Laserfiche WebLink
Section 5 02 Qualifications <br />Each Paying Agent/Registrar shall be (i) a commercial bank, trust company, or other entity <br />duly qualified and legally authorized under applicable law, (ii) authorized under such laws to exercise <br />trust powers, (iii) subject to supervision or examination by a federal or state governmental authority, <br />and (iv) a single entity <br />Section 5 03 Maintaining_Pa~g A end t/Re istgrar <br />(a) At all times while any Bonds are outstanding, the City will maintain a Paying <br />Agent/Registrar that is qualified under Section 5 02 of this Ordinance <br />(b) If the Paying Agent/Registrar resigns or otherwise ceases to serve as such, the City <br />will promptly appoint a replacement <br />Section 5 04 Termination. <br />The City reserves the right to terminate the appointment of any Paying Agent/Registrar by <br />delivering to the entity whose appointment is to be terminated a certified copy of a resolution of the <br />City (i) giving notice of the termination of the appointment and of the Paying Agent/Registrar <br />Agreement, stating the effective date of such termination, and (ii) appointing a successor Paying <br />Agent/Registrar <br />Section 5 OS Notice of Change to Owners <br />Promptly upon each change in the entity serving as Paying Agent/Registrar, the City will cause <br />notice of the change to be sent to each Owner by United States mail, first class postage prepaid, at <br />the address in the Register, stating the effective date of the change and the name of the replacement <br />Paying Agent/Registrar and the mailing address of its Designated Payment/Transfer Office <br />Section 5 06 Agreement to Perform Duties and Functions <br />By accepting the appointment as Paying Agent/Registrar, the Paying Agent/Registrar is <br />deemed to have agreed to the provisions of this Ordinance and that it will perform the duties and <br />functions of Paying Agent/Registrar prescribed hereby <br />Section 5 07 Delivery of Records to Successor <br />If a Paying Agent/Registrar is replaced, such Paying Agent/Registrar, promptly upon the <br />appointment of the successor, will deliver the Register (or a copy thereof) and all other pertinent <br />books and records relating to the Bonds to the successor Paying AgentlRegistrar <br />SANMARCOS/WWWSRev2007~ Ordinance 17 <br />