CCRes_90-08 - Laserfiche WebLink

Home Browse Search

. destroyed Note has already matured or been called for redemption in accordance with its terms, it shall not be necessary to issue a new Note prior to payment. (i) Authenticatina Agent. The Registrar is hereby designated the authenticating agent for the Notes, within the meaning of Minnesota Statutes, Section 475.55, subdivision 1. 3.04. B.Poointment of Initial Registrar. The City hereby appoints .American National Bank and Trust Comnpany, as the initial Registrar. The Mayor and the City Clerk are authorized to execute and deliver, on behalf of the City, a contract with American National Bank and Trust Company, as Registrar. Upon merger or consolidation of the Registrar with another corporation, if the resulting corporation is a bank or trust company authorized by law to conduct such business, such corporation shall be authorized to act as successor Registrar. The City agrees to pay the reasonable and customary charges of the Registrar for the services performed. The City reserves the right to remove any Registrar upon thirty (30) days' notice and upon the appointment of a successor Registrar, in which event the predecessor Registrar shall deliver all cash and Notes in its possession to the successor Registrar and shall deliver the bond register to the successor .Registrar. On or • before each principal or interest due date, without further order of this Council, the City Clerk shall transmit to the Registrar, from the Sinking Fund described in Section 4.01 hereof, moneys sufficient for the payment of all principal and interest then due. 3.05. Redemption. The Notes are not subject to redemption prior to maturity. 3.06. Preparation and Delivery. The Notes shall be prepared under the direction of the City Clerk and shall be executed on behalf of the City by the signatures of the Mayor and the City Clerk, and shall be sealed with the official corporate seal of the City; provided that said signatures and the corporate seal may be printed, engraved, or lithographed facsimiles thereof. In case any officer whose signature, or a facsimile of whose signature, shall appear on the Notes shall cease to be such officer before the delivery of any Note, such signature or facsimile shall nevertheless be valid and sufficient for all purposes, the same as if such officer had remained in office until delivery. Notwithstanding such execution, no Note shall 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 such Note has been duly executed by the manual signature of an authorized • -10-