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<br />(iv) satisfies any other reasonable requirements imposed by the <br />City and the Paying Agent/Registrar. <br /> <br />(c) If, after the delivery of such replacement Bond, a bona fide purchaser <br />of the original Bond in lieu of which such replacement Bond was issued presents for <br />payment such original Bond, the City and the Paying Agent/Registrar sha1l be <br />entitled to recover such replacement Bond from the person to whom it was delivered <br />or any person taking therefrom, except a bona fide purchaser, and shall be entitled <br />to recover upon the security or indemnity provided therefor to the extent of any <br />loss, damage, cost or expense incurred by the City or the Paying Agent/Registrar in <br />connection therewith. <br /> <br />(d) In the event that any such mutilated, lost, apparently destroyed or <br />wrongfu1ly taken Bond has become or is about to become due and payable, the <br />Paying Agent/Registrar, in its discretion, instead of issuing a replacement Bond, <br />may pay such Bond. <br /> <br />(e) Each replacement Bond delivered in accordance with this Section <br />shall constitute an original additional contractual obligation of the City and shan be <br />entitled to the benefits and security of this Ordinance to the same extent as the <br />Bond or Bonds in lieu of which such replacement Bond is delivered. <br /> <br />ARTICLE IV <br />REDEMPTION OF BONDS BEFORE MATURITY <br /> <br />Section 4.01. Bonds Not Subject to Redemption. <br /> <br />The Bonds are not subject to redemption prior to scheduled maturity at the <br />option of the City. <br /> <br />ARTICLE V <br />PAYING 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 sha1l 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 sha1l 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 />0406s <br /> <br />-10- <br />