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Section 4.06. Effect of Redemption. <br /> (a) Notice of redemption having been given as provided in Section 4.04 or 4.06, the <br /> Certificates or portions thereof called for redemption shall become due and payable on the date <br /> fixed for redemption and, unless the City defaults in the payment of the redemption price thereof, <br /> such Certificates or portions thereof shall cease to bear interest from and after the date fixed for <br /> redemption, whether or not such Certificates are presented and surrendered for payment on such <br /> date. <br /> (b) If any Certificate or portion thereof called for redemption is not so paid upon <br /> presentation and surrender of such Certificate for redemption, such Certificate or portion thereof <br /> shall continue to bear interest at the rate stated on the Certificate until paid or until due provision <br /> is made for the payment of same. <br /> Section 4.07. Conditional Notice of Redemption. <br /> With respect to any optional redemption of the Certificates, unless certain prerequisites to <br /> such redemption required by the Ordinance have been met and moneys sufficient to pay the <br /> principal of and premium, if any, and interest on the Certificates to be redeemed shall have been <br /> received by the Paying Agent/Registrar prior to the giving of such notice of redemption, such <br /> notice shall state that said redemption may, at the option of the City, be conditional upon the <br /> satisfaction of such prerequisites and receipt of such moneys by the Paying Agent/Registrar on or <br /> prior to the date fixed for such redemption, or upon any prerequisite set forth in such notice of <br /> redemption. If a conditional notice of redemption is given and such prerequisites to the <br /> redemption and sufficient moneys are not received, such notice shall be of no force and effect, <br /> the City shall not redeem such Certificates and the Paying Agent/Registrar shall give notice, in <br /> the manner in which the notice of redemption was given, to the effect that the Certificates have <br /> not been redeemed. <br /> ARTICLE V <br /> PAYING AGENT/REGISTRAR <br /> Section 5.01. Appointment of Initial Paving Agent/Registrar. <br /> (a) The City hereby appoints Regions Bank, Houston, Texas, as its registrar and <br /> transfer agent to keep such books or records and make such transfers and registrations under <br /> such reasonable regulations as the City and the Paying Agent/Registrar may prescribe; and the <br /> Paying Agent/Registrar shall make such transfer and registrations as herein provided. It shall be <br /> the duty of the Paying Agent/Registrar to obtain from the Owners and record in the Register the <br /> address of such Owner of each Certificate to which payments with respect to the Certificates <br /> shall be mailed, as provided herein. The City or its designee shall have the right to inspect the <br /> Register 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 /> SAN MARCOS CTRCO&0092010.Otrice <br /> 21 <br />