res_8655 - Laserfiche WebLink

Home

'. (i) Redemption. In the event any of the Bonds are called for redemption, notice thereof identifying the Bonds to be redeemed will be given by the Registrar by mailing a copy of the redemption notice by first class mail (postage prepaid) not more than 60 and not less than 30 days prior to the date fixed for redemption to the registered owner of each Bond to be redeemed at the address shown on the registration books kept by the Regis- trar and by publishing the notice in the manner required by law. Failure to give notice by publication or by mail to any registered owner, or any defect therein, will not affect the validity of any proceeding for the redemption of Bonds. Bonds so called for redemption will cease to bear interest after the specified redemption date, provided that the funds for the redemption are on deposit with the place of payment at that time. 2.04. Appointment of Initial Re\?:istrar. The City appoints the Finance Director of the City as the initial Registrar. In the event the Bonds are no longer registered in the name of a securities depository as provided in Section 3, the Finance Director may continue as Registrar but the Mayor and Manager are authorized to enter into a contract with a Successor Registrar (Successor Registrar). Upon merger or consolidation of the Successor Registrar with another corporation, if the resulting corporation is a bank or trust company authorized by law to conduct such business, such corporation is authorized to act as Successor Registrar. The City agrees to pay the reasonable and customary charges of the Successor Registrar for the services performed. The City reserves the right to remove the Registrar upon 30 days' notice and upon the appointment of a Successor Registrar, in which event the predecessor Registrar must deliver all cash and Bonds in its possession to the Successor Registrar and must deliver the bond register to the successor Registrar. On or before each principal or interest due date, without further order of this Council, the Finance Director must transmit to the Successor Registrar moneys sufficient for the payment of all principal and interest then due. 2.05. Execution, Authentication and Delivery. The Bonds will be prepar~d under the direction of the Finance Director and executed on behalf of the City by the signatures of the Mayor and the Manager, provided that all signatures may be printed, engraved or lithographed facsimiles of the originals. In case any officer whose signature or a facsimile of whose signature appears on the Bonds ceases to be such officer before the delivery of a Bond, the signature or facsimile will nevertheless be valid and sufficient for all purposes as if the officer had remained in office until delivery. Notwithstanding such execution, a Bond will not be valid or obligatory for any purpose or entitled to any security or benefit under this Resolution unless and until a certificate of authentication on the Bond has been duly executed by the manual signature of an authorized representative of the Registrar. Certificates of authentication on different Bonds need not be signed by the same representative. The executed certificate of authentication on each Bond is conclusive evidence that it has been authenticated and delivered under this Resolution. When the Bonds have been so prepared, executed and authenticated, the Finance Director is directed to deliver the same to the Purchaser upon payment of the purchase price in accordance with the contract of sale heretofore made and executed, and the Purchaser is not, obligated to see to the application of the purchase price.