Ord 1986-125 - Laserfiche WebLink

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All payments of principal of, premium if any and interest on the Bonds shall be in lawful money of the United States of America, and shall be paid by check mailed by the Paying Agent/Registrar on or prior to the appropriate date of payment to the person entitled to such payment, by United States mail, first class postage prepaid, at the address of such person as same appears in the Registration Books (hereinafter defined) or by such other customary banking arrangements acceptable to the Paying Agent/Registrar and the person to whom such payment is to be made; provided, however, that such person shall bear all risk and expense of such customary banking arrangements. If a date for payment of principal of or interest on the Bonds is a Saturday, Sunday, legal holiday or a day on which the banking institutions in the city in which the Paying Agent/Registrar is located are authorized bylaw or executive order to close then the date for such payment shall be the next succeeding day which is not such Saturday, Sunday, legal holiday, or day on which such 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 such payment was due. Section 5. PAYING AGENT/REGISTRAR; REGISTRATION BOOKS. (a) Paying Agent/Registrar. The selection of MBank Austin, N.A., Austin, Texas, to serve as Paying Agent/Registrar for the Bonds is hereby approved and confirmed. (b) Registration Books. The City agrees and covenants to cause to be kept and maintained at the principal corporate office of the Paying Agent/Registrar books and records for the registration, payment and transfer of the Bonds (the "Registration Books", all as provided herein, pursuant to an agreement between the City and the Paying Agent/Registrar therefor and such reasonable rules, regulations and procedures as the Paying Agent/Registrar may establish. The City shall maintain and provide a Paying Agent/Registrar at all times while the Bonds are outstanding, and any successor Paying Agent/Registrar shall be a bank, trust company, financial institution or other entity legal1y authorized and fully qualified to serve and perform the duties and services of Paying Agent/ Registrar for the Bonds. Upon any change in the Paying Agent/Registrar (1) the new Paying Agent/Registrar shall accept the previous Paying Agent/Registrar's records and act in the same capacity as the previous Paying Agent/Registrar, and (2) the City shall cause a written notice thereof to be sent promptly thereafter to each registered owner of the Bonds by United States mail, first class postage prepaid, which notice shall also state the name and address of the new Paying Agent/Registrar. Section 6. REDEMPTION. (a) Optional Redemption. The Bonds scheduled to mature on and after November 1, 1997, shan be subject to redemption prior to maturity, at the option of the City, on November 1, 1996, or on any interest payment date thereafter, as a whole or in part, in principal amounts of $5,000 or any integral multiple thereof (and if within a Stated Maturity at random and by lot by the Paying Agent/Registrar), at the respective redemption prices (expressed as percentages of the principal amount of the Bonds or portions thereof to be reeemed) set forth below: 1037f -3-