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CC_Minutes_2011_1212
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CC_Minutes_2011_1212
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Roseville City Council
Document Type
Council Minutes
Meeting Date
12/12/2011
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All Bonds delivered in exchange for or upon transfer of Bonds shall be valid general <br /> obligations of the City evidencing the same debt, and entitled to the same benefits under this <br /> resolution, as the Bonds surrendered for such exchange or transfer. <br /> Every Bond presented or surrendered for transfer or exchange shall be duly endorsed or <br /> be accompanied by a written instrument of transfer, in form satisfactory to the Bond Registrar, <br /> duly executed by the Holder thereof or the Holder's attorney duly authorized in writing. <br /> The Bond Registrar may require payment of a sum sufficient to cover any tax or other <br /> governmental charge payable in connection with the transfer or exchange of any Bond and any <br /> legal or unusual costs regarding transfers and lost Bonds. <br /> Transfers shall also be subject to reasonable regulations of the City contained in any <br /> agreement with the Bond Registrar, including regulations which permit the Bond Registrar to <br /> close its transfer books between record dates and payment dates. The Manager is hereby <br /> authorized to negotiate and execute the terms of said agreement. <br /> 11. Rights Upon Transfer or Exchange. Each Bond delivered upon transfer of or in <br /> exchange for or in lieu of any other Bond shall carry all the rights to interest accrued and unpaid, <br /> and to accrue, which were carried by such other Bond. <br /> 12. Interest Payments and Record Date. Interest on any Bond shall be paid on each <br /> Interest Payment Date by check or draft mailed to the person in whose name the Bond is <br /> registered (the "Holder") on the registration books of the City maintained by the Bond Registrar <br /> and at the address appearing thereon at the close of business on the fifteenth day of the calendar <br /> month next preceding such Interest Payment Date (the "Regular Record Date"). Any such <br /> interest not so timely paid shall cease to be payable to the person who is the Holder thereof as of <br /> the Regular Record Date, and shall be payable to the person who is the Holder thereof at the <br /> close of business on a date (the "Special Record Date") fixed by the Bond Registrar whenever <br /> money becomes available for payment of the defaulted interest. Notice of the Special Record <br /> Date shall be given by the Bond Registrar to the Holders not less than ten days prior to the <br /> Special Record Date. <br /> 13. Treatment of Registered Owner. The City and Bond Registrar may treat the <br /> person in whose name any Bond is registered as the owner of such Bond for the purpose of <br /> receiving payment of principal of and premium, if any, and interest(subject to the payment <br /> provisions in paragraph 12) on, such Bond and for all other purposes whatsoever whether or not <br /> such Bond shall be overdue, and neither the City nor the Bond Registrar shall be affected by <br /> notice to the contrary. <br /> 14. Delivery; Application of Proceeds. The Bonds when so prepared and executed <br /> shall be delivered by the Finance Director to the Purchaser upon receipt of the purchase price, <br /> and the Purchaser shall not be obliged to see to the proper application thereof. <br /> 15. Fund and Accounts. There is hereby established a special fund to be designated <br /> the General Obligation Bonds, Series 2011A Fund (the "Fund"). The Fund shall be maintained <br /> in the manner herein specified until the Bonds and the interest thereon have been fully paid. <br /> There shall be established and maintained in the Fund the following separate accounts: <br /> 15 <br /> 4359970v1 <br />
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