O-1994-1972 - Laserfiche WebLink

Browse Search

e e in the FORM OF BOND set fonh in this Ordinance. Each substitute Bond shall bear a letter and/or number to distinguish it from each other Bond. Except as provided in (c) below, an authorized representative of the Paying Agent/Registrar shall, before the delivery of any such Bond. date and manually sign the Paying Agent/Registrar's Authentication Certificate. and no such Bond shall be deemed to be issued or outstanding unless such Cenificate is so executed. The Paying Agent/Registrar promptly shall cancel all paid Bonds and Bonds surrendered for transfer and exchange. No additional ordinances, orders, or resolutions need be passed or adopted by the governing body of the Issuer or any other body or person so as to accomplish the foregoing transfer and exchange of any Bond or ponion thereof, and the Paying Agent! Registrar shall provide for the printing, execution, and delivery of the substitute Bonds in the manner prescribed herein, and said Bonds shall be of type composition printed on paper with lithographed or steel engraved borders of customary weight and strength. Pursuant to Vernon's AM. Tex. Civ. S1. Art. 717k-6, and particularly Section 6 thereof, the duty of transfer and exchange of Bonds as aforesaid is hereby imposed upon the Paying Agent/Regisuar, and, upon the execution of said certificate, the transferred and exchanged Bond shall be valid. incontestable. and enforceable in the same manner and with the same effect as the Bonds which initially were issued and delivered pursuant to this Ordinance, approved by the Attorney General, and registered by the Comptroller of Public Accounts. (b) Payment of Bonds and Interest. The Issuer hereby funher appoints the Paying Agent/Registrar to act as the paying agent for paying the principal of and interest on the Bonds. all as provided in this Ordinance. The Paying Agent! Registrar shall keep proper records of all payments made by the Issuer and the Paying Agent/Registrar with respect to the Bonds. (c) In General. The Bonds (i) shall be issued in fully registered fonn, without interest coupons, with the principal of and interest on such Bonds to be payable only to the registered owners thereof. (ii) may be redeemed prior to their scheduled maturities, (iii) may be transferred and assigned, (iv) may be exchanged for other Bonds, (v) shall have the characteristics, (vi) shall be signed. sealed, executed. and authenticated. (vii) shall have the principal of and interest on the Bonds be payable, and (viii) shall be administered and the Paying Agent/Registrar and the Issuer shall have cenain duties and responsibilities with respect to the Bonds. all as provided. and in the manner and to the effect as required or indicated. in the FORM OF BOND set fonh in this Ordinance. The Bonds initially issued and delivered pursuant to this Ordinance numbered R-I through R-12 (collectively, the "Initial Bonds") shall be delivered to the initial purchaser and are not required to be. and shall not be, authenti- cated by the Paying Agent/Registrar, but on each substitute Bond issued in exchange for the Initial Bonds or any Bond or Bonds issued under this Ordinance the Paying Agent/Regisuar shall execute the PAYING AGENTIREGISTRAR'S AUTHENTIC A nON CERTIFICATE, in the fonn set fonh in the FORM OF BOND. (d) Substitute Paving Agent/Regisuar. The Issuer covenants with the registered owners of the Bonds that at all times while the Bonds are outstanding the Issuer will provide a competent and legally qualified bank. trust company, fmancial institution, or other agency to act as and perfonn the services of Paying Agent/Regisuar for the Bonds under this Ordinance. and that the Paying AgentlRegistrar will be one entity. The Issuer reserves the right to. and may. at its option. change the Paying Agent/Registrar upon not less than 120 days written notice to the Paying AgentlRegistrar. to be effective not later than 60 days prior to the next principal or interest payment date after such notice. In the event that the entity at any time acting as Paying Agent/Registrar (or its successor by merger. acquisition. or other method) should resign or otherwise cease to act as such. the Issuer covenants that promptly it will appoint a competent and legally qualified bank. trust company. financial institution. or other agency to act as Paying Agent/Registrar under this Ordinance. Upon any change in the Paying AgentlRegistrar. the previous Paying Agent/Regisuar promptly shall transfer and deliver the Registration Books (or a copy thereot), along with all other peninent books and records relating to the Bonds, to the new Paying Agent/Regis- trar designated and appointed by the Issuer. Upon any change in the Paying Agent/Registrar. the Issuer promptly will cause a written notice thereof to be sent by the new Paying Agenl/Registrar to each registered owner of the Bonds, by United States mail. fIrst-class postage prepaid. which notice also shall give the address of the new Paying Agent! Registrar. By accepting the position and perfonning as such. each Paying Agent/Registrar shall 3