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Section 4.06. Effect of Redemption, <br />(a) Notice of redemption having been given as provided ~n Section 4,04, the Certificates or <br />portions thereof called for redemption shall become due and payable on the date fixed for redemption and, <br />unless the City defaults in the payment of the redemption price thereof, such Certificates or portions thereof <br />shall cease to bear interest from and after the date fixed for redemption, whether or not such Certificates are <br />presented and surrendered for payment on such date <br />(b) If any Certificate or portion thereof called for redemption is not so paid upon presentation and <br />surrender of such Certificate for redemption, such Certificate or portion thereof shall continue to bear interest <br />at the rate stated on the Certificate until paid or until due provision is made for the payment of same. <br />Section 4,07. Conditional Notice of Redemption. <br />With respect to any optional redemption of the Certificates, unless certain prerequisites to such <br />redemption require by this have been met and the moneys sufficient to pay the principal of and premium, if any, <br />and interest on the Certificates to be redeemed shall have been received by the Paying AgentlRegistrar prior <br />to the giving of such notice of redemption, such notice shall state that said redemption may, at the option of <br />the City, be conditional upon the satisfaction of such prerequisites and receipt of such moneys by the Paying <br />AgentlRegistrar on or prior to the date fixed for such redemption, or upon any prerequisite set forth in such <br />notice of redemption. If a conditional notice of redemption is given and such prerequisites to the redemption <br />and sufficient moneys are not received, such notice shall be of no force and effect, the City shall not redeem <br />such Certificates and the Paying Agent/Reg~strar shall give notice, in the manner in which the notice of <br />redemption was given, to the effect that the Certificates have not been redeemed. <br />ARTICLE V <br />PAYING AGENT/REGISTRAR <br />Section 5.01 Appointment of Initial Paving A~ent/Re~istrar <br />(a) The City hereby appoints Regions Bank, as its registrar and transfer agent to keep such books <br />or records and make such transfers and registrations under such reasonable regulations as the City and the <br />Paying Agent/Registrar may prescribe, and the Paying Agent/Registrar shall make such transfer and <br />registrations as herein provided. It shall be the duty of the Paying AgentlRegistrar to obtain from the Owners <br />and record m the Register the address of such Owner of each Certificate to which payments with respect to the <br />Certificates shall be mailed, as provided herein. The City or its designee shall have the right to inspect the <br />Register during regular business hours ofthe Paying Agent/Registrar, but otherwise the PayingAgent/Registrar <br />shall keep the Registration Books confidential and, unless otherwise required by law, shall not permit their <br />inspection by any other entity. <br />(b) The City hereby further appoints the Paying AgentlRegistrar 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 AgendRegistrar with respect to the Certificates, and of all <br />conversions, exchanges and replacements of such Certificates, as provided in this Ordinance. <br />San Marcos C1RC0 20078: Ordinance <br />