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<br /> (c) The execution and delivery of a Paying Agent/Registrar <br /> Agreement, substantially in the form attached hereto as Exhibit A, <br /> specifying the duties and responsibilities of the City and the <br /> Paying Agent/Registrar, is hereby approved with such changes as may <br /> be approved by the Mayor of the City, and the Mayor and City <br /> Secretary of the City are hereby authorized to execute such <br /> agreement. <br /> Section 5.02. Qualifications. <br /> <br /> Each Paying Agent/Registrar shall be (i) a commercial bank, <br /> trust company, or other entity duly qualified and legally authorized <br /> under applicable law, (ii) authorized under such laws to exercise <br /> trust powers, (iii) subject to supervision or examination by a <br /> federal or state governmental authority, and (iv) a single entity. <br /> Section 5.03. Maintaining PavinG Aqent/Registrar. <br /> <br /> (a) At all times while any Bonds are outstanding, the City <br /> will maintain a Paying Agent/Registrar that is qualified under <br /> Section 5.02 of this Ordinance. <br /> (b) If the Paying Agent/Registrar resigns or otherwise <br /> ceases to serve as such, the City will promptly appoint a <br /> replacement. <br /> Section 5.04. Termination. <br /> <br /> The City reserves the right to terminate the appointment of <br /> any Paying Agent/Registrar by delivering to the entity whose <br /> appointment is to be terminated a certified copy of a resolution of <br /> the City (i) giving notice of the termination of the appointment and <br /> of the Paying Agent/Registrar Agreement, stating the effective date <br /> of such termination, and (ii) appointing a successor Paying <br /> Agent/Registrar. <br /> Section 5.05. Notice of ChanGe to Owners. <br /> <br /> Promptly upon each change in the entity serving as Paying <br /> Agent/Registrar, the City will cause notice of the change to be sent <br /> to each Owner by United States mail, first class postage prepaid, at <br /> the address in the Register, stating the effective date of the <br /> change and the name of the replacement Paying Agent/Registrar and <br /> the mailing address of its Paying Agent/Registrar Office. <br /> Section 5.06. Aqreement to Perform Duties and Functions. <br /> <br /> By accepting the appointment as Paying Agent/Registrar, the <br /> Paying Agent/Registrar is deemed to have agreed to the provisions of <br /> this Ordinance and that it will perform the duties and functions of <br /> Paying Agent/Registrar prescribed hereby. <br /> 4327f <br /> -15- <br />