|
<br />e
<br />
<br />.
<br />
<br />pursuant to Article 717k-6, V.A T.C.S, and particularly Section 6 thereof, the duty of such
<br />exchange or replacement of bonds as aforesaid is hereby imposed upon the Paying AgentlRegis-
<br />trar, and upon the execution of the aforementioned Paying AgentlRegistrar's Authentication
<br />Certificate, the exchanged or replaced Bond shall be valid, incontestable, and enforceable in the
<br />same manner and with the same effect as the Bonds which originally were delivered pursuant to
<br />this Ordinance, approved by the Attorney General, and registered by the Comptroller of Public
<br />Accounts. Neither the City nor the Paying Agent/Registrar shall be required (1) to issue, transfer,
<br />or exchange any Bond subject to redemption during a period beginning at the opening of business
<br />15 days before the day of the first mailing of a notice of redemption of Bonds and ending at the
<br />close of business on the day of such mailing, or (2) to transfer or exchange any Bond aft.;::r it is
<br />selected for redemption, in whole or in part when such redemption is scheduled to occur within
<br />30 calendar days; provided, however, that such limitation shall not be applicable to an exchange
<br />by the owner of the uncalled principal balance of a Bond.
<br />
<br />(e) All Bonds issued in exchange or replacement of any other Bond or portion thereof,
<br />(i) shall be issued in fully registered form, without interest coupons, with the principal of and
<br />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
<br />for other Bonds, (v) shall have the characteristics, (vi) shall be signed and sealed, and (vii) the
<br />principal of and interest on the Bonds shall be payable, all as provided, and in the manner required
<br />or indicated, in the FORM OF BONDS set forth in this Ordinance.
<br />
<br />(1) The City shall pay all of the Paying AgentlRegistrar's reasonable and customary fees
<br />and charges for making transfers, conversions, and exchanges of the Bonds in accordance with an
<br />agreement between the City and the Paying AgentlRegistrar, but the registered owner of any Bond
<br />requesting such transfer shall pay any taxes or other governmental charges required to be paid with
<br />respect thereto. In addition, the City hereby covenants with the registered owners of the Bonds
<br />that it will pay the reasonable and standard or customary fees and charges of the Paying Agent!
<br />Registrar for its services with respect to the payment of the principal of and interest on the Bonds,
<br />when due.
<br />
<br />(g) The City covenants with the registered owners of the Bonds that at all times while the
<br />Bonds are outstanding the City will provide a competent and legally qualified bank, trust company,
<br />financial institution, or other entity duly qualified and legally authorized to serve as and perform
<br />the duties and services of Paying Agent/Registrar, to act as and perform the services of Paying
<br />AgentlRegistrar for the Bonds under this Ordinance, and that the Paying Agent/Registrar will be
<br />one entity. The City reserves the right to, and may, at its option, change the Paying
<br />AgentlRegistrar upon not less than 60 days written notice to the Paying AgentlRegistrar. In the
<br />event that the entity at any time acting as Paying AgentlRegistrar (or its successor by merger,
<br />acquisition, or other method) should resign or otherwise cease to act as such, the City covenants
<br />that promptly it will appoint a competent and legally qualified national or state banking institution
<br />which shall be a corporation organized and doing business under the laws of the United States of
<br />America or of any state, authorized under such laws to exercise trust powers, subject to supervision
<br />or examination by federal or state Authority, and whose qualifications substantially are similar to
<br />the previous Paying Agent/Registrar to act as Paying AgentlRegistrar under this Ordinance. Upon
<br />any change in the Paying AgentlRegistrar, the previous Paying AgentlRegistrar promptly shall
<br />transfer and deliver the Registration Books (or a copy thereo1), along with all other pertinent
<br />
<br />5
<br />
|