Laserfiche WebLink
new Bond of like amount, number, maturity date and tenor in exchange and <br /> substitution for and upon cancellation of any such mutilated Bond or in lieu <br /> of and in substitution for any such Bond lost, stolen or destroyed, upon the <br /> payment of the reasonable expenses and charges of the Registrar in <br /> connection therewith; and, in the case of a Bond lost, stolen or destroyed, <br /> upon filing with the Registrar of evidence satisfactory to it that such Bond <br /> was lost, stolen or destroyed, and of the ownership thereof, and upon <br /> furnishing to the Registrar of an appropriate bond or indemnity in form, <br /> substance and amount satisfactory to it, in which both the City and the <br /> Registrar shall be named as obligees. All Bonds so surrendered to the <br /> Registrar shall be cancelled by it and evidence of such cancellation shall be <br /> given to the City. If the mutilated, lost, stolen or destroyed Bond has already <br /> matured or been called for redemption in accordance with its terms, it shall <br /> not be necessary to issue a new Bond prior to payment. <br /> 3.04. Appointment of Initial Registrar. The City hereby appoints the <br /> City Clerk, as the initial Registrar. In the event that the City determines to <br /> discontinue the book entry -only system for the Bonds as described in paragraph (c) <br /> of Section 3.07, or DTC, as defined in Section 3.07, determines to discontinue <br /> providing its services with respect to the Bonds and a new securities depository is <br /> not appointed for the Bonds, the City will designate a suitable bank or trust company <br /> to act as successor Registrar if the City Clerk is then acting as Registrar. The City <br /> reserves the right to remove any Registrar upon thirty (30) days' notice and upon <br /> the appointment of a successor Registrar, in which event the predecessor Registrar <br /> shall deliver all cash and Bonds in its possession to the successor Registrar and shall <br /> deliver the bond register to the successor Registrar. <br /> 3.05. Redemption. Bonds maturing in the years 1995 through 1999 <br /> shall not be subject to redemption prior to maturity, but Bonds maturing in the <br /> years 2000 through 2005 shall each be subject to redemption and prepayment, at the <br /> option of the City, in whole or in part, and if in part, in inverse order of maturities <br /> and, within any maturity, in $5,000 principal amounts selected by the Registrar by <br /> lot, on February 1, 1999 and on any date thereafter at a price equal to the principal <br /> amount thereof to be redeemed plus interest accrued to the date of redemption. At <br /> least thirty days prior to the date set for redemption of any Bond, the City Clerk shall <br /> cause notice of the call for redemption to be mailed to the Registrar and to the <br /> registered owner of each Bond to be redeemed, but no defect in or failure to give <br /> such mailed notice of redemption shall affect the validity of proceedings for the <br /> redemption of any Bond not affected by such defect or failure. The notice of <br /> redemption shall specify the redemption date, redemption price, the numbers, <br /> interest rates and CUSIP numbers of the Bonds to be redeemed and the place at <br /> which the Bonds are to be surrendered for payment, which is the principal office of <br /> the Registrar. Official notice of redemption having been given as aforesaid, the <br /> Bonds or portions thereof so to be redeemed shall, on the redemption date, become <br /> -10- <br />