Ord 1988-017 - Laserfiche WebLink

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become due and payable on the date fixed for redemption and, unless the City defaults in the payment of the principal thereof, premium, if any, or accrued interest thereon, such Certificates or portions thereof shan cease to bear interest from and after the date fixed for redemption, whether or not such Certificates are presented and surrendered for payment on such date. (b) If any Certificate or portion thereof caned for redemption is not so paid upon presentation and surrender of such Certificate for redemption, such Certificate or portion thereof shan continue to bear interest at the rate stated on the Certificate until paid or until due provision is made for the payment of same. ARTICLE V PAYING AGENT/REGISTRAR Section 5.01. Appointment of Initial Paying Agent/Registrar. (a) The City hereby appoints MTrust Corp, National Association, Austin, Texas, as its registrar and transfer agent to keep such books or records and make such transfers and registrations under such reasonable regulations as the City and the Paying Agent/Registrar may prescribe; and the Paying Agent/Registrar shan make such transfer and registrations as herein provided. It shan be the duty of the Paying Agent/Registrar to obtain from the Owners and record in the Register the address of such Owner of each Certificate to which payments with respect to the Certifica tes shan be mailed, as provided herein. The City or its designee shan have the right to inspect the Register during regular business hours of the Paying Agent/Registrar, but otherwise the Paying Agent/Registrar shan keep the Registration Books confidential and, unless otherwise required by law, shall not permit their inspection by any other entity. (b) The City hereby further appoints the Paying Agent/Registrar to act as the paying agent for paying the principal of and interest on the Certificates. The Paying Agent/Registrar shall keep proper records of all payments made by the City and the Paying Agent/Registrar with resp.ect to the Certificates, and of all conversions and exchanges of such Certificates, all conversions and replacements of such Certificates, as provided in the Ordinance. (c) The execution and delivery of a Paying Agent/Registrar Agreement, substantially in form and content as set forth in Exhibit A attached hereto and incorporated herein by reference, specifying the duties and responsibilities of the City and the Paying Agent/Registrar, is hereby approved with such changes as may be approved by the Mayor of the City, and the Mayor of said City is hereby authorized to execute such agreement. Section 5.02. Qualifications. Each Paying Agent/Registrar shall be (i) a bank, trust company, financial institution, or other entity duly qualified and legally authorized under the laws of 2389f -13-