Ord 1996-038 - Laserfiche WebLink

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11 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 homs of the Paying Agent/Registrar, but otherwise the Paying Agent/Registrar shall keep the Registration Books confidential and, unless otherwise required by law, shall not pennit 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 Agent/Registrar 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 provided 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, (ill) subject to supervision or examination by a federal or state governmental authority, and (iv) a single entity. Section 5.03. Maintaining Paving Agent/Recistrar. (a) At all times while any Bonds are outstanding, the City will maintain ~ Paying Agent/Registrar that is qualified under Section 5.02 of this Ordinance. (b) If the Paying AgentJRegistrar resigns or otherwise ceases to serve as such, the City will promptly appoint a replacement. Section 5.04. Termination. The City reserves the right to tenninate the appointment of any Paying Agent/Registrar by delivering to the entity \"hose appointment is to be terminated a certified copy of a resolution of the City (i) giving notice of the termination of the appointment and of the Paying AgentiRegistrar Agreement, stating the effective date of such termination, and (ii) appointing a successor Paying Agent/Registrar. Section 5.05. Notice of Change to O"vners. Promptly upon each change in the entity serving as Paying Agent/Registrar, the City will cause notice of the change to be sent to each Owner by United States mail, fIrst class postage prepaid, at the address in the Register, stating the effective date of the change and the name of the replacement Paying AgentfRegistrar and the mailing address of its Designated Payment/Transfer Office. Section 5.06. Agreement to Perfonn Duties and Functions. - By accepting the appointment as Paying Agent/Registrar, the Paying Agent/Registrar is deemed to have agreed to the provisions of this Ordinance and that it will perfonn the duties and functions of Paying Agent/Registrar prescribed hereby. "',"^,'l!.lAA\ WWS>. 9<\DOC:5'O1UJNCE.FN 12