|
<br />e
<br />
<br />e
<br />
<br />OR~G'NAL
<br />
<br />delivered pursuant to this Ordinance, approved by the Attorney General, and registered by the Comptroller of
<br />Public Accounts.
<br />
<br />(b) Pavrnent of Bonds and Interest. The Issuer hereby further appoints the Paying AgentlRegistrar to
<br />act as the paying agent for paying the principal of and interest on the Bonds, all as provided in this
<br />Ordinance. The Paying Agent/ Registrar shall keep proper records of all payments made by the Issuer and
<br />the Paying Agent/Registrar with respect to the Bonds.
<br />
<br />(c) In General. The Bonds (i) shall be issued in fully registered form, without interest coupons, with
<br />the principal of and interest on such Bonds to be payable only to the registered owners thereof, (ii) may be
<br />redeemed prior to their scheduled maturities, (iii) may be transferred and assigned, (iv) may be exchanged for
<br />other Bonds, (v) shall have the characteristics, (vi) shall be signed, sealed, executed, and authenticated, (vii)
<br />shall have the principal of and interest on the Bonds be payable, and (viii) shall be administered and the
<br />Paying Agent/Registrar and the Issuer shall have certain duties and responsibilities with respect to the Bonds,
<br />all as provided, and in the manner and to the effect as required or indicated, in the FORM OF BOND set
<br />forth in this Ordinance. The Bond initially issued and delivered pursuant to this Ordinance (the "Initial
<br />Bond") shall be delivered to the initial purchaser and are not required to be, and shall not be, authenticated by
<br />the Paying Agent/Registrar, but on each substitute Bond issued in exchange for the Initial Bond or any Bond
<br />or Bonds issued under this Ordinance the Paying AgentlRegistrar shall execute the PAYING AGENTIREGlS-
<br />TRAR'S AUTHENTICATION CERTIFICATE, in the form set forth in the FORM OF BOND.
<br />
<br />(d) Substitute Pavinf! Af!ent/Ref!istrar. The Issuer covenants with the registered owners of the Bonds
<br />that at all times while the Bonds are outstanding the Issuer will provide a competent and legally qualified
<br />bank, trust company, financial institution, or other agency to act as and perform the services of Paying
<br />AgentlRegistrar for the Bonds under this Ordinance, and that the Paying AgentlRegistrar will be one entity.
<br />The Issuer reserves the right to, and may, at its option, change the Paying Agent/Registrar upon not less than
<br />120 days written notice to the Paying Agent/Registrar, to be effective not later than 60 days prior to the next
<br />principal or interest payment date after such notice. In the event that the entity at any time acting as Paying
<br />Agent/Registrar (or its successor by merger, acquisition, or other method) should resign or otherwise cease to
<br />act as such, the Issuer covenants that promptly it will appoint a competent and legally qualified bank, trust
<br />company, financial institution, or other agency to act as Paying Agent/Registrar under this Ordinance. Upon
<br />any change in the Paying Agent/Registrar, the previous Paying Agent/Registrar promptly shall transfer and
<br />deliver the Registration Books (or a copy thereof), along with all other pertinent books and records relating to
<br />the Bonds, to the new Paying Agent/Registrar designated and appointed by the Issuer. Upon any change in
<br />the Paying AgentlRegistrar, the Issuer promptly will cause a written notice thereof to be sent by the new
<br />Paying AgentlRegistrar to each registered owner of the Bonds, by United States mail, first-class postage
<br />prepaid, which notice also shall give the address of the new Paying Agent! Registrar. By accepting the
<br />position and performing as such, each Paying Agent/Registrar shall be deemed to have agreed to the provi-
<br />sions of this Ordinance, and a certified copy of this Ordinance shall be delivered to each Paying
<br />AgentlRegistrar.
<br />
<br />Section 5. FORMS. The form of all Bonds, including the form of Paying Agent/Registrar's
<br />Certificate, the Form of Assignment, the form of Statement of Insurance, if any, and the form 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
<br />permitted or required by this Ordinance:
<br />FORM OF DEFINITIVE BONDS
<br />
<br />NO. R-_
<br />
<br />$
<br />
<br />United States of America
<br />State of Texas
<br />CITY OF LA PORTE, TEXAS,
<br />
<br />3
<br />
|