res_8252 - Laserfiche WebLink

Home

of the Bonds subject to prepayment. If redemption is in part, those Bonds remaining unpaid which have the latest maturity date will be prepaid first. If a maturity is prepaid on in part, prepayments will be in increments of $5,000 of pr incipal. All such prepayments shall be at a price of par plus accrued interest. Security and Purpose. The Bonds will be general obligations of the Ci ty for which the Ci ty will pledge its full fai th and credi t and power to levy di rect general ad valorem taxes. In addition, the City will pledge special assessments against property specially benefited by the improvements to be financed therefrom. GLOBAL BOOK ENTRY SYSTEM Ownership of the Bonds. Purchases of Bonds by investors may be made through banks, brokers or dealers who are, or act through, participants (the "Participants") of the Depository, other SEC registered depositories and clearing corporations, who collectively comprise the National Clearance and Settlement System (the "National System"). The ownership of the Bonds will be shown on, and transfer of ownership will be effected through, records maintained by the Depository. The responsibility for maintaining, reviewing and supervising such records rests collectively with the specific Participants and the relevant units of the National System through whom the investors purchase or maintain the custody of the Bonds. Individual purchases of the Bonds may be in the amount of $5,000 or any multiple thereof of a single maturity, through book entries made on the books and records of the National System. Payments to Bondowners. Payment of principal of and interest on the Bonds will be made by the Ci ty to the Deposi tory through its nominee Kray & Co., the registered owner of the Global Certificates. The Depository will credit payments on the Bonds to the Participants, as listed on the records of the Deposi tory on the fifteenth calendar day preceding each interest payment date. Transfer of such payments to the Participants is the responsibility of the Depository. Transfer of such payments by the Participants is the responsibili ty of the Participants. Bondowners will receive interest and pr incipal payments through their bank, broker or dealer nominees. The bank, broker or dealer nominees, if not Participants, will receive payments from the Participants or others who received payments directly or indirectly from Participants. Global Certificates. As part of the Global Book Entry System, the Ci ty I S Bonds are author ized only in the denomination of the entire outstanding principal amount of a given maturity and are not exchangeable for bonds of smaller denominations, unless replacement bonds are author i zed. The Ci ty (or any successor registrar) will register on the registration books maintained for the Global Certificates any transfer requested by the