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Resolution No. 16-05 EDA
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Resolution No. 16-05 EDA
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10/9/2017 1:15:26 PM
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10/6/2017 12:33:47 PM
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EDA
EDA Document Type
EDA Resolution
Meeting Date
07/25/2016
Resolution #
16-05
Resolution Title
Approving Contract for Private Development and Awarding the Sale of, and Providing the Form, Terms, Covenants and Directions for the Issuance of Its Tax Increment Revenue Note, Series 2016; in the Maximum Principal Amount of $ 1,200,000
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The Note shall be issuable only in fully registered form. Principal of the Note shall be payable by <br />check or draft issued by the Registrar described herein. <br />3.02. Dates. Principal of the Note shall be payable by mail to the owner of record thereof as of <br />the close of business on the fifteenth day of the month preceding the Payment Date, whether or not such day <br />is a business day. <br />3.03. Registration. The Authority hereby appoints the Executive Director to perforin the <br />functions of registrar, transfer agent and paying agent (the "Registrar"). The effect of registration and the <br />rights and duties of the Authority and the Registrar with respect thereto shall be as follows: <br />(a) Register. The Registrar shall keep at its office a bond register in which the Registrar shall <br />provide for the registration of ownership of the Note and the registration of transfers and exchanges of the <br />Note. <br />(b) Transfer of Note. Upon surrender for transfer of the Note duly endorsed by the registered <br />owner thereof or accompanied by a written instrument of transfer, in form reasonably satisfactory to the <br />Registrar, duly executed by the registered owner thereof or by an attorney duly authorized by the registered <br />owner in writing, the Registrar shall authenticate and deliver, in the name of the designated transferee or <br />transferees, a new Note of a like aggregate principal amount and maturity, as requested by the transferor. <br />Notwithstanding the foregoing, the Note shall not be transferred to any person other than an affiliate, or <br />other related entity, of the Owner unless the Authority has been provided with a certificate of the transferor, <br />in a form reasonably satisfactory to the Authority, that such transfer is exempt from registration and <br />prospectus delivery requirements of federal and applicable state securities laws. The Registrar may close <br />the books for registration of any transfer after the fifteenth day of the month preceding each Payment Date <br />and until such Payment Date. <br />(c) Cancellation. The Note surrendered upon any transfer shall be promptly cancelled by the <br />Registrar and thereafter disposed of as directed by the Authority. <br />(d) Improper or Unauthorized Transfer. When the Note is presented to the Registrar for <br />transfer, the Registrar may refuse to transfer the same until it is satisfied that the endorsement on such Note <br />or separate instrument of transfer is legally authorized. The Registrar shall incur no liability for its refusal, <br />in good faith, to make transfers which it, in its judgment, deems improper or unauthorized. <br />(e) Persons Deemed Owners. The Authority and the Registrar may treat the person in whose <br />name the Note is at any time registered in the bond register as the absolute owner of the Note, whether the <br />Note shall be overdue or not, for the purpose of receiving payment of, or on account of, the principal of such <br />Note and for all other purposes, and all such payments so made to any such registered owner or upon the <br />owner's order shall be valid and effectual to satisfy and discharge the liability of the Authority upon such <br />Note to the extent of the sum or sums so paid. <br />(f) Taxes, Fees and Charges. For every transfer or exchange of the Note, the Registrar may <br />impose a charge upon the owner thereof sufficient to reimburse the Registrar for any tax, fee, or other <br />governmental charge required to be paid with respect to such transfer or exchange. <br />(g) Mutilated, Lost, Stolen or Destroyed Note. In case any Note shall become mutilated or be <br />lost, stolen, or destroyed, the Registrar shall deliver a new Note of like amount, maturity dates and tenor in <br />exchange and substitution for and upon cancellation of such mutilated Note or in lieu of and in substitution <br />for such Note lost, stolen, or destroyed, upon the payment of the reasonable expenses and charges of the <br />483310v2 JAE LN140-116 2 <br />
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