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less than all of the Bonds are to be redeemed, the City shall determine the amounts thereof to be <br />redeemed and shall direct the Paying Agent/Registrar to call by lot Bonds, or portions thereof <br />within such maturity or maturities and in such amounts, for redemption. <br />ARTICLE V <br />PAYING AGENT/REGISTRAR AGREEMENT AND ESCROW AGREEMENT <br />Section 5.01. Appointment of Initial Pang A eng t/Registrar. <br />(a) The City hereby appoints Regions Bank, as its registrar and transfer agent to keep <br />such books or records and make such transfers and registrations under such reasonable <br />regulations as the City and the Paying Agent/Registrar may prescribe; and the Paying <br />Agent/Registrar shall make such transfer and registrations as herein provided. It shall be the <br />duty of the Paying Agent/Registrar to obtain from the Owners and record in the Register the <br />address of such Owner of each Bond to which payments with respect to the Bonds shall be <br />mailed, as provided herein. The City or its designee shall have the right to inspect the Register <br />during regular business hours of the Paying Agent/Registrar, but otherwise the Paying <br />Agent/Registrar shall keep the Registration Books confidential and, unless otherwise required by <br />law, shall not permit their inspection by any other entity. <br />(b) The City hereby further appoints the Paying Agent/Registrar to act as the paying <br />agent for paying the principal of and interest on the Bonds. The Paying Agent/Registrar shall <br />keep proper records of all payments made by the City and the Paying Agent/Registrar with <br />respect to the Bonds, and of all conversions, exchanges and replacements of such Bonds, as <br />provided in this Ordinance. <br />(c) The Paying Agent/Registrar Agreement by and between the City and the Paying <br />Agent/Registrar is hereby approved and the Director of Finance is hereby authorized to <br />complete, amend, modify, execute, and deliver such Paying Agent/Registrar Agreement, as <br />necessary. <br />(d) The Escrow Agreement by and between the City and Regions Bank, as Escrow <br />Agent (the "Escrow Agreement") is hereby approved, and the Director of Finance is hereby <br />authorized to complete, amend, modify and execute the Escrow Agreement, as necessary. The <br />Bonds have been purchased by the TWDB pursuant to its Resolution No. 17-010, adopted on <br />January 26, 2017 (the "TWDB Resolution"), which provides that the Bonds are being purchased <br />pursuant to the pre -design commitment option from the Clean Water State Revolving Fund and <br />that in accordance therewith the Executive Administrator of the TWDB will purchase the Bonds <br />on an installment basis with the proceeds of each such installment delivery to be deposited into <br />the Bond Proceeds Account. Such installments shall be delivered in accordance with the terms <br />of the Escrow Agreement. So long as a portion of the Bonds are held by the TWDB, the Bond <br />Proceeds Account shall be held at a designated state depository institution or other properly <br />chartered and authorized institution in accordance with the Public Funds Investment Act, <br />SAWARCOS/W W WSRev2017A: Ordinance 15 <br />