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Agent/Registrar will require the Owner to pay a sum sufficient to cover any tax or other
<br />governmental charge that is authorized to be imposed in connection with the registration, transfer,
<br />exchange or conversion of a Bond. In addition, the City hereby covenants with the Owners of the
<br />Bonds that it will (i) pay the reasonable and standard or customary fees and charges of the Paying
<br />Agent/Registrar for its services with respect to the payment of the principal of and interest on the
<br />Bonds, when due, and (ii) pay the fees and charges of the Paying Agent/Registrar for services with
<br />respect to the transfer, registration, conversion and exchange of Bonds as provided herein.
<br />(f) Neither the City nor the Paying Agent/Registrar shall be required to transfer or
<br />exchange any Bond called for redemption, in whole or in part, within 45 days of the date fixed for
<br />redemption; provided, however, such limitation shall not be applicable to an exchange by the Owner
<br />of the uncalled balance of a Bond.
<br />Section 3.07. Cancellation and Authentication.
<br />(a) All Bonds paid or redeemed before scheduled maturity in accordance with this
<br />Ordinance, and all Bonds in lieu of which exchange Bonds or replacement Bonds are authenticated
<br />and delivered in accordance with this Ordinance, shall be canceled and destroyed upon the making
<br />of proper records regarding such payment, redemption, exchange or replacement. The Paying
<br />Agent/Registrar shall periodically furnish the City with certificates of destruction of such Bonds.
<br />(b) Each substitute Bond issued pursuant to the provisions of Sections 3.06 and 3.09 of
<br />this Ordinance, in conversion of and exchange for or replacement of any Bond or Bonds issued under
<br />this Ordinance, shall have printed thereon a Paying Agent/Registrar's Authentication Certificate, in
<br />the form hereinafter set forth. An authorized representative of the Paying Agent/Registrar shall,
<br />before the delivery of any such Bond, manually sign and date such Authentication Certificate, and no
<br />such Bond shall be deemed to be issued or outstanding unless such Authentication Certificate is so
<br />executed. No additional ordinances, orders, or resolutions need be passed or adopted by the City
<br />Council or any other body or person so as to accomplish the foregoing conversion and exchange or
<br />replacement of any Bond or portion thereof, and the Paying Agent/Registrar shall provide for the
<br />printing, execution, and delivery of the substitute Bonds in the manner prescribed herein. Pursuant
<br />to Title 9, Tex. Gov't Code Ann., as amended, and particularly Chapter 1201, Subchapter D thereof,
<br />the duty of conversion and exchange or replacement of Bonds as aforesaid is hereby imposed upon
<br />the Paying Agent/Registrar, and, upon the execution of the above Paying Agent/Registrar's
<br />Authentication Bond, the converted and exchanged or replaced Bonds shall be valid, incontestable,
<br />and enforceable in the same manner and with the same effect as the Initial Bond which was originally
<br />delivered pursuant to this Ordinance, approved by the Attorney General, and registered by the
<br />Comptroller of Public Accounts.
<br />(c) Bonds issued in conversion and exchange or replacement of any other Bond or portion
<br />thereof, (i) shall be issued in fully registered form, without interest coupons, with the principal of and
<br />interest on such Bonds to be payable only to the registered owners thereof, (ii) may be transferred
<br />and assigned, (iii) may be converted and exchanged for other Bonds, (iv) shall have the
<br />characteristics, (v) shall be signed and sealed, and (vi) shall be payable as to principal of and interest,
<br />San Marcos GO 2009 Ordinance 10
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