Ord 1996-032 - Laserfiche WebLink

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tf?r - ARTICLE V PAYING AGEN1IREGISTRAR Section 5.01. Appointment of Initial Paying Agent/Registrar. (a) The City hereby appoints Texas Commerce Bank: National Association as its registrar and transfer agent to keep such books or records and make such transfers and registrations under such reasonable regulations as the City and the Paying Agent/Registrar may prescribe; and the Paying Agent/Registrar shall make such transfer and registrations as herein provided. It shall be the duty of the Paying Agent/Registrar to obtain ITom the Owners and record in the Register the address of such Owner of each Bond to which payments with respect to the Bonds shall be mailed, as provided herein. The City or its designee shall have the right to inspect the Register during regular business hours of the Paying AgentlRegistrar, but othenvise the Paying AgentlRegistrar shall keep the Registration Books confidential and, unless otherwise required by law, shall not permit their inspection by any other entity. (b) The City hereby further appoints the Paying Agent/Registrar to act as the paying agent for paying the principal of and interest on the Bonds. The Paying AgentlRegistrar shall keep proper records of all payments made by the City and the Paying Agent/Registrar with respect to the Bonds, and of all conversions, exchanges and replacements of such Bonds, as provKied in this Ordinance, (c) The execution and delivery of a Paying Agent/Registrar Agreement, specifYing the duties and responsibilities of the City and the Paying Agent/Registrar, is hereby approved with such changes as may be approved by the Mayor of the City, and the Mayor and City Secretary of the City are hereby authorized to execute such agreement. Section 5.02. Qualifications. Each Paying Agent/Registrar shall be (i) a commercial bank:, trust company, or other entity duly qualified and legally authorized under applicable law, (ii) authorized under such laws to exercise trust powers, (iii) subject to supervision or examination by a federal or state governmental authority, and (iv) a single entity. Section 5,03. Maintaining Paving AgentlRegistrar. (a) At all times while any Bonds are outstanding, the City will maintain a Paying Agent/Registrar that is qualified under Section 5.02 of this Ordinance. (b) If the...Paying Agent/Registrar resigns or otherwise ceases to serve as such, the City will promptly appoint a replacement. It: "'.... ~"MAR', wwss, ""DOCS'.o lU) >feE. '" 16 "