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<br /> Austin, Texas, to serve as Paying Agent/Registrar for the Bonds is <br /> hereby approved and confirmed. <br /> (ii) If the Paying Agent/Registrar initially appointed <br /> herein shall resign, or if the City shall reasonably determine <br /> that said Paying Agent/Registrar has become incapable of <br /> fulfilling its duties hereunder, the City may appoint a successor <br /> Paying Agent/Registrar. The City shall maintain and provide a <br /> Paying Agent/Registrar at all times while the Bonds are <br /> outstanding, and any successor Paying Agent/Registrar shall be a <br /> bank, trust company, financial institution or other entity legally <br /> authorized and fully qualified to serve and perform the duties and <br /> services of Paying Agent/ Registrar for the Bonds. Upon any <br /> change in the Paying Agent/Registrar (1) the new Paying <br /> Agent/Registrar shall accept the previous Paying Agent/Registrar's <br /> records and act in the same capacity as the previous Paying <br /> Agent/Registrar, and (2) the City shall cause a written notice <br /> thereof to be sent promptly thereafter to each registered owner of <br /> Bonds, by united states mail, first class postage prepaid, which <br /> notice shall also state the name and address of the new Paying <br /> Agent/Registrar. <br /> (b) Registration Books. The City agrees and covenants <br /> to cause to be kept and maintained at the principal corporate <br /> office of the Paying Agent/Registrar books and records for the <br /> registration, payment and transfer of the Bonds (the "Registration <br /> Books"), all as provided herein, pursuant to an agreement between <br /> the City and the Paying Agent/Registrar therefor and such <br /> reasonable rules, regulations and procedures as the Paying <br /> Agent/Registrar may establish. <br /> Section 5. REDEMPTION. The Bonds are not optional for <br /> prior payment. <br /> Section 6. REGISTRATION; TRANSFER AND EXCHANGE. <br /> (a) Registration. The Paying Agent/Registrar shall <br /> obtain, record and maintain in the registration Books the name and <br /> address of each registered owner of the Bonds issued pursuant to <br /> the terms of this Ordinance. <br /> (b) Transfer and Exchange. Upon surrender for transfer <br /> of any Bond at the principal corporate office of the Paying <br /> Agent/Registrar, the Paying Agent/Registrar shall register and <br /> deliver, in the name of the designated transferee or transferees, <br /> one or more new Bonds, executed on behalf of and provided by the <br /> City, of the same Stated Maturity, bearing the same rate of <br /> interest, having authorized denominations, and of like aggregate <br /> principal amount as the Bond or Bonds surrendered for transfer. <br /> At the option of the Holder, Bonds may be exchanged for other <br /> Bonds of the same Stated Maturity, bearing the same rate of <br /> interest, of any authorized denominations, and of like aggregate <br /> principal amount, upon surrender of the Bonds to be exchanged at <br /> -3- <br />