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7/17/2007 8:33:34 AM
Creation date
9/17/2004 8:30:19 AM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
8539
Resolution Title
Providing for the public sale of $2,000,000 General Obligation Improvement Bonds, Series 16, and establishing a Special Council meeting on March 14, 1990, at 3:45 p.m.
Resolution Summary
Public sale of $2,000,000 General Obligation Improvement Bonds, Series 16
Resolution Date Passed
2/12/1990
Keywords
General Obligation Improvement Bonds
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<br />GLOBAL BOOK Elft'RY SYSTEII <br /> <br />Ownership of the Bonds. Purchases of Bonds by investors may be <br />made through banks, brokers or dealers who are, or act through, <br />participants (the "Participants") of the Depository, other SEC <br />registered depositories and clearing corporations, who collec- <br />tively comprise the National Clearance and Settlement System (the <br />"National System"). <br /> <br />The ownership of the Bonds will be shown on, and transfer of <br />ownership will be effected through, records maintained by the <br />Depository. The responsibility for maintaining, reviewing and <br />supervising such records rests collectively with the specific <br />Participants and the relevant units of the National System <br />through whom the investors purchase or maintain the custody of <br />the Bonds. <br /> <br />Individual purchases of the Bonds may be in the amount of $5,000 <br />or any multiple thereof of a single maturity, through book en- <br />tries made on the books and records of the National System. <br /> <br />Payments to Bondowners. Payment of principal of and interest on <br />the Bonds will be made by the City to the Depository through its <br />nominee Kray & Co., the registered owner of the Global Certifi- <br />cates. The Depository will credit payments on the Bonds to the <br />Participants, as listed on the records of the Depository on the <br />fifteenth calendar day preceding each interest payment date. <br />Transfer of such payments to the Participants is the responsibil- <br />ity of the Depository. Transfer of such payments by the Partici- <br />pants is the responsibility of the Participants. Bondowners will <br />receive interest and principal payments through their bank, <br />broker or dealer nominees. The bank, broker or dealer nominees, <br />if not Participants , will receive payments from the Participants <br />or others who received payments directly or indirectly from <br />Participants. <br /> <br />Global Certificates. As part of the Global Book Entry System, <br />the City's Bonds are authorized only in the denomination of the <br />entire outstanding principal amount of a given maturity and are <br />not exchangeable for bonds of smaller denominations, unless <br />replacement bonds are authorized. The City (or any successor <br />registrar) will register on the registration books maintained for <br />the Global Certificates any transfer requested by the registered <br />owner. Initially, the owner registered on the City's registra- <br />tion books will be Kray & Co. Despite the larger authorized <br />denomination of the City's Global Certificates, the Depository <br />will recognize and enter on its books in the National System <br />interests in $5,000 denominations in each Global Certificate. <br /> <br />TElUIS OF SALE <br /> <br />Minimum Bid and Good Faith Deposit. A sealed bid for not less <br />than $1,970,000 and accrued interest on the total principal <br />amount of the Bonds shall be filed with the undersigned prior to <br />the time set for the opening of bids. Also prior to the time set <br />for bid opening, a certified or cashier's check in the amount of <br />$20,000 payable to the order of the City, shall have been filed <br />with the undersigned. No bid will be considered for which said <br />check has not been filed. The check of the Purchaser will be <br />
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