Definition of Parity Contract Obligation Account

Parity Contract Obligation Account means the special account of the same name created within the Bond Service Fund ~Paying Agent" shall mean any paying agent for Bonds appointed by or pursuant to a Supplemental Ordinance and its successors or assigns, and any other Person which may at any time be substituted in its place pursuant to a Supplemental Ordinance. Once appointed, no resignation or removal of the Paying Agent shall become effective until a successor has been appointed and has accepted the duties of Paying Agent. Each of the Insurers of Bonds, If any, shall be furnished with written notice of the resignation or removal of the Paying Agent and the appointment of any successor thereto