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<br /> (b) Upon presentation and surrender of any Bond called for <br /> redemption at the Paying Agent/Registrar Office on or after the date <br /> fixed for redemption, the Paying Agent/Registrar shall pay the <br /> principal of, premium, if any, and accrued interest on such Bond to <br /> the date of redemption from the money set aside for such purpose. <br /> Section 4.06. Effect of Redemption. <br /> (a) Notice of redemption having been given as provided in <br /> Section 4.04 of this Ordinance, the Bonds or portions thereof called <br /> for redemption shall become due and payable on the date fixed for <br /> redemption and, unless the City defaults in the payment of the <br /> principal thereof, premium, if any, or accrued interest thereon, <br /> such Bonds or portions thereof shall cease to bear interest from and <br /> after the date fixed for redemption, whether or not such Bonds are <br /> presented and surrendered for payment on such date. <br /> (b) If any Bond or portion thereof called for redemption is <br /> not so paid upon presentation and surrender of such Bond for <br /> redemption, such Bond or portion thereof shall continue to bear <br /> interest at the rate stated on the Bond until paid or until due <br /> provision is made for the payment of same. <br /> ARTICLE V <br /> PAYING AGENT/REGISTRAR <br /> Section 5.01. Appointment of Initial pavinq Aqent/Reqistrar. <br /> (a) The City hereby appoints Ameritrust Texas National <br /> Association as its registrar and transfer agent to keep such books <br /> or records and make such transfers and registrations under such <br /> reasonable regulations as the City and the Paying Agent/Registrar <br /> may prescribe; and the Paying Agent/Registrar shall make such <br /> transfer and registrations as herei~ provided. It shall be the duty <br /> of the Paying Agent/Registrar to obtain from the Owners and record <br /> in the Register the address of such Owner of each Bond to which <br /> payments with respect to the Bonds shall be mailed, as provided <br /> herein. The City or its designee shall have the right to inspect <br /> the Register during regular business hours of the Paying <br /> Agent/Registrar, but otherwise the Paying Agent/Registrar shall keep <br /> the Registration Books confidential and, unless otherwise required <br /> by law, shall not permit their inspection by any other entity. <br /> (b) The City hereby further appoints the Paying <br /> Agent/Registrar to act as the paying agent for paying the principal <br /> of and interest on the Bonds. The Paying Agent/Registrar shall keep <br /> proper records of all payments made by the City and the Paying <br /> Agent/Registrar with respect to the Bonds, and of all conversions, <br /> exchanges and replacements of such Bonds, as provided in the <br /> Ordinance. <br /> 4327f <br /> -14- <br />