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<br />ARTICLE IV <br /> <br />REDEMPTION OF CERTIFICATES BEFORE MATURITY <br /> <br />Section 4.01. Limitation on Redemption. <br /> <br />The Certificates shall be subject to redemption before scheduled maturity only as provided in this <br />Article IV. <br /> <br />Section 4.02. No Optional Redemption. <br /> <br />The Certificates are not subject to optional redemption prior to maturity. <br /> <br />ARTICLE V <br /> <br />PAYING AGENTIREGISTRAR <br /> <br />Section 5.01. Appointment of Initial Paving Agent/Registrar. <br /> <br />(a) The City hereby appoints Chase Bank of Texas, National Association, as its registrar and <br />transfer agent to keep such books or records and make such transfers and registrations under such reasonable <br />regulations as the City and the Paying Agent/Registrar may prescribe; and the Paying Agent/Registrar shall <br />make such transfer and registrations as herein provided. It shall be the duty of the Paying Agent/Registrar <br />to obtain from the Owners and record in the Register the address of such Owner of each Certificate to which <br />payments with respect to the Certificates shall be mailed, as provided herein. The City or its designee shall <br />have the right to inspect the Register during regular business hours of the Paying Agent/Registrar, but <br />otherwise the Paying Agent/Registrar shall keep the Registration Books confidential and, unless otherwise <br />required by law, shall not permit their inspection by any other entity. <br /> <br />(b) The City hereby further appoints the Paying Agent/Registrar to act as the paying agent for <br />paying the principal of and interest on the Certificates. The Paying Agent/Registrar shall keep proper records <br />of all payments made by the City and the Paying AgentlRegistrar with respect to the Certificates, and of all <br />conversions, exchanges and replacements of such Certificates, as provided in the Ordinance. <br /> <br />(c) The execution and delivery of a Paying Agent/Registrar Agreement, specifying the duties <br />and responsibilities of the City and the Paying Agent/Registrar, is hereby approved with such changes as may <br />be approved by the Mayor of the City, and the Mayor and Secretary of the City are hereby authorized to <br />execute such agreement. <br /> <br />Section 5.02. Qualifications. <br /> <br />Each Paying Agent/Registrar shall be (i) a commercial bank, trust company, or other entity duly <br />qualified and legally authorized under applicable law, (ii) authorized under such laws to exercise trust <br />powers, (iii) subject to supervision or examination by a federal or state governmental authority, and (iv) a <br />single entity. <br /> <br />R.\SA:-;MAR\CO.99\DOCS\ORDNCEFN.WPD <br /> <br />12 <br />