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Except as provided in Section 4(c) hereof, an authorized representative of the Paying
<br />Agent/Registrar shall, before the delivery of any such Bond, date and manually sign the Bond, and
<br />no such Bond shall be deemed to be issued or outstanding unless such Bond is so executed. The
<br />Paying Agent/Registrar promptly shall cancel all paid Bonds and Bonds surrendered for conversion
<br />and exchange. No additional orders, orders, or resolutions need be passed or adopted by the govern-
<br />ing body of the City or any other body or person so as to accomplish the foregoing conversion and
<br />exchange of any Bond or portion thereof, and the Paying Agent/Registrar shall provide for the
<br />printing, execution, and delivery of the substitute Bond in the manner prescribed herein, and the Bond
<br />shall be of type composition printed on paper with lithographed or steel engraved borders of
<br />customary weight and strength. Pursuant to Chapter 1201, Texas government Code, as amended,
<br />and particularly Subchapter D thereof, the duty of conversion and F Inge of the Bond as aforesaid
<br />is hereby imposed upon the Paying Agent/Registrar, and, upon the ?cution of the Bond, the
<br />converted and exchanged Bond shall be valid, incontestable, and enfot? J?a?_ ? ?? the same manner and
<br />with the same effect as the Bond which initially was issued and delivf ?ed purs?? ` to this Ordinance,
<br />approved by the Attorney General, and registered by the Comptroll of Public .counts.
<br />(b) Payment of Bond and Interest. The Cit? hey ?y fur???__ appoints the Paying
<br />Agent/Registrar to act as the paying agent for r wing the p inc???al of ar ? interest on the Bond, all as
<br />provided in this Ordinance. The Paying Ages ??? , ?istrar s? ? I keep p?? per records of all payments
<br />made by the City and the Paying Agent/Registrar wh_ ?spect ?, ?id, and of all conversions and
<br />exchanges of the Bond, and all replacements of the Bol, ?s provided in this Ordinance. However,
<br />in the event of a nonpayment of interest on a sc? ? '???ed pays, + ate, and for thirty (30) days thereaf
<br />ter, a new record date for such rote _ ?ayn lac ?d ?cial R ,;ord Date") will be established by the
<br />Paying Agent/Registrar, if and when ful? {? •r the pays. ant of such interest have been received from
<br />the City. Notice of the Special Record L, and of t ?e scheduled payment date of the past due
<br />interest (which shall be 15 days afte?? `',P Specl?. ' °c?,- a Date) shall be sent at least five (5) business
<br />days prior to the Special Recor? .Dal, -? Uniteu Mates mail, first-class postage prepaid, to the
<br />address of each Regir ?l V? Owr ? apr cat ? ?? the Registration Books at the close of business on
<br />the last business d? next preceding t e dat? ?l mailing of such notice.
<br />(c) ly Genel, The Bond (i) shall be issued in fully registered form, without interest
<br />coupons, with he princip? sand interest on such Bond to be payable only to the Registered Owners
<br />thereof, (ii) may be transferr? ,? assigned, (iii) may be converted and exchanged for other Bonds,
<br />(iv) shall have the characteristl? , (v) shall be signed, sealed, executed and authenticated, (vi) the
<br />principal of and interest on the ?3ond shall be payable, and (vii) shall be administered and the Paying
<br />Agent/Registrar and the City shall have certain duties and responsibilities with respect to the Bond,
<br />all as provided, and in the manner and to the effect as required or indicated, in the FORM OF BOND
<br />set forth in this Ordinance. The Bond initially issued and delivered pursuant to this Ordinance is not
<br />required to be, and shall not be, authenticated by the Paying Agent/Registrar, but on each substitute
<br />Bond issued in conversion of and exchange for any Bond or Bonds issued under this Ordinance the
<br />Paying Agent/Registrar shall execute the PAYING AGENT/REGISTRAR'S AUTHENTICATION
<br />CERTIFICATE, in the form set forth in the FORM OF BOND.
<br />SAN MARCOSI CO Rfdg Bonds2008:Ordinance
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