|
394
<br />
<br /> to be issued or outstanding unless such Certificate is so executed. The Paying Agent/Registrar
<br /> promptly shall cancel all Bonds, if any, surrendered for replacement. No additional resolutions,
<br /> Resolutions, or resolutions need be passed or adopted by the governing body of the Issuer or any
<br /> other body or person so as to accomplish the foregoing replacement of any Bond or portion thereof,
<br /> and the Paying Agent/Registrar shall provide for the printing, execution, and delivery of the
<br /> substitute Bonds in the manner prescribed herein, and said Bonds shall be of type composition
<br /> printed on paper with lithographed or steel engraved by order of customary weight and strength.
<br /> Pursuant to Article 717k-6, Texas Revised Civil Statutes, and particularly Section 6 thereof, the duty
<br /> ofreplacemeut of Bonds as aforesaid is hereby imposed upon the Paying Agent/Registrar, and, upon
<br /> the execution of the above-described Authentication Certificate, the substitute Bond shall be vaiid,
<br /> incontestable, and enforceable in the same manner and with the same effect as the Bond which
<br /> originally was issued pursuant to this Resolution, approved by the Attorney General, and registered
<br /> by the Comptroller of Public Accounts.
<br />
<br /> (e) In General. The Bonds originally issued hereunder and all Bonds issued in replacement
<br /> of any Bond (i) shall be issued in fully registered form, without interest coupons, with the principal
<br /> 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 exchanged for other Bonds (iv) may be
<br /> transferred and assigned, (v) shall have the characteristics, (vi) shall be signed and sealed, and (vii)
<br /> the principal of and interest on the Bonds shall be payable, all as provided, and in the manner
<br /> required or indicated, in the FORM OF BOND set forth in Section 5 of this Resolution.
<br />
<br /> (f) Payment of Fees and Charees. The Issuer hereby covenants with the registered owners
<br /> of the Bonds that it will pay the reasonable standard or customary fees and charges of the Paying
<br /> Agent/Registrar for its services with respect to the payment of the principai of and interest on the
<br /> Bonds, when due.
<br />
<br /> (g) Substitute Paving Agent/Registrar. The Issuer covenants with the registered owners of
<br /> the Bonds that at ail times while the Bonds are outstanding the Issuer will provide a competent and
<br /> legally qualified bank, trust company, financial institution, or other agency to act as and perform the
<br /> services of Paying Agent/Registrar for the Bonds under this Resolution, and that the Paying
<br /> Agent/Registrar will be one entity. At the time of its appointment, any successor Paying
<br /> Agenb~Registrar shall have a capital stock and surplus aggregating not less than $25,000,000. The
<br /> Issuer reserves the right to, and may, at its option, change the Paying Agent/Registrar upon not less
<br /> than 120 days written notice to the Paying Agent/Registrar, to be effective not later than 60 days
<br /> prior to the next principai or interest payment date after such notice. In the event that the entity at
<br /> any time acting as Paying Agent/Registrar (or its successor by merger, acquisition, or other method)
<br /> should resign or otherwise cease to act as such, the Issuer covenants that promptly it will appoint a
<br /> competent and legally qualified bank, trust company, financial institution, or other agency to act as
<br /> Paying Agent/Registrar under this Resolution. Upon any change in the Paying Agent/Registrar, the
<br /> previous Paying Agent/Registrar promptly shall transfer and deliver the Registration Books (or a
<br /> copy thereof), along with all other pertinent books and records relating to the Bonds, to the new
<br /> Paying Agent/Registrar designated and appointed by the Issuer. Upon any change in the Paying
<br />
<br />
<br />
|