|
<br />e
<br />
<br />e
<br />
<br />the Bonds which initially were issued and delivered pursuant to this Ordinance, approved by the Attorney
<br />General, and registered by the Comptroller of Public Accounts.
<br />
<br />(b) Payment of Bonds and Interest The Issuer hereby further appoints the Paying Agent/Registrar to act
<br />as the paying agent for paying the principal of and interest on the Bonds, all as provided in this Ordinance, The
<br />Paying Agentl Registrar shall keep proper records of all payments made by the Issuer and the Paying
<br />Agent/Registrar with respect to the Bonds.
<br />
<br />(c) In General, The Bonds (i) shall be issued in fully registered fonn, without interest coupons, with the
<br />principal of and interest on such Bonds to be payable only to the registered owners thereof, (ii) may be redeemed
<br />prior to their scheduled maturities, (iii) may be transferred and assigned, (iv) may be exchanged for other Bonds,
<br />(v) shall have the characteristics, (vi) shall be signed, sealed, executed, and authenticated, (vii) shall have the
<br />principal of and interest on the Bonds be payable, and (viii) shall be administered and the Paying Agent/Registrar
<br />and the Issuer shall have certain duties and responsibilities with respect to the Bonds, all as provided, and in the
<br />manner and to the effect as required or indicated, in the FORM OF BOND set forth in this Ordinance, The
<br />Bond initially issued and delivered pursuant to this Ordinance (the "Initial Bond") shall be delivered to the initial
<br />purchaser and are not required to be, and shall not be, authenticated by the Paying Agent/Registrar, but on each
<br />substitute Bond issued in exchange for the Initial Bond or any Bond or Bonds issued under this Ordinance the
<br />Paying Agent/Registrar shall execute the PAYING AGENT/REGISTRAR'S AUTHENTICATION
<br />CERTIFICATE, in the fonn set forth in the FORM OF BOND,
<br />
<br />(d) Substitute Payin~ A~ent/Re~istrar. The Issuer covenants with the registered owners of the Bonds that
<br />at all times while the Bonds are outstanding the Issuer will provide a competent and legally qualified bank, trust
<br />company, financial institution, or other agency to act as and perfonn the services of Paying Agent/Registrar for
<br />the Bonds under this Ordinance, and that the Paying Agent/Registrar will be one entity, The Issuer reserves the
<br />right to, and may, at its option, change the Paying Agent/Registrar upon not less than 120 days written notice to
<br />the Paying Agent/Registrar, to be effective not later than 60 days prior to the next principal or interest payment
<br />date after such notice. In the event that the entity at any time acting as Paying Agent/Registrar (or its successor
<br />by merger, acquisition, or other method) should resign or otherwise cease to act as such, the Issuer covenants
<br />that promptly it will appoint a competent and legally qualified bank, trust company, financial institution, or other
<br />agency to act as Paying Agent/Registrar under this Ordinance. Upon any change in the Paying Agent/Registrar,
<br />the previous Paying Agent/Registrar promptly shall transfer and deliver the Registration Books (or a copy
<br />thereof), along with all other pertinent books and records relating to the Bonds, to the new Paying Agenl/Regis-
<br />tear designated and appointed by the Issuer, Upon any change in the Paying Agent/Registrar, the Issuer promptly
<br />will cause a written notice thereof to be sent by the new Paying Agenl/Registrar to each registered owner of the
<br />Bonds, by United States mail, first-class postage prepaid, which notice also shall give the address of the new
<br />Paying Agent! Registrar, By accepting the position and perfonning as such, each Paying Agent/Registrar shall
<br />be deemed to have agreed to the provisions of this Ordinance, and a certified copy of this Ordinance shall be
<br />delivered to each Paying Agent/Registrar.
<br />
<br />SECTION 5. FORMS, The fonn of all Bonds, including the fonn of Paying Agent/Registrar's
<br />Certificate, the Fonn of Assignment, the fonn of Statement of Insurance, if any, and the fonn of the
<br />Comptroller's Registration Certificate to accompany the Bonds on the initial delivery thereof, shall be,
<br />respectively, substantially as follows, with such appropriate variations, omissions, or insertions as are pennitted
<br />or required by this Ordinance:
<br />
<br />3
<br />
|