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Government Code, Chapter 2256, and the Public Funds Collateral Act, Government Code, <br />Chapter 2257, or other applicable law that may be enacted during the life of the Bonds. <br />Section 5.02. Qualifications. <br />Each Paying Agent/Registrar shall be (i) a commercial bank, trust company, or other <br />entity duly qualified and legally authorized under applicable law, (ii) authorized under such laws <br />to exercise trust powers, (iii) subject to supervision or examination by a federal or state <br />governmental authority, and (iv) a single entity. <br />Section 5.03. Maintaining Pang Agent/Registrar, <br />(a) At all times while any Bonds are outstanding, the City will maintain a Paying <br />Agent/Registrar that is qualified under Section 5.02 of this Ordinance. <br />(b) If the Paying Agent/Registrar resigns or otherwise ceases to serve as such, the <br />City will promptly appoint a replacement. <br />Section 5.04. Termination. <br />The City reserves the right to terminate the appointment of any Paying Agent/Registrar <br />by delivering to the entity whose appointment is to be terminated a certified copy of a resolution <br />of the City (i) giving notice of the termination of the appointment and of the Paying <br />Agent/Registrar Agreement, stating the effective date of such termination, and (ii) appointing a <br />successor Paying Agent/Registrar. <br />Section 5.05. Notice of Change to Owners. <br />Promptly upon each change in the entity serving as Paying Agent/Registrar, the City will <br />cause notice of the change to be sent to each Owner by United States mail, first class postage <br />prepaid, at the address in the Register, stating the effective date of the change and the name of <br />the replacement Paying Agent/Registrar and the mailing address of its Designated <br />Payment/Transfer Office. <br />Section 5.06. Agreement to Perform Duties and Functions. <br />By accepting the appointment as Paying Agent/Registrar, the Paying Agent/Registrar is <br />deemed to have agreed to the provisions of this Ordinance and that it will perform the duties and <br />functions of Paying Agent/Registrar prescribed hereby. <br />SANMARCOS/W W W SRev2017A: Ordinance 16 <br />