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Pursuant to Subchapter D, Chapter 1201, Texas Government Code, as amended, the duty of transfer
<br />and exchange of the Bond as aforesaid is hereby imposed upon the Paying Agent/Registrar, and,
<br />upon the execution of said Bond, the transferred and exchanged Bond shall be valid, incontestable,
<br />and enforceable in the same manner and with the same effect as the Bond which initially was issued
<br />and delivered pursuant to this Ordinance, approved by the Attorney General, and registered by the
<br />Comptroller of Public Accounts.
<br />(b) Payment of Bond and Interest. The Issuer hereby further appoints the Paying
<br />Agent/Registrar to act as the paying agent for paying the principal of and interest on the Bonds, all
<br />as provided in this Ordinance. The Paying Agent/Registrar shall keep proper records of all
<br />payments made by the Issuer and the Paying Agent/Registrar with respect to the Bonds and shall
<br />properly and accurately record all payments on the Bond on the Registration Books, and shall keep
<br />proper records of all transfers of the Bonds, and all replacements of the Bond, as provided in this
<br />Ordinance. However, in the event of a nonpayment of interest on a scheduled payment date, and
<br />for thirty (30) days thereafter, a new record date for such interest payment (a "Special Record Date")
<br />will be established by the Paying Agent/Registrar, if and when funds for the payment of such
<br />interest have been received from the Issuer. Notice of the Special Record Date and of the
<br />scheduled payment date of the past due interest (which shall be 15 days after the Special Record
<br />Date) shall be sent at least five (5) business days prior to the Special Record Date by United States
<br />mail, first-class postage prepaid, to the address of the Registered Owner appearing on the
<br />Registration Books at the close of business on the last business day next preceding the date of
<br />mailing of such notice.
<br />(c) In General. The Bonds (i) shall be issued in fully registered form, without interest
<br />coupons, with the principal of and interest on such Bond to be payable only to the Registered Owner
<br />thereof, (ii) may be redeemed in whole or in part prior to its scheduled maturity, (iii) may be
<br />transferred and assigned, (iv) shall have the characteristics, (v) shall be signed, sealed, executed
<br />and authenticated, (vi) the principal of and interest on the Bonds shall be payable, and (vii) shall be
<br />administered and the Paying Agent/Registrar and the Issuer shall have certain duties and
<br />responsibilities with respect to the Bonds, all as provided, and in the manner and to the effect as
<br />required or indicated, in the FORM OF BOND set forth in this Ordinance. The Bonds initially
<br />issued and delivered pursuant to this Ordinance (to which Bonds are attached the Registration Bond
<br />of the Comptroller of Public Accounts) is not required to be, and shall not be, authenticated by the
<br />Paying Agent/Registrar, but on each substitute Bond issued in exchange for any Bond issued under
<br />this Ordinance the Paying Agent/Registrar shall execute the PAYING AGENT/REGISTRAR'S
<br />AUTHENTICATION CERTIFICATE, in the form set forth in the FORM OF BOND.
<br />(d) Substitute Paying Agent/Registrar. The Issuer covenants with the Registered
<br />Owner of the Bond that at all times while the Bonds are outstanding the Issuer will provide a
<br />competent and legally qualified bank, trust company, financial institution, or other agency to act as
<br />and perform the services of Paying Agent/Registrar for the Bonds under this Ordinance, and that
<br />the Paying Agent/Registrar will be one entity. The Issuer reserves the right to, and may, at its
<br />option, change the Paying Agent/Registrar upon not less than 30 days written notice to the Paying
<br />Agent/Registrar, to be effective not later than 20 days prior to the next principal or interest payment
<br />date after such notice. In the event that the entity at any time acting as Paying Agent/Registrar (or
<br />its successor by merger, acquisition, or other method) should resign or otherwise cease to act as
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<br />SANMARCOS GOB 2021: OrdinanceGOB
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