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<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 /> <br /> (a) The City hereby appoints Ameritrust Texas, N.A., <br /> Austin, Texas, as its registrar and transfer agent to keep such <br /> books or records and make such transfers and registrations under <br /> such reasonable regulations as the City and the Paying <br /> Agent/Registrar may prescribe; and the Paying Agent/Registrar shall <br /> make such transfer and registrations as herein provided. It shall <br /> be the duty of the Paying Agent/Registrar to obtain from the Owners <br /> and record in the Register the address of such Owner of each Bond to <br /> which payments with respect to the Bonds shall be mailed, as <br /> provided herein. The City or its designee shall have the right to <br /> inspect 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 /> and exchanges of such Bonds, all conversions and replacements of <br /> such Bonds, as provided in the Ordinance. <br /> Section 5.02. Qualifications. <br /> <br /> Each Paying Agent/Registrar shall be (i) a bank, trust <br /> company, financial institution, or other entity duly qualified and <br /> legally authorized under the laws of the United States or of any <br /> state thereof, (ii) authorized under such laws to exercise trust <br /> powers, (iii) subject to supervision or examination by a federal or <br /> state governmental authority, and (iv) a single entity. <br /> Section 5.03. Maintaininq Paving Agent/Reqistrar. <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 /> 4172f <br /> -14- <br />