Res. #11-007 - Accepting Proposals on the Sale of $2,760,000 G.O. Refunding Bond

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Section 6. Re�istration. The City appoints Northland Trust Services, Inc., as bond registrar and pa�ing agent (the "Re�istraz"). The eff_ ect of registration and the rights and duties ---_ ____ . _ _ of the City and the Registrar with respect thereto shall be as follows: (a) Re •g�t�. The Registrar shall keep at its principal office a bond register in which the Registrar sha11 provide for the registration of ownership of the Bonds and the registration of transfers or exchanges of the Bonds. (b) Transfer of Bonds. Upon surrender for transfer of the Bonds duly endorsed by the registered owner thereof or accompanied by a written instrument of transfer, in form satisfactory to the Registrar, duly executed by the registered owner thereof or by an attorney duly authorized by the registered owner in writing, the Registrar shall authenticate and deliver, in the name of the designated transferee or transferees, a new Bond of a like aggregate principal amount and maturity, as requested by the transferor. The Registrar may close the books for registration of any transfer after the fifteenth day of the month preceding each Interest Payment Date and until such Interest Payment Date. (c) Cancellation. The Bonds surrendered upon any transfer shall be promptly canceled by the Registrar and thereafter disposed of as directed by the City. (d) Improper or Unauthorized Transfer. When any Bond is presented to the Registrar I I for transfer, the Registrar may refuse to transfer the same until it is satisfied that the endorsement ' on such Bond or sepazate instrument of transfer is valid and genuine and the requested transfer is legally authorized. The Registrar sha11 incur no liability for its refusal, in good faith, to make ', transfers which it, in its judgment, deems improper or unauthorized. (e) Persons Deemed Owners. The City and the Registrar may treat the person(s) in ; whose name(s) the Bonds are at any time registered in the bond register as the absolute owners ' of the Bonds, whether the Bonds shall be overdue or not, for the purpose of receiving payment of, or on account of, the principal of or interest on such Bonds and for all other purposes, and all such payments so made to any such registered owners or upon the owners' order shall be valid and effectual to satisfy and discharge the liability of the City upon such Bonds to the extent of the sum or sums so paid. ( fl Taxes, Fees and Charges. For every transfer or exchange of Bonds, the Registrar may impose a charge upon the owner thereof sufficient to reimburse the Registrar for any t�, fee, or other governmental charge required to be paid with respect to such transfer or exchange. (g) Mutilated, Lost, Stolen or Destroved Bonds. In case any Bond sha11 become mutilated or be lost, stolen, or destroyed, the Registrar sha11 deliver a new Bond of like amount, maturity dates and tenor in exchange and substitution for and upon cancellation of such mutilated Bond or in lieu of and in substitution for such Bond lost, stolen, or destroyed, upon the payrnent of the reasonable expenses and chazges of the Registrar in connection therewith; and, in the case of a Bond lost, stolen, or destroyed, upon filing with the Registrar of evidence satisfactory to it that such Bond was lost, stolen or destroyed, and of the ownership thereof, and upon furnishing -- to the Registrar of an appropriate bo�d or indemnity in form, substance, and amount satisfactory to it, in which both the City and the Registrar sha11 be named as obligees. All Bonds so 7