Ord 2007-008 - Laserfiche WebLink

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of all payments made by the CIty and the Paymg Agent/RegIstrar wIth respect to the CertIficates, and of all converSIOns, exchanges and replacements of such CertIficates, as provIded 10 thIs Ordmance (c) The executIOn and delivery of a Paymg Agent/Registrar Agreement, speclfymg the dutIes and responsibilities of the City and the Paymg Agent/RegIstrar, IS hereby approved WIth such changes as may be approved by the Mayor of the CIty, and the Mayor and Intenm CIty Clerk of the CIty are hereby authonzed to execute such agreement. SectIOn 5 02 Qualifications Each Paymg Agent/RegIstrar shall be (i) a commercial bank, trust company, or other entIty duly qualified and legally authonzed under applicable law, (ii) authonzed under such laws to exerCIse trust powers, (ili) subJect to supervIsion or eXalTlmatIOn by a federal or state governmental authonty, and (iv) a smgle entity SectIon 503 Mamtammg Paymg Agent/RegIstrar (a) At all tImes while any CertIficates are outstandmg, the CIty will mamtam a Paymg Agent/RegIstrar that IS qualified under SectIOn 5 02 of thIS Ordmance (b) If the Paying Agent/RegIstrar reSIgns or otherwIse ceases to serve as such, the CIty will promptly appomt a replacement. SectIOn 5 04 TermmatIOn. The CIty reserves the nght to termmate the appomtment of any Paymg Agent/RegIstrar by delivenng to the entity whose appomtlnent IS to be termmated a certIfied copy of a resolutIOn of the CIty (i) glVlng notice of the termmatIOn of the appomtment and of the Paymg Agent/Registrar Agreement, statmg the effectIve date of such terminatIOn, and (ii) appointmg a successor Paymg Agent/RegIstrar; provided that no such termmatIOn shall be effectIve until a successor Paymg Agent/RegIstrar has accepted the duties ofPaymg Agent/Registrar for the CertIficates SectIOn 5 05 Notice of Change to Owners Promptly upon each change 10 the entity serving as Paymg Agent/RegIstrar, the CIty will cause notice of the change to be sent to each Owner by Umted States mail, first class postage prepaid, at the address 10 the RegIster, statmg the effectIve date of the change and the nalTle of the replacement Paymg Agent/Reglstrar and the mailing address of ItS DeSignated Payment/Transfer Office SectIon 5 06 Agreement to Perform Duties and FunctIOns By acceptmg the appomtment as Paymg Agent/Registrar, the Paymg Agent/RegIstrar IS deemed to have agreed to the proVISIOns of thIS Ordmance and that It will perform the dutIes and functIOns of Paymg Agent/RegIstrar prescribed hereby San Marcos CTRCO 2007A. Ordinance 15