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<br />I <br /> <br />I <br /> <br />I <br /> <br />(b) Upon presentation and surrender of any Bond called for redemption at the Designated <br />Payment/Transfer Office on or after the date fixed for redemption, the Paying Agent/Registrar shall pay the <br />principal of, premium, if any, and accrued IIlterest 011 such Bond to the date of redemption from the money <br />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 this Ordinance, the <br />Bonds or portions thereof called for redemption shall become due and payable on the date fixed for <br />redemption and, unless the City defaults in the payment of the principal thereof, premium, if any, or accrued <br />interest thereon, such Bonds or portions thereof shall cease to bear interest from and after the date fixed for <br />redemption, whether or not such Bonds are presented and surrendered for payment on such date. <br /> <br />(b) If any Bond or portion thereof called for redemption is not so paid upon presentation and <br />surrender of such Bond for redemption, such Bond or portion thereof shall continue to bear interest at the <br />rate stated on the Bond until paid or until due provision is made for the payment of same. <br /> <br />ARTICLE V <br /> <br />PA YING AGENT/REGISTRAR <br /> <br />Section 5.01. Appointment of Initial Paving Agent/Registrar. <br /> <br />(a) The City hereby appoints lPMorgan Chase Bank, as its registrar and transfer agent to keep <br />such books or records and make such transfers and registrations under such reasonable regulations as the City <br />and the Paying Agent/Registrar may prescribe; and the Paying Agent/Registrar shall make such transfer and <br />registrations as herein provided. It shall be the duty of the Paying Agent/Registrar to obtain from the Owners <br />and record In the Register the address of such Owner of each Bond to which payments with respect to the <br />Bonds shall be mailed, as provided herelll The City or its designee shall have the right to inspect the <br />Register during regular business hours of the Paying Agent/Registrar, but otherwise the Paying <br />Agent/Registrar shall keep the Registration Books confidential and, unless otherwise required by law, shall <br />not permit their inspection by any other entity <br /> <br />(b) The City hereby further appoints the Paying Agent/Registrar to act as the paying agent for <br />paying the principal of and interest on the Bonds. The Paying Agent/Registrar shall keep proper records of <br />all payments made by the City and the Paying Agent/Registrar with respect to the Bonds, and of all <br />conversions, exchanges and replacements of such Bonds, as provided in this Ordinance. <br /> <br />(c) The execution and delivery of a Paying Agent/Registrar Agreement, specifying the duties <br />and responsibilities of the City and the PaYlllg Agent/Registrar, is hereby approved with such changes as may <br />be approved by the Mayor of the City, and the Mayor and City Clerk of the City are hereby authorized to <br />execute such agreement. <br /> <br />Section 5.02. Qualifications. <br /> <br />Each Paying Agent/Registrar shall be (i) a commercial bank, trust company, or other entity duly <br />qualified and legally authOrized under applicable law, (ii) authol'lzed under such laws to exercise trust <br />powers, (ili) subject to superVision 01' examInatIon by a federal or state governmental authority, and (iv) a <br />SIngle entity <br /> <br />It San Marcos'WWSSRJ U4AI[)ocSlOrdillallcc"WW Ord Final "I'd 14 <br />