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2002-10-09 CC Packet
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2002-10-09 CC Packet
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<br />indemnity in form, substance and amount satisfactory to it and as provided by law, in <br />which both the City and the Registrar must be named as obligees. Bonds so surrendered <br />to the Registrar will be cancelled by the Registrar and evidence of such cancellation must <br />be given to the City. If the mutilated, destroyed, stolen or lost Bond has already matured <br />or been called for redemption in accordance with its terms it is not necessary to issue a <br />new Bond prior to payment. <br /> <br />(i) Redemption. In the event any of the Bonds are called for redemption, <br />notice thereof identifying the Bonds to be redeemed will be given by the Registrar by <br />mailing a copy of the redemption notice by fIrst class mail (postage prepaid) to the <br />registered owner of each Bond to be ,redeemed at the address shown on the registration <br />books kept by the Registrar and by publishing the notice if required by law. Failure to <br />give notice by publication or by mail to any registered owner, or any defect therein, will <br />not affect the validity of the proceedings for the redemption of Bonds. Bonds so called <br />for redemption will cease to bear interest after the specifIed redemption date, provided <br />that the funds for the redemption are on deposit with the place of payment at that time. <br /> <br />2.04. Appointment of Initial Registrar. The City appoints U.S. Bank National <br />Association, St. Paul, Minnesota, as the initial Registrar. The Mayor and the City Clerk are <br />authorized to execute and deliver, on behalf of the City, a contract with the Registrar. Upon <br />merger or consolidation of the Registrar with another corporation, if the resulting corporation is a <br />bank or trust company authorized by law to conduct such business, the resulting corporation is <br />authorized to act as successor Registrar. The City agrees to pay the reasonable and customary <br />charges of the Registrar for the services performed. The City reserves the right to remove the <br />Registrar upon 30 days' notice and upon the appointment of a successor Registrar, in which event <br />the predecessor Registrar must deliver all cash and Bonds in its possession to the successor <br />Registrar and must deliver the bond register to the successor Registrar. On or before each <br />principal or interest due date, without further order of this Council, the City Clerk must transmit <br />to the Registrar monies sufficient for the payment of all principal and interest then due. <br /> <br />2.05. Execution. Authentication and Delivery. The Bonds will be prepared under the <br />direction of the City Clerk and executed on behalf of the City by the signatures of the Mayor and <br />the City Clerk, provided that those signatures may be printed, engraved or lithographed <br />facsimiles of the originals. If an officer whose signature or a facsimile of whose signature <br />appears on the Bonds ceases to be such officer before the delivery of a Bond, that signature or <br />facsimile will nevertheless be valid and sufficient for all purposes, the same as if the officer had <br />remained in office until delivery. Notwithstanding such execution, a Bond will not be valid or <br />obligatory for any purpose or entitled to any security or benefIt under this Resolution unless and <br />until a certifIcate of authentication on the Bond has been duly executed by the manual signature <br />of an authorized representative of the Registrar. Certificates of authentication on different Bonds <br />need not be signed by the same representative. The executed certificate of authentication on a <br />Bond is conclusive evidence that it has been authenticated and delivered under this Resolution. <br />When the Bonds have been so prepared, executed and authenticated, the City Clerk will deliver <br />the same to the Purchaser upon payment of the purchase price in accordance with the contract of <br />sale heretofore made and executed, and the Purchaser is not obligated to see to the application of <br />the purchase price. <br />SID-219247vl <br />CE155.19 <br />
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