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not be deemed to be outstanding hereunder, and the holders thereof shall have the right only to <br />receive the redemption price. <br />All Bonds which have been redeemed shall be canceled and shall not be reissued; <br />provided, however, that one or more new registered bonds shall be issued for the unredeemed <br />portion of any Bond without charge to the holder thereof. <br />No later than the date fixed for redemption, funds shall be deposited with the Paying <br />Agent or another paying agent to pay, and such agent is hereby authorized and directed to apply <br />such funds to the payment of, the Bonds or portions thereof called for redemption, including <br />accrued interest thereon to the redemption date. No payment shall be made upon any Bond or <br />portion thereof called for redemption until such bond shall have been delivered for payment or <br />cancellation or the Registrar shall have received the items required by this Ordinance with <br />respect to any mutilated, lost, stolen or destroyed bond. <br />SECTION 4. Appointment of Registrar and Paving Agent. The Controller is hereby <br />appointed to serve as registrar and paying agent or is authorized to appoint another registrar and <br />paying agent for the Bonds (together with any successor, the "Registrar" or "Paying Agent'). <br />The Registrar is hereby charged with the responsibility of authenticating the Bonds, and shall <br />keep and maintain the Registration Record at its office. The Mayor is hereby authorized to enter <br />into such agreements or understandings with an institution as will enable the institution to <br />perform the services required of the Registrar and Paying Agent. The Controller is authorized to <br />pay such fees as an institution may charge for the services it provides as Registrar and Paying <br />Agent. <br />The Registrar and Paying Agent may at any time resign as Registrar and Paying Agent by <br />giving thirty (30) days written notice to the City and to each registered owner of the Bonds then <br />outstanding, and such resignation will take effect at the end of such thirty (30) days or upon the <br />earlier appointment of a successor Registrar and Paying Agent by the City. Such notice to the <br />City may be served personally or be sent by first -class or registered mail. The Registrar and <br />Paying Agent may be removed at any time as Registrar and Paying Agent by the City, in which <br />event the City may appoint a successor Registrar and Paying Agent. The City shall notify each <br />registered owner of the Bonds then outstanding of the removal of the Registrar and Paying <br />Agent. Notices to registered owners of the Bonds shall be deemed to be given when mailed by <br />first -class mail to the addresses of such registered owners as they appear on the Registration <br />Record. Any predecessor Registrar and Paying Agent shall deliver all the Bonds, cash and <br />investments related thereto in its possession and the Registration Record to the successor <br />Registrar and Paying Agent. At all times, the same entity shall serve as Registrar and as Paying <br />Agent. <br />SECTION 5. (a) Form of Bonds. The form and tenor of the Bonds shall be substantially <br />as shown in Exhibit B, all blanks to be filled in properly and all necessary additions and deletions <br />to be made prior to delivery thereof and the approval of any changes to such form shall be <br />evidenced by the execution by the Mayor and the Controller. <br />(b) Authorization of Book -Entry Bonds. The City may, upon the advice of its <br />financial advisor, have the Bonds held by a central depository system pursuant to an agreement <br />5 <br />