Ord 1997-031 - Laserfiche WebLink

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I I - Bonds or parhons thereof shall cease to bear interest from and after the date fixed for redemphon, whether or not such Bonds are presented and surrendered for payment on such date. (b) If any Bond or portlOn thereof called for redemption IS not so paId upon presentatlOn and slUTender of such Bond for redemptlOn, such Bond or portlOn thereof shall contmue to bear lllterest at the rate stated on the Bond until paid or until due provislOn IS made for the payment of same ARTICLE V PA YING AGENTIREGISTRAR SectlOn 5 0 I Appomtment of Illltial PavlOfl; Agent/Reglstrar (a) The CIty hereby appomts Texas Commerce Bank NatlOnal AssoclatlOn as ltS reglstrar and transfer agent to keep such books or records and make such transfers and reglstratlOns under such reasonable regulatlons as the Clty and the PaYlllg Agent/Reglstrar may prescribe, and the Paying Agent/Registrar shall make such transfer and reglstratlOns as herem provided. It shall be the duty of the Paying Agent/Registrar to obtalll from the Owners and record m the Register the address of such Owner of each Bond to which payments WIth respect to the Bonds shall be mailed, as provlded herein. The Clty or ltS designee shall have the nght to mspect the Reglster durmg regular business hours of the Paying Agent/Registrar, but otherWlse the Paymg Agent/Registrar shall keep the Reglstration Books confidentlal and, unless otherwIse requued by law, shall not perrmt therr mspectlOn by any other entlty (b) The Clty hereby further appomts the Paying Agent/Reglstrar to act as the paYlOg agent for paymg the prmclpal of and interest on the Bonds The Paying Agent/Reglstrar shall keep proper records of all payments made by the Clty and the Paying Agent/Registrar wlth respect to the Bonds, and of all converSlOns, exchanges and replacements of such Bonds, as provlded m thlS OrdlOance (c) The executlOn and dehvery of a Paymg Agent/Reglstrar Agreement, speclfymg the dutles and responsIbIlltles of the Clty and the Paymg AgentlRegistrar, lS hereby approved Wlth such changes as may be approved by the Mayor of the Clty, and the Mayor and City Secretary of the Clty are hereby authorized to execute such agreement. SectlOn 5 02 QualIficatlOns Each PaYlllg Agent/Registrar shall be (i) a commercIal bank, trust company, or other entlty duly qualIfied and legally authonzed under appl1cabIe law, (ii) authorized under such laws to exercIse trust powers, (ui) subject to supervlslOn or exammatlOn by a federal or state goveflllllentaI authonty, and (iv) a single entlty. SectlOn 5,03. Mamtairung Paving Agent/RegIstrar (a) At all tlrnes whIle any Bonds are outstandmg, the CIty WIll mallltam a Paymg Agent/RegIstrar that IS quahfied under SectlOn 5.02 of thlS Ordinance. (b) If the PaYlllg Agent/Registrar reslgns or otherwIse ceases to serve as such, the City wlll promptly appomt a replacement. R:\SA.,...."'M,AR IWWSS.97\DOCS\ORDNCE. 13