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Bond, and of all conversions and exchanges of Bonds, and all replacements of Bonds, as provided
<br />in this Ordinance. However, in the event of a nonpayment of interest on a scheduled payment date,
<br />and for thirty (30) days thereafter, a new record date for such interest payment (a "Special Record
<br />Date") will be established by the Paying Agent/Registrar, if and when funds for the payment of such
<br />interest have been received from the City. Notice of the Special Record Date and of the scheduled
<br />payment date of the past due interest (which shall be 15 days after the Special Record Date) shall be
<br />sent at least five (5) Business Days prior to the Special Record Date by United States mail, first-class
<br />postage prepaid, to the address of each Registered Owner appearing on the Register at the close of
<br />business on the last Business Day next preceding the date of mailing of such notice.
<br />(c) In General. The Bonds (i) shall be issued in fully registered form, without interest
<br />coupons, with the principal of and interest on such Bonds to be payable only to the Registered
<br />Owner, (ii) may be transferred and assigned, (iii) may be converted and exchanged for another Bond,
<br />(iv) shall have the characteristics, (v) shall be signed, sealed, executed and authenticated, (vi) shall
<br />be payable as to principal and interest and (vii) shall be administered and the Paying Agent/Registrar
<br />and the City shall have certain duties and responsibilities with respect to the Bonds, all as provided,
<br />and in the manner and to the effect as required or indicated, in the Pricing Certificate and the FORM
<br />OF BONDS set forth in this Ordinance. The Bond initially issued and delivered pursuant to this
<br />Ordinance is not required to be, and shall not be, authenticated by the Paying Agent/Registrar, but
<br />on each substitute Bond issued in exchange for any Bond issued under this Ordinance the Paying
<br />Agent/Registrar shall execute the PAYING AGENT/REGISTRAR'S AUTHENTICATION
<br />CERTIFICATE, in the form set forth in the FORM OF BONDS. On the closing date, the initial Bond
<br />representing the entire principal amount of the Bonds, payable to the underwriter, executed by
<br />manual or facsimile signature of the Mayor and City Clerk, approved by the Attorney General of
<br />Texas, and registered and manually signed by the Comptroller of Public Accounts of the State of
<br />Texas, and with the date of delivery inserted thereon by the Paying Agent/Registrar, will be delivered
<br />to the underwriter.
<br />(d) Substitute Paying Agent/Registrar. The City covenants with the Registered Owners of
<br />the Bonds that at all times while the Bonds are outstanding the City will provide a competent and
<br />legally qualified bank, trust company, financial institution, or other agency to act as and perform the
<br />services of Paying Agent/Registrar for the Bonds under this Ordinance, and that the Paying
<br />Agent/Registrar will be one entity. The City reserves the right to, and may, at its option, change the
<br />Paying Agent/Registrar upon not less than 30 days written notice to the Paying Agent/Registrar, to
<br />be effective at such time which will not disrupt or delay payment on the next principal or interest
<br />payment date after such notice. In the event that the entity at any time acting as Paying
<br />Agent/Registrar (or its successor by merger, acquisition, or other method) should resign or otherwise
<br />cease to act as such, the City covenants that promptly it will appoint a competent and legally
<br />qualified bank, trust company, financial institution, or other agency to act as Paying Agent/Registrar
<br />under this Ordinance. Upon any change in the Paying Agent/Registrar, the previous Paying
<br />Agent/Registrar promptly shall transfer and deliver the Register (or a copy thereof), along with all
<br />other pertinent Bonds and records relating to the Bonds, to the new Paying Agent/Registrar
<br />designated and appointed by the City. Upon any change in the Paying Agent/Registrar, the City
<br />San Marcos GORB - Delegated: Ordinance 7
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