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2020-057 Council Resolution
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2020-057 Council Resolution
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Last modified
2/20/2021 1:00:33 PM
Creation date
11/16/2020 1:31:50 PM
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City Council
Council Document Type
Resolutions
Meeting Date
06/08/2020
Council Meeting Type
Regular
Resolution #
20-57
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• <br />• <br />• <br />7.04. Transfers Outside Book -Entry System. In the event the City, by resolution of the City <br />Council, determines that it is in the best interests of the persons having beneficial interests in the Bonds <br />that they be able to obtain Bond certificates, the City will notify DTC, whereupon DTC will notify the <br />Participants, of the availability through DTC of Bond certificates. In such event the City will issue, <br />transfer and exchange Bond certificates as requested by DTC and any other registered owners in <br />accordance with the provisions of this resolution. DTC may determine to discontinue providing its <br />services with respect to the Bonds at any time by giving notice to the City and discharging its <br />responsibilities with respect thereto under applicable law. In such event, if no successor securities <br />depository is appointed, the City will issue and the Registrar will authenticate Bond certificates in <br />accordance with this resolution and the provisions hereof will apply to the transfer, exchange and method <br />of payment thereof. <br />7.05. Payments to Cede & Co. Notwithstanding any other provision of this resolution to the <br />contrary, so long as a Bond is registered in the name of Cede & Co., as nominee of DTC, payments with <br />respect to principal of, premium, if any, and interest on the Bond and all notices with respect to the Bond <br />will be made and given, respectively in the manner provided in DTC's Operational Arrangements, as set <br />forth in the Representation Letter. <br />Section 8. Continuing Disclosure. <br />8.01. Execution of Continuing Disclosure Certificate. "Continuing Disclosure Certificate" <br />means that certain Continuing Disclosure Certificate executed by the Mayor and City Administrator and <br />dated the date of issuance and delivery of the Bonds, as originally executed and as it may be amended <br />from time to time in accordance with the terms thereof. <br />8.02. City Compliance with Provisions of Continuing Disclosure Certificate. The City hereby <br />covenants and agrees that it will comply with and carry out all of the provisions of the Continuing <br />Disclosure Certificate. Notwithstanding any other provision of this resolution, failure of the City to <br />comply with the Continuing Disclosure Certificate is not to be considered an event of default with respect <br />to the Bonds; however, any Bondholder may take such actions as may be necessary and appropriate, <br />including seeking mandate or specific performance by court order, to cause the City to comply with its <br />obligations under this section. <br />Section 9. Defeasance. When all the Bonds and all interest thereon have been discharged as <br />provided in this section, all pledges, covenants and other rights granted by this resolution to the holders of the <br />Bonds will cease, except that the pledge of the full faith and credit of the City for the prompt and full <br />payment of the principal of and interest on the Bonds will remain in full force and effect. The City may <br />discharge all Bonds which are due on any date by depositing with the Registrar on or before that date a sum <br />sufficient for the payment thereof in full. If any Bond should not be paid when due, it may nevertheless be <br />discharged by depositing with the Registrar a sum sufficient for the payment thereof in full with interest <br />accrued to the date of such deposit. <br />(The remainder of this page is intentionally left blank.) <br />10 <br />
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