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<br />was issued presents for payment such original Certificate, the City and the Paying <br />Agent/Registrar shall be entitled to recover such replacement Certificate from the <br />person to whom it was delivered or any person taking therefrom, except a bona fide <br />purchaser, and shall be entitled to recover upon the security or indemnity provided <br />therefor to the extent of any loss, damage, cost or expense incurred by the City or <br />the Paying Agent/Registrar in connection therewith. <br /> <br />(d) In the event that any such mutilated, lost, apparently destroyed or <br />wrongfully taken Certificate has become or is about to become due and payable, the <br />Paying Agent/Registrar, in its discretion, instead of issuing a replacement <br />Certificate, may pay such Certificate. <br /> <br />(e) Each replacement Certificate delivered in accordance with this <br />Section shall constitute an original additional contractual obligation of the City and <br />shall be entitled to the benefits and security of this Ordinance to the same extent as <br />the Certificate or Certificates in lieu of which such replacement Certificate is <br />delivered. <br /> <br />ARTICLE IV <br />REDEMPTION OF CERTIFICATES BEFORE MATURITY <br /> <br />Section 4.01. <br /> <br />Certificates Not Subject to Redemption. <br /> <br />The Certificates are not subject to redemption prior to scheduled maturity at <br />the option of the City. <br /> <br />ARTICLE V <br />PA YING AGENT/REGISTRAR <br /> <br />Section 5.01. ApDointment 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 Certificate to which payments with respect to the <br />Certificates shall be mailed, as provided herein. The City or its designee shall have <br />the right to inspect the Register during regular business hours of the Paying <br />Agent/Registrar, but otherwise the Paying Agent/Registrar shall keep the <br />Registration Books confidential and, unless otherwise required by law, shall not <br />permit their inspection by any other 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 Certificates. The <br /> <br />0405s <br /> <br />-11- <br />