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<br />55V <br /> <br />changes as may be approved by the Mayor of the City, and the Mayor and City Secretary of the City <br />are hereby authorized to execute such agreement. <br /> <br />Section 5.02. Qualifications. <br /> <br />Each Paying AgentlRegistrar 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 /> <br />Section 5.03. Maintaining Paying AgentlRegistrar. <br /> <br />(a) At all times while any Bonds are outstanding, the City will maintain a Paying <br />AgentlRegistrar that is qualified under Section 5.02 of this Ordinance. <br /> <br />(b) If the Paying AgentlRegistrar resigns or otherwise ceases to serve as such, the City <br />will promptly appoint a replacement. <br /> <br />Section 5.04. Termination. <br /> <br />The City reserves the right to terminate the appointment of any Paying AgentlRegistrar 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 /> <br />Section 5.05. Notice of Change to Owners. <br /> <br />Promptly upon each change in the entity serving as Paying AgentlRegistrar, 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 AgentlRegistrar and the mailing address of its Designated Payment/Transfer Office. <br /> <br />Section 5.06. Agreement to Perform Duties and Functions. <br /> <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 AgentlRegistrar prescribed hereby. <br /> <br />Section 5.07. Deliverv of Records to Successor. <br /> <br />If a Paying Agent/Registrar is replaced, such Paying AgentlRegistrar, 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 /> <br />tl;.\SA,,~\W\VSSlU.!JS'DOCS\01lDNCE.O:~ -l1:F <br /> <br />17 <br />