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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 />by the registered owner in writing, the Registrar will authenticate and deliver, in the name of the <br />designated transferee or transferees, one or more new Bonds of a like aggregate principal amount <br />and maturity, as requested by the transferor. The Registrar may, however, close the books for <br />registration of any transfer after the fifteenth day of the month preceding each interest payment <br />date and until that interest payment date. <br />(c) Exchange of Bonds. When Bonds are surrendered by the registered owner for <br />exchange the Registrar will authenticate and deliver one or more new Bonds of a like aggregate <br />principal amount and maturity as requested by the registered owner or the owner's attorney in <br />writing. <br />(d) Cancellation. Bonds surrendered upon transfer or exchange will be promptly <br />cancelled by the Registrar and thereafter disposed of as directed by the City. <br />(e) Improper or Unauthorized Transfer. When a Bond is presented to the Registrar <br />for transfer, the Registrar may refuse to transfer the Bond until the Registrar is satisfied that the <br />endorsement on the Bond or separate instrument of transfer is valid and genuine and that the <br />requested transfer is legally authorized. The Registrar will incur no liability for the refusal, in <br />good faith, to make transfers which it, in its judgment, deems improper or unauthorized. <br />(f) Persons Deemed Owners. The City and the Registrar may treat the person in <br />whose name a Bond is registered in the bond register as the absolute owner of the Bond, whether <br />the Bond is overdue or not, for the purpose of receiving payment of, or on account of, the <br />principal of and interest on the Bond and for all other purposes and payments so made to a <br />registered owner or upon the owner's order will be valid and effectual to satisfy and discharge the <br />liability upon the Bond to the extent of the sum or sums so paid. <br />(g) Taxes, Fees, and Charges. The Registrar may impose a charge upon the owner <br />thereof for a transfer or exchange of Bonds, sufficient to reimburse the Registrar for any tax, fee <br />or other governmental charge required to be paid with respect to the transfer or exchange. <br />(h) Mutilated, Lost, Stolen, or Destroyed Bonds. If a Bond becomes mutilated or is <br />destroyed, stolen or lost, the Registrar will deliver a new Bond of like amount, number, maturity <br />date and tenor in exchange and substitution for and upon cancellation of the mutilated Bond or in <br />lieu of and in substitution for any Bond destroyed, stolen or lost, upon the payment of the <br />reasonable expenses and charges of the Registrar in connection therewith; and, in the case of a <br />Bond destroyed, stolen or lost, upon filing with the Registrar of evidence satisfactory to it that the <br />Bond was destroyed, stolen or lost, and of the ownership thereof, and upon furnishing to the <br />Registrar of an appropriate bond or indemnity in form, substance and amount satisfactory to it <br />and as provided by law, in which both the City and the Registrar must be named as obligees. <br />Bonds so surrendered to the Registrar will be cancelled by the Registrar and evidence of such <br />cancellation must be given to the City. If the mutilated, destroyed, stolen or lost Bond has <br />already matured or been called for redemption in accordance with its terms it is not necessary to <br />issue a new Bond prior to payment. <br />(i) Redemption. In the event any of the Bonds are called for redemption, notice thereof <br />identifying the Bonds to be redeemed will be given by the Registrar by mailing a copy of the <br />redemption notice by first class mail (postage prepaid) to the registered owner of each Bond to be <br />redeemed at the address shown on the registration books kept by the Registrar and by publishing the <br />notice if required by law. Failure to give notice by publication or by mail to any registered owner, or <br />any defect therein, will not affect the validity of the proceedings for the redemption of Bonds. Bonds <br />
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