On demand of the owner or holder of any of its coupon bonds, the Sinking Fund Commission may issue instead thereof a registered bond of the City not exceeding in amount the coupon bonds offered in exchange. The registered bond shall be signed and sealed as other Municipal bonds are signed and sealed, and bear the same rate of interest, be payable both principal and interest at the same time and place as the coupon bonds for which the exchange is made and shall be of such denomination as the holder of the coupon bonds may elect.
(Ord. No. 2641-A-55. Passed 2-27-56, eff. 3-1-56)