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<br /> <br /> <br /> <br /> <br /> <br /> Bonds shall be of type composition printed on paper with lithographed or steel engraved borders <br /> of customary weight and strength. Pursuant to Vernon's Ann. Tex. Civ. St. Art. 717k-6, and <br /> particularly Section 6 thereof, the duty of conversion and exchange or replacement of Bonds as <br /> aforesaid is hereby imposed upon the Paying Agent/Registrar, and, upon the execution of the <br /> above Paying Agent/Registrar's Authentication Certificate, the converted and exchanged or <br /> replaced Bond shall be valid, incontestable, and enforceable in the same manner and with the same <br /> effect as the Initial Bond which originally was issued pursuant to this Ordinance, approved by the <br /> Attorney General, and registered by the Comptroller of Public Accounts. The Issuer shall pay <br /> the Paying Agent/Registrar's standard or, customary fees and charges for transferring, converting, <br /> and exchanging any Bond or any portion thereof, but the one requesting any such transfer, <br /> conversion, and exchange shall pay any taxes or governmental charges required to be paid with <br /> respect thereto as a condition precedent to the exercise of such privilege of conversion and <br /> exchange. The Paying Agent/Registrar shall not be required to make any such conversion and <br /> exchange or replacement of Bonds or any portion thereof (i) during the period commencing with <br /> the close of business on any Record Date and ending with the opening of business on the next <br /> following principal or interest payment date, or, (ii) with respect to any Bond or portion thereof <br /> called for redemption prior to maturity, within 45 days prior to its redemption date. <br /> <br /> (e) In neral. All Bonds issued in conversion and exchange or replacement of any other <br /> Bond or portion thereof, (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, <br /> (ii) may be redeemed prior to their scheduled maturities, (iii) may be transferred and assigned, <br /> <br /> (iv) may be converted and exchanged for other Bonds, (v) shall have the characteristics, (vi) shall <br /> be signed and sealed, and (vii) the principal of and interest on the Bonds shall be payable, all as <br /> provided, and in the manner required or indicated, in the FORM OF SUBSTITUTE BOND set <br /> forth in this Ordinance. <br /> <br /> (fl PaXment of Fees and Charges. The Issuer hereby covenants with the registered owners <br /> of the Bonds that it will (i) pay the standard or customary fees and charges of the Paying <br /> Agent/Registrar for its services with respect to the payment of the principal of and interest on the <br /> Bonds, when due, and (ii) pay the fees and charges of the Paying Agent/Registrar for services <br /> with respect to the transfer of registration of Bonds, and with respect to the conversion and <br /> exchange of Bonds solely to the extent above provided in this Ordinance. <br /> <br /> (g) Substitute Pa,ying Agent/Registrar. The Issuer covenants with the registered owners <br /> of the Bonds that at all times while the Bonds are outstanding the Issuer will provide a competent <br /> and legally qualified bank, trust company, financial institution, or other agency to act as and <br /> perform the services of Paying Agent/Registrar for the Bonds under this Ordinance, and that the <br /> Paying Agent/Registrar will be one entity. The Issuer reserves the right to, and may, at its <br /> option, change the Paying Agent/Registrar upon not less than 120 days written notice to the <br /> Paying Agent/ Registrar, to be effective not later than 60 days prior to the next principal or <br /> 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 other- <br /> <br /> 12 <br />