Ord 2007-036 - Laserfiche WebLink

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Section 4 06 Effect of Redemption. (a) Notice of redemption having been given as provided m Section 4 04 or 4 07 ofthis Ordinance, the Bonds or portions thereof called for redemption shall become due and payable on the date fixed for redemption and, unless the Crty defaults m the payment of the principal thereof, premium, if any, or accrued interest thereon, such Bonds or portions thereof shall cease to bear interest from and after the date fixed for redemption, whether or not such Bonds are presented and surrendered for payment on such date (b) If any Bond or portion thereof called for redemption is not so paid upon presentation and surrender of such Bond for redemption, such Bond or portion thereof shall continue to bear interest at the rate stated on the Bond until paid or until due provision is made for the payment of same Section 4 07 Conditional Notice of Redemption. With respect to any optional redemption of the Bonds, unless certain prerequisites to such redemption required by the Ordinance have been met and moneys sufficient to pay the principal of and premium, if any, and interest on the Bonds to be redeemed shall have been received by the Paying Agent/Registrar prior to the giving of such notice of redemption, such notice shall state that said redemption may, at the option of the City, be conditional upon the satisfaction of such prerequisites and receipt of such moneys by the Paying Agent/Registrar on or prior to the date fixed for such redemption, or upon any prerequisite set forth m such notice of redemption. If a conditional notice of redemption is given and such prerequisites to the redemption and sufficient moneys are not received, such notice shall be of no force and effect, the Crty shall not redeem such Bonds and the Paying Agent/Registrar shall give notice, m the manner m which the notice of redemption was given, to the effect that the Bonds have not been redeemed. ARTICLE V PAYING AGENT/REGISTRAR Section 5 O1 Appointment of Initial Paym~ Agent/Re i~ strar (a) The Crty hereby appoints Regions Bank, 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 from the Owners and record m 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 Crty or its designee shall have the right to inspect the Register during regular business hours 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 permit their inspection by any other entity The Paying Agent/Registrar has agreed to maintain a copy of the Register at its offices, or the office of its agent, located m Houston, Texas (b) The Crty 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 m this Ordinance San Mazcos GO 2007 Ordinance 14