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Section 6. CHARACTERISTICS OF THE BONDS. (a) Registration, Transfer, <br />Conversion and Exchange; Authentication. The City shall keep or cause to be kept at Regions Bank, <br />Houston, Texas (the "Paying Agent/Registrar") books or records for the registration of the transfer, <br />conversion and exchange of the Bonds (the "Register"), and the City hereby appoints the Paying <br />Agent/Registrar as its registrar and transfer agent to keep such Bonds or records and make such <br />registrations of transfers, conversions and exchanges under such reasonable regulations as the City <br />and Paying Agent/Registrar may prescribe; and the Paying Agent/Registrar shall make such <br />registrations, transfers, conversions and exchanges as herein provided within three days of <br />presentation in due and proper form. The Paying Agent/Registrar shall obtain and record in the <br />Register the address of the Registered Owner of each Bond to which payments with respect to the <br />Bond shall be mailed, as herein provided; but it shall be the duty of each Registered Owner to notify <br />the Paying Agent/Registrar in writing of the address to which payments shall be mailed, and such <br />interest payments shall not be mailed unless such notice has been given. The City shall have the <br />right to inspect the Register during regular business hours of the Paying Agent/Registrar, but <br />otherwise the Paying Agent/Registrar shall keep the Register confidential and, unless otherwise <br />required by law, shall not permit their inspection by any other entity. The Paying Agent/Registrar <br />shall make a copy of the Register available in the State of Texas. The City shall pay the Paying <br />Agent/Registrar's standard or customary fees and charges for making such registration, transfer, <br />conversion, exchange and delivery of a substitute Bond. Registration of assignments, transfers, <br />conversions and exchanges of Bonds shall be made in the manner provided and with the effect stated <br />in the FORM OF BOND set forth in this Ordinance. Each substitute Bond shall bear a letter and/or <br />number to distinguish it from each other Bond. <br />Except as provided in subsection (c) hereof, an authorized representative of the Paying <br />Agent/Registrar shall, before the delivery of any such Bond, date and manually sign the Bond, and <br />no such Bond shall be deemed to be issued or outstanding unless such Bond is so executed. The <br />Paying Agent/Registrar promptly shall cancel all paid Bonds and Bonds surrendered for conversion <br />and exchange. No additional ordinances, orders, or resolutions need be passed or adopted by the <br />City Council or any other body or person so as to accomplish the foregoing conversion and exchange <br />of any Bond or portion thereof, and the Paying Agent/Registrar shall provide for the printing, <br />execution, and delivery of the substitute Bond in the manner prescribed herein, and the Bonds shall <br />be typewritten, photocopied, printed, lithographed, engraved or produced in any other similar <br />manner, all as determined by the officers executing such bond as evidenced by their execution <br />thereof. Pursuant to Chapter 1201, Texas Government Code, as amended, and particularly <br />Subchapter D thereof, the duty of conversion and exchange of Bonds as aforesaid is hereby imposed <br />upon the Paying Agent/Registrar, and, upon the execution of the Bonds, the converted and <br />exchanged Bond shall be valid, incontestable, and enforceable in the same manner and with the same <br />effect as the Bond which initially was issued and delivered pursuant to this Ordinance, approved by <br />the Attorney General, and registered by the Comptroller of Public Accounts. <br />(b) Payment of Principal and Interest. The City hereby further appoints the Paying <br />Agent/Registrar to act as the paying agent for paying the principal of and interest on the Bond, all <br />as provided in this Ordinance and in the Pricing Certificate. The Paying Agent/Registrar shall keep <br />proper records of all payments made by the City and the Paying Agent/Registrar with respect to the <br />San Marcos GORB - Delegated: Ordinance 6 <br />