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<br /> 14:lR. <br /> ARTICLE V <br /> PAYING AGENT/REGISTRAR <br /> Section 5.01. Appointment of Initial pavina Aaent/Reaistrar. <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 herein 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 Cit~ and the Paying <br /> Agent/Registrar with respect to the Bonds, and of all convers~ons, <br /> exchanges and replacements of such Bonds, as provided in the <br /> Ordinance. <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 wi th 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. I <br /> Section 5.02. Oualifications. <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. Maintainina pavina Aaent/Reaistrar. <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 /> 4417£ <br /> -14- <br />