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Section 5.02. Qualifications. <br /> Each Paying Agent/Registrar shall be(i) a commercial bank, trust company, or other entity <br /> duly qualified and legally authorized under applicable law, (ii) authorized under such laws to <br /> exercise trust powers, (iii) subject to supervision or examination by a federal or state governmental <br /> authority, and (iv) a single entity. <br /> Section 5.03. Maintaining Paying Agent/Registrar. <br /> (a) At all times while any Certificates 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 City <br /> 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 by <br /> delivering to the entity whose appointment is to be terminated a certified copy of a resolution of the <br /> City (i) giving notice of the termination of the appointment and of the Paying Agent/Registrar <br /> Agreement, stating the effective date of such termination, and (ii) appointing a successor Paying <br /> Agent/Registrar; provided that no such termination shall be effective until a successor Paying <br /> Agent/Registrar has accepted the duties of Paying Agent/Registrar for the Certificates. <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 the <br /> replacement Paying Agent/Registrar and the mailing address of its Designated Payment/Transfer <br /> 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 /> Section 5.07. Delivery of Records to Successor. <br /> If a Paying Agent/Registrar is replaced, such Paying Agent/Registrar, promptly upon the <br /> appointment of the successor, will deliver the Register (or a copy thereof) and all other pertinent <br /> books and records relating to the Certificates to the successor Paying Agent/Registrar. <br /> San Marcos CTRCO 2017:Ordinance 18 <br />