2006-08-09 CC Packet - Laserfiche WebLink

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(d) not more than $10,000,000 of obligations issued by the City during calendar year 2006 have been desi{V'Slted for purposes of Section 265(b)(3) of the Code. 6.05. Procedural ReqpirementA. The City will use its best efforts to comply with any federal procedural requirements which may apply in order to effectuate the designations made by this section. Section 7. Book-Enlly System: Limited Obliption ofCif3. 7.01. Mt. The Bonds will be initially issued in the form of a separate single typewritten or printed tblly registered Bond for each of the maturities set forth in Section 1.03 hereof. Upon initi&l issuance, the ownership of each Bond will be registered in the registration books kept by the Bond Registrar in the name of Cede It Co., as nominee for The Depository Trust Company, New York, New York:, and its successors and assigns ("DTC"). Except as provided in this section, all of the outstanding Bonds will be registered in the registration books kept by the Bond Registrar in the name of Cede " Co., as nominee ofDTC. 7.02. Participant.C1- WJ.th respect to Bonds registered in the registration books kept by the Bond Registrar in the name of Cede " Co., as nominee ofDTC, the City, the Bond Registrar and the Paying Agent will have no responsibility or obligation to any broker dealers, banks and other financial institutions from time to time for which DTC holds Bonds as securities depository (participants) or to any other person on behalf of which a Participant holds an interest in the Bonds, including but not limited to any responsibility or obligation with respect to (i) the accuracy of the records of DTC, Cede " Co. or any Participant with respect to any ownership interest in the Bonds, (ii) the delivery to any Participant or any. other person (other than a registered owner of Bonds, as shown by the registration books kept by the Bond Registrar,) of any notice with respect to the Bonds, including any notice of redemption, or (ill) the payment to any Participant or any other person, other than a registered owner of Bonds, of any amount with respect to principal of: premium, if any, or interest on the Bonds. The City, the Bond Registrar and the Paying Agent may treat and consider the person in whose name each Bond is registered in the registration books kept by the Bond Registrar as the holder and absolute owner of such Bond for the purpose of payment of principal, premium and interest with respect to such Bond, for the purpose of registering transfers with respect to such Bonds, and for all other purposes. The Paying Agent will pay all principal ot: premium, if any, and interest on the Bonds only to or on the order of the respective registered owners, as shown in the registration books kept by the Bond Registrar, and all such payments will be valid and effectual to tblly satisfy and discharge the City's obligations with respect to payment of principal ot: premium, if any, or interest on the Bonds to the extent of the sum or sums so paid. No penoIl other than a registered owner of Bonds, as shown in the registration books kept. by the Bond Registrar, will receive a certificated Bond evidencing the obligation of this resolution. Upon delivery by DTC to the City Aclministrator of a written notice to the effect that DTC has determined to substitute a new nominee in place of Cede " Co., the words "Cede " Co.," will refer to such new nominee of DTC; and upon receipt of such a notice, the City Administrator willf'romptly deliver a copy of the same to the Bond Registrar and Paying Agent. Page 15 of22 5~