CCRes_90-09 - Laserfiche WebLink

Home Browse Search

• (i) Anthenticat~na Age_n_t. The Registrar is hereby designated authenticating agent for the Bonds, within the meaning of Minnesota Statutes, Section 475.55, Subdivision 1. 3.04. A~vointment of Initia~ Registrar. The City hereby appoints American National Bank and Trust Company, of St. Paul, Minnesota, as the initial Registrar. The Mayor and ' the City Clerk are authorized to ezecute and deliver, on behalf of the City, a contract with the 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 Bonds 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 1990 Improvement Bond Fund described in Section 4.02, money sufficient for the payment of all principal and interest then • due on the Bonds. 3.05. Redemption. Bonds maturing in the years 1992 through 1996 are payable on their respective stated maturity dates without option of prior payment, but Bonds maturing in 1997 and later years are each subject to redemption, at the option of the City and in whole or in part, and if in part, in inverse order of maturities and, within any maturity, in X5,000 principal amounts selected by the Registrar by lot, on February 1, 1996 and on any interest payment date thereafter, at a redemption price equal to the principal amount thereof to be redeemed plus accrued interest to the date of redemption. At least thirty days prior to the date set for redemption of any Bond, the City shall cause notice of the call for redemption to be mailed to .the Registrar and to the registered owner of each Bond to be redeemed, but no defect in or failure to give such mailed notice of redemption shall affect the validity of proceedings for the redemption of any Bond not affected by such defect or failure.. The notice of redemption shall specify the redemption date, redemption price, the numbers, interest rates and CUSIP numbers of .the Bonds to be redeemed and the place at which the Bonds are to be surrendered for payment, which is the principal office of the Registrar. Official notice of redemption having been given as aforesaid, the Bonds or portions thereof so to be redeemed shall, on the • -11-