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<br />extent possible and under reasonable circumstances, all transfers of Bonds shall be made within three business days
<br />after request and presentation thereof. The Issuer shall have the right to inspect the Registration Books during
<br />regular business hours of the Paying Agent/Registraz, but otherwise the Paying Agent/Registraz shall keep the Regis-
<br />tration Books confidential and, unless otherwise required by law, shall not permit their inspection by any other entity.
<br />The Paying Agent/Registraz's standard or customary fees and charges for making such registration, transfer, exchange
<br />and delivery of a substitute Bond or Bonds shall be paid as provided in the FORM OF BOND set forth in this Ordi-
<br />nance. Registration of assignments, transfers, and exchanges of Bonds shall be made in the manner provided and
<br />with the effect stated in the FORM OF BOND set forth in this Ordinance. Each substitute Bond shall bear a letter
<br />and/or number to distinguish it from each other Bond.
<br />Except as provided in (c) below, an authorized representative of the Paying Agent/Registraz shall, before the
<br />delivery of any such Bond, date and manually sign the Paying Agent/Registraz's Authentication Certificate, and no
<br />such Bond shall be deemed to be issued or outstanding unless such Certificate is so executed. The Paying
<br />Agent/Registraz promptly shall cancel all paid Bonds and Bonds surrendered for transfer and exchange. No addi-
<br />tional ordinances, orders, or resolutions need be passed or adopted by the governing body of the Issuer or any other
<br />body or person so as to accomplish the foregoing transfer and exchange of any Bond or portion thereof, and the
<br />Paying Agent/ Registrar shall provide for the printing, execution, and delivery of the substitute Bonds in the manner
<br />prescribed herein, and said Bonds shall be of type composition printed on paper with lithographed or steel engraved
<br />borders of customary weight and strength. Pursuant to Vernon's Ann. Tex. Civ. St. Art. 717k-6, and particularly
<br />Section 6 thereof, the duty of transfer and exchange of Bonds as aforesaid is hereby imposed upon the Paying
<br />Agent/Registraz, and, upon the execution of said certificate, the transferred and exchanged Bond shall be valid,
<br />incontestable, and enforceable in the same manner and with the same effect as the Bonds which initially were issued
<br />and delivered pursuant to this Ordinance, approved by the Attorney General, and registered by the Comptroller of
<br />Public Accounts.
<br />(b) Payment of Bonds and Interest. The Issuer hereby further appoints the Paying Agent/Registraz to act as
<br />the paying agent for paying the principal of and interest on the Bonds, all as provided in this Ordinance. The Paying
<br />Agent/ Registraz shall keep proper records of all payments made by the Issuer and the Paying Agent/Registraz with
<br />respect to the Bonds.
<br />(c) In General. The Bonds (i) shall be issued in fully registered form, 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/Registraz
<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 Initial
<br />Bond shall be delivered to the initial purchaser and are not required to be, and shall not be, authenticated by the
<br />Paying Agent/Registraz, but on each substitute Bond issued in exchange for the Initial Bonds or any Bond or Bonds
<br />issued under this Ordinance the Paying Agent/Registraz shall execute the PAYING AGENT/REGISTRAR'S
<br />AUTHENTICATION CERTIFICATE, in the form set forth in the FORM OF BOND.
<br />(d) Substitute Paving Agent/Ref;istraz. The Issuer covenants with the registered owners of the Bonds that at
<br />all times while the Bonds are outstanding the Issuer will provide a competent and legally qualified bank, trust
<br />company, financiai institution, or other agency to act as and perform the services of Paying Agent/Registraz for the
<br />Bonds under this Ordinance, and that the Paying Agent/Registraz will be one entity. The Issuer reserves the right
<br />to, and may, at its option, change the Paying Agent/Registrar upon not less than 120 days written notice to the
<br />Paying Agent/Registraz, to be effective not later than 60 days prior to the next principal or interest payment date after
<br />such notice. In the event that the entity at any time acting as Paying Agent/Registrar (or its successor by merger,
<br />acquisition, or other method) should resign or otherwise cease to act as such, the Issuer covenants that promptly it
<br />will appoint a competent and legally qualified bank, trust company, financial institution, or other agency to act as
<br />Paying AgentJRegistraz under this Ordinance. Upon any change in the Paying Agent/Registraz, the previous Paying
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