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. y,r Page 12 'low Section 9. That the bonds of this issue shall be callable for payment prior to maturity in accordance with the terms set out in the face of the bond form in Section 5 of this Ordinance. Section 10. That the Treasurer of the City of Batesville, Arkansas, is hereby ordered and directed to place on deposit with Mercantile Bank, Jonesboro, Arkansas, the Paying Agent, at least five (5) days before the maturity date of any bond or interest coupon issued hereunder, an amount from the funds herein appropriated equal to the amount of such bonds or coupons, for the sole purpose of paying the same, together with the customary Paying Agent's fees. Such deposit shall be at the risk of the City and shall not operate as a payment of the bonds or coupons until so applied. This instruction to the Treasurer is irrevocable and may be enforced by mandamus. Section 11. That Mercantile Bank, Jonesboro, Arkansas, is desig- nated as Paying Agent. The holders of a majority in value of the outstanding bonds at any time may by an instrument duly executed and recorded in the office of the City Clerk appoint a new Paying Agent, who shall have all the powers of the Paying Agent originally named, and the Paying Agent herein named may resign at any time upon ten (10) days notice in writing mailed to the City Clerk. In the event of a vacancy in the office of Paying Agent and the failure of the holders of the majority in value of the outstanding bonds to take the necessary action to appoint a new Paying Agent within thirty (30) days after such vacancy occurs, the City shall forthwith designate a new Paying Agent. Section 12. That if default is made and continues for thirty (30) days in the payment of any interest coupon, the holder of the bond to which it is attached may declare the same immediately due and payable, and the failure of the holder to exercise this option upon any default shall not be a waiver of his right to exercise the option upon any subsequent default.