Res 1988-107 - Laserfiche WebLink

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Paying Agent/Registrar The initial Paying Agent/Registrar is First City National Bank of Austin, Austin, Texas. In the Ordinance the City retains the right to replace the Paying. Agent/Registrar. The City covenants to maintain and provide a Paying Agent/Registrar at all times while the Bonds are outstanding and any successor Payin¡; Agent/Registrar shall be a commercial bank or trust company organized under the laws of the State of Texas or other entity duly qualified and legally authorized to serve as and perform the duties and serv Ices of Paying Agent/Registrar for the Bonds. Upon any change in the Paying Agent/Registrar for the Bonds, the City agrees to promptly cause a written notice thereof to be sent to each registered owner of the Bonds by United States màil, first class, postage prepaid, which notice shall also give the address of the new Paying Agent/Registrar. Principal of the Bonds wi!1 be payable to the registered owner at maturity or prior redemption upon presentation at the principal corporate office of the Paying Agent/Registrar. Interest on the Bonds will be payable by check, dated as of the interest payment date, and mailed by the Paying Agent/Registrar to registered owners as shown on the records of the Paying Agent/Registrar on the Record Date (see "Record Date for Interest Payment" herein), or by such other method, acceptable to the Paying Agent/Registrar, requested by, and at the risk and expense of, the registered owner. If the date for the payment of the principal of or interest on the Bonds shall be a Saturday, Sunday, legal holiday, or day on which banking institutions in the city where the Paying Agent/Registrar is located are authorized by law or executive order to close, then the date for such payment shall be the next succeeding day which is not such a Saturday, Sunday, legal holiday, or day on which banking institutions are authorized to close; and payment on such date shall have the same force and effect as if made on the original date payment was due. Transfer, Exchange and Registration The Bonds may be transferred and exchanged on the registration books of the Paying Agent/Registrar only upon presentation and surrender thereof to the Paying Agent/Registrar and such transfer or exchange shall be without expense or service charge to the registered owner, except for any tax or other governmental charges required to be paid with respect to such registration, exchange and transfer. A- Bond may be assigned by the execution of an assignment form on the Bond or by other instrument of transfer and assignment acceptable to the Paying Agent/Registrar. A new Bond or Bonds wiJJ be delivered by the Paying Agent/Registrar, in lieu of the Bond being transferred or exchanged, at the principal corporate office of the Paying Agent/Registrar, or sent by United States mail, first class, postage prepaid, to the new registered owner or his designee. To the extent possible, new Bonds issued in an exchange or transfer of Bonds will be delivered to the registered owner or assignee of the registered owner in not more than three business days after the receipt of the Bonds to be canceJJed, and the written instrument of transfer or request for exchange duly executed by the registered owner or his duly authorized agent, in form satisfactory to the Paying Agent/Registrar. New Bonds registered and delivered in an exchange or transfer shall be in any integral multiple of $5,000 for anyone maturity and for a like aggregate principal amount as the Bond or Bonds surrendered for exchange or transfer. Limitation on Transfer of Bonds Called for Redemption Neither the City nor the Paying Agent/Registrar shaH be required to transfer or exchange to an assignee of the owner of the Bonds any Bond called for redemption, in whole or in part, within 45 days of the date fixed for redemption; provided, however, such limitation.of transfer shall not be applicable to an exchange by the registered owner of the uncaJJed balance of a Bond. Record Date for Interest Payment The record date ("Record Date") for the interest payable on any interest payment date means the close of business on the 15th day of the preceding month. - 6 -