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<br />Certificate or portion thereof shall continue to bear interest at the rate stated on <br />the Certificate until paid or until due provision is made for the payment of same. <br /> <br />Section 4.07. Lapse of Payment. <br /> <br />(a) Money set aside for the redemption of Certificates and remaining <br />unclaimed by the Owners of such Certificates for four years after the date of <br />redemption shall be applied to the next payment or payments on the Certificates <br />thereafter coming due and. to the extent any such money remains after the <br />retirement of all outstanding Certificates. shall be paid to the City to be used for <br />any lawful purpose. Thereafter. neither the City. the Paying Agent/Registrar nor <br />any other person shall be liable or responsible to any Holders of such Certificates <br />for any further payment of such unclaimed moneys or on account of any such <br />Certificates. subject to any applicable escheat law or similar law. <br /> <br />(b) Money set aside for the redemption of Certificates and remaining <br />unclaimed by the Owners of such Certificates after the redemption date shall be <br />segregated in a special escrow account and held in trust. uninvested. without <br />interest. for the account of such Owners. <br /> <br />ARTICLE V <br />PA YING AGENT/REGISTRAR <br /> <br />Section 5.01. Appointment of Initial Paying Agent/Registrar. <br /> <br />(a) The City hereby appoints MBank Austin. N.A.. Austin, Texas. as its <br />registrar and transfer agent to keep such books or records and make such transfers <br />and registrations under such reasonable regulations as the City and the Paying <br />Agent/Registrar may prescribe; and the Paying Agent/Registrar shall make such <br />transfer and registrations as herein provided. It shall be the duty of the Paying <br />Agent/Registrar to obtain from the Owners and record in the Register the address <br />of such Owner of each Certificate to which payments with respect to the <br />Certificates shall be mailed. as provided herein. The City or its designee shall have <br />the right to inspect the Register during regular business hours of the Paying <br />Agent/Registrar. but otherwise the Paying Agent/Registrar shall keep the <br />Registration Books confidential and. unless otherwise required by law. shall not <br />permit their inspection 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 Certificates. 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 Certificates. and of all <br />conversions and exchanges of such Certificates. all conversions and replacements of <br />such Certificates. as provided in the Ordinance. <br /> <br />l434f <br /> <br />-13- <br />