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<br />payment of the principal thereof, premium, if any, or accrued interest thereon, such <br />Bonds or portions thereof shall cease to bear interest from and after the date fixed <br />for redemption, whether or not such Bonds are presented and surrendered for <br />payment on such date. <br /> <br />(b) If any Bond or portion thereof called for redemption is not so paid <br />upon presentation and surrender of such Bond for redemption, such Bond or portion <br />thereof shall continue to bear interest at the rate stated on the Bond until paid or <br />until due provision is made for the payment of same. <br /> <br />Section 4.07. Lapse of Payment. <br /> <br />(a) Money set aside for the redemption of Bonds and remaining <br />unclaimed by the Owners of such Bonds for four years after the date of redemption <br />shall be applied to the next payment or payments on the Bonds thereafter coming <br />due and, to the extent any such money remains after the retirement of all <br />outstanding Bonds, shall be paid to the City to be used for any lawful purpose. <br />Thereafter, neither the City, the Paying Agent/Registrar nor any other person shall <br />be liable or responsible to any Holders of such Bonds for any further payment of <br />such unclaimed moneys or on account of any such Bonds, subject to any applicable <br />escheat law or similar law. <br /> <br />(b) Money set aside for the redemption of Bonds and remaining <br />unclaimed by the Owners of such Bonds after the redemption date shall be <br />segregated in a special escrow account and held in trust, uninvested, without <br />interest, for the account of such Owners. <br /> <br />ARTICLE V <br />PA YING AGENT/REGISTRAR <br /> <br />Section 5.01. Appointment of Initial Paying Agent/Registrar. <br /> <br />(a) The City hereby appoints MBank Austin, N.A., Austin, Texas, as its <br />registrar and transfer agent to keep such books or records and make such transfers <br />and registrations under such reasonable regulations as the City and the Paying <br />Agent/Registrar may prescribe; and the Paying Agent/Registrar shall make such <br />transfer and registrations as herein provided. It shall be the duty of the Paying <br />Agent/Registrar to obtain from the Owners and record in the Register the address <br />of such Owner of each Bond to which payments with respect to the Bonds shall be <br />mailed, as provided herein. The City or its designee shall have the right to inspect <br />the Register during regular business hours of the Paying Agent/Registrar, but <br />otherwise the Paying Agent/Registrar shall keep the Registration Books confidential <br />and, unless otherwise required by law, shall not permit their inspection by any other <br />entity. <br /> <br />(b) The City hereby further appoints the Paying Agent/Registrar to act <br />as the paying agent for paying the principal of and interest on the Bonds. The <br /> <br />2047f <br /> <br />-12- <br />