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Except as may be provided otherwise by the ordinance authorizing their issuance, registered bonds or obligations may be issued and reissued in any denomination up to the outstanding principal amount of the bonds or obligations of which they are a part. Such denominations may represent all or a part of a maturity or several maturities and on re-issuance may be in smaller amounts than the individual denominations for which they are reissued. (Ord. 1556, 1985)