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RES 2004
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RES 2004
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6/16/2026 11:26:16 AM
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ADM 05000
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ORDINANCES & RESOLUTIONS
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PERMANENT
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(G) Persons Deemed Owners. The City.-and the Registrar may treat the Purchaser as the absolute.owner of the Bond, <br />whether the Bond is overdue or not, for the. purpose of receiving payment ot", or on account of., the principal of and <br />interest on the Bopd-; rtd for all other -purposes, and payments so made: to a registered owner or upon the owner's order <br />will be valid and effectual to satisfyand discharge the. liability upon the Bond to:the extent o£"the sum -or sums so paid. <br />M 'Taxes, :Fees and Charces, The Registrar may impose a charge upon the owner thereof. for a transferor exchange.. <br />M of Bonds cuff ieient to, reimburse the. Registrar for any taX, fee. or othpt governmental charge required to be.paid .with <br />respect to the transfer or exchange. <br />(g) Mutilated. Lost,. Stolen of Destroyed Bonds. If a Bond becomes mutilated or is destroyed; stolen .or lost; the <br />Registrar will deliver a new Bond of like amount; number, maturity dateand tenor in exchange'and substitution for and <br />upon cancellation of the mutilated .Bond or in lieu ofand in substitution .for a Bond destroyed, stolen:oflost. upon the <br />payment of the .reasonable expenses ;and charges of the Registrar in corinection therewith; and, in: the case itf a Bond <br />destroyed, stolen or lost, upon filing with the Registrar of evidence satisfactory to it that the Bond was destroyed; stolen <br />Or lost, and ofthe ownership thereof and upon furnishingto:the Registrar of <br />an appropriate. bond or indemnity in forth, <br />substance and atnouttt satisfactory to. it :and:as provided bylaw; in Which bbda-the.0ty and the Registrar must be.named <br />as: obligees: Bonds so surrendered to the Registrar will be cancelled by the -Registrar and evidence of such cancellation <br />must be given t6 the City; If the mutilated; destroyed,stolen' or lost .Bond has already matured or been called for <br />redemption in accortdarice With its.terms it is not necessary to issue a new Bond print• to payment. <br />(h) Redemption. In the event any of the Bonds are called.for redemption, or to be prepaid, notice thereof identifying <br />the amount of the Bonds to be redeemed will be given by the City to;the Registrar by mailing a notice more than' days <br />prior to a date of prepayment by first class U.S. Nlail'(postage prepaid) to the Purchaser. 'The.amountof the Bonds so <br />eall'ed for redemption will cease to bear interest after the specified redemption date, ptoy.ided that the funds for the <br />redemptionare on deposit with the place of payment at that time. <br />164.. Execution. Authentication and Delivery. The Bonds will be prepared. under the direction o%the..City Clerk and <br />executed on behalf of the City.by the signatures of the Mayor and the City Clerk; provided that those signatures maybe <br />printed, engraved or lithographed facsimiles'ofthe originals. If an officer wh..ose.:sibnature or a facsimile of�vhose signature <br />appears oa the Bonds. ceases to be such officer before the. delivery of a Bond, that.signatui•e or facsimile a i11 nevertheless:be <br />valid and sufficient for all purposes, the same as if the officer had remained in office. until delivery. Notwithstanding such. <br />execution, a Bond will not be valid or obligatory for any purpose or entitled to any.security or benefit under th is Res6lwiori <br />unless and ttntil a certificate. of authentication on the Bond has been duly executed by the rtianual signature:of an authorized <br />representative of. the Registrar. Certificates of authentication on different Bonds need not be signed by the same <br />representative. The executed certificate ofauthentication on a Bond is conclusive evidence that ithas been authenticated. And <br />.delivered tinder this Resolution. When the Bonds'liave'been so prepared; ekeeuted and authenticated, the'Citv.Clerk Will <br />-deliyerthe-saine.to:the Purchaser upon. payinent'ofthe purchase pricean'accordanre With thecontract ofsale heretofore made. <br />acid executed, and the Purchaser is not obligated*to see to the application of*the purchase price. <br />2.0.5. Temporary Bonds. The City may elect to deliver, in lieu of printed definitive Bonds one or more typewritten. <br />temporary Bonds in substantially the form set forth. in Section 3 with such changes:as may be necessary to:retlect more than <br />one maturity in.a singletemporaiy bond. Upon the execution and delivery.of definitive Bonds the temporary Bonds will. be <br />exclianged therefor and cancelled. <br />Section 3. form of Bond. <br />161, The [fonds will be printed -or typewritten in substantially the. form attached hereto. a$ ExTiibit A. <br />1.oz, "The City. Clerk. will. obtain a copy of the proposed approving legal. opinion of Kennedy &..Graven, Chartered, <br />?V1 inneapolis, lbiinnesota; which will be complete except as to dating.thereof and will cause theopinionlo acconipany each <br />Fond. <br />Secti'otr4. Payment; Security; Pledaes and .Covenants <br />(aj The Bonds are payable from the General Obligation Improvement Bonds, .Seties 2004 Debt Service Fund (the <br />"Series 2004 Debt Service Fund') herebycreated, and special assessments (the."Assessments"), levied or to belevied <br />for the improvementsdescribed in Section 1.0.1 ofth is resolution (the "linprovements")financed by the Bonds are hereby <br />pledged to the Series.2004 Debt. Service Fund, If a payment of.principal or interest -6n the Bonds becomes due when <br />there is not sufficient money in the Series 2004 Debt Service Fund to pay the.saine; the City Cleric is authorized .and <br />directed to pay such principal or interest from the generafuiid of the City, and the general. fund will be reimbursed.for <br />such advances out of the proceeds of Assessments for the -Improvements when collected. There. is appropriated:to.the <br />Series 2004 Debt Service Fund (i)capitalized interest. financed from Bond proceeds. <br />
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