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<br />(b) Upon presentation and surrender of any Bond called for redemption at <br />the principal corporate office of the Paying Agent/Registrar on or after the date <br />fixed for redemption, the Paying Agent/Registrar shall pay the principal of, <br />premium, if any, and accrued interest on such Bond to the date of redemption from <br />the money set aside for such purpose. <br /> <br />Section 4.06. Effect of Redemption. <br /> <br />(a) Notice of redemption having been given as provided in Section 4.04 of <br />this Ordinance, the Bonds or portions thereof called for redemption shall become <br />due and payable on the date fixed for redemption and, unless the City defaults in the <br />payment of the principal thereof, premium, if any, or accrued interest thereon, such <br />Bonds or portions thereof shall cease to bear interest from and after the date fixed <br />for redemption, whether or not such Bonds are presented and surrendered for <br />payment on such date. <br /> <br />(b) If any Bond or portion thereof called for redemption is not so paid <br />upon presentation and surrender of such Bond for redemption, such Bond or portion <br />thereof shall continue to bear interest at the rate stated on the Bond until paid or <br />until due provision is made for the payment of same. <br /> <br />ARTICLE V <br />PAYING AGENT/REGISTRAR <br /> <br />Section 5.01. Appointment of Initial Paying Agent/Registrar. <br /> <br />(a) The City hereby appoints MTrust Corp, National Association, Austin, <br />Texas, as its registrar and transfer agent to keep such books or records and make <br />such transfers and registrations under such reasonable regulations as the City and <br />the Paying Agent/Registrar may prescribe; and the Paying Agent/Registrar shall <br />make such transfer and registrations as herein provided. It shall be the duty of the <br />Paying Agent/Registrar to obtain from the Owners and record in the Register the <br />address of such Owner of each Bond to whicb payments with respect to the Bonds <br />shall be mailed, as provided herein. The City or its designee shall have the right to <br />inspect the Register during regular business hours of the Paying Agent/Registrar, <br />but otherwise the Paying Agent/Registrar shall keep the Registration Books <br />confidential and, unless otherwise required by law, shall not permit their inspection <br />by any other entity. <br /> <br />(b) The City hereby further appoints the Paying Agent/Registrar to act <br />as the paying agent for paying the principal of and interest on the Bonds. The <br />Paying Agent/Registrar shall keep proper records of all payments made by the City <br />and the Paying Agent/Registrar with respect to the Bonds, and of all conversions <br />and exchanges of such Bonds, all conversions and replacements of such Bonds, as <br />provided in the Ordinance. <br /> <br />2383f <br /> <br />-12- <br />