying Agent/Registrar, may, at the option of the, registered
owner or such assignee or assignees, as appropriate,.be conver-
ted into and exchanged., for ,fully' registered 'y bonds,' without
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