Ord 2007-036 - Laserfiche WebLink

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(c) The execution and delivery of a Paying Agent/Registrar Agreement, specifying the dupes 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 Interim Crty Clerk of the Crty are hereby authorized to execute such agreement. Section 5 02 Ouahfications Each Paying Agent/Registrar shall be (i) a commercial bank, trust company, or other entity duly qualified and legally authorized under applicable law, (n) authorized under such laws to exercise trust powers, (iu) subject to supervision or examination by a federal or state governmental authority, and (iv) a single entity Section 5 03 Maintaimn~ Paym~ Agent/Registrar (a) At all times while any Bonds are outstanding, the Crty 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 Crty will promptly appoint a replacement. Section 5 04 Termination. The Crty reserves the right to terminate the appointment of any Paying Agent/Registrar by delivering to the entity whose 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 Agent/Registrar Agreement, stating the effective date of such termination, and (ii) appointing a successor Paying Agent/Registrar;prnvided that no such termination shall be effective until a successor Paying Agent/Registrar has accepted the duties of Paying Agent/Registrar for the Bonds Section 5 OS Notice of Change to Owners Promptly upon each change m 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 Agent/Registrar and the mailing address of its Designated Payment/Transfer Office Section 5 06 Agreement to Perform 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 rt will perform the duties and functions of Paying Agent/Registrar prescribed hereby Section 5 07 Dehvery of Records to Successor If a Paying Agent/Registrar is replaced, such Paying Agent/Registrar, promptly upon the appointment of the successor, will deliver the Register (or a copy thereof) and all other pertinent books and records relating to the Bonds to the successor Paying Agent/Registrar San Marcos GO 2007- Ordinance 15