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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 />6.05. Procedural Requirements. The City will use its best efforts to comply with any federal <br />procedural requirements which may apply in order to effectuate the designations made by this section. <br />6.06. Reimbursement. The City has or may have incurred certain expenditures with respect to the <br />Project that were financed temporarily from other sources but are expected to be reimbursed with proceeds of <br />the Bonds. The City hereby declares its intent to reimburse certain costs of the Project from proceeds of the <br />Bonds (the "Declaration"). This Declaration is intended to constitute a declaration of official intent for <br />purposes of the Section 1.150-2 of the Treasury Regulations promulgated under the Code. <br />Section 7. Book -Entry System; Limited Obligation of City. <br />7.01. DTC. The Bonds will be initially issued in the form of a separate single typewritten or <br />printed fully registered Bond for each of the maturities set forth in Section 1.04 hereof. Upon initial <br />issuance, the ownership of each Bond will be registered in the registration books kept by the Registrar in <br />the name of Cede & Co., as nominee for The Depository Trust Company, New York, New York, and its <br />successors and assigns ("DTC"). Except as provided in this section, all of the outstanding Bonds will be <br />registered in the registration books kept by the Registrar in the name of Cede & Co., as nominee of DTC. <br />7.02. Participants. With respect to Bonds registered in the registration books kept by the <br />Registrar in the name of Cede & Co., as nominee of DTC, the City, the Registrar and the Paying Agent <br />will have no responsibility or obligation to any broker dealers, banks and other financial institutions from <br />time to time for which DTC holds Bonds as securities depository (the "Participants") or to any other <br />person on behalf of which a Participant holds an interest in the Bonds, including but not limited to any <br />responsibility or obligation with respect to (i) the accuracy of the records of DTC, Cede & Co. or any <br />Participant with respect to any ownership interest in the Bonds, (ii) the delivery to any Participant or any <br />other person (other than a registered owner of Bonds, as shown by the registration books kept by the <br />Registrar) of any notice with respect to the Bonds, including any notice of redemption, or (iii) the <br />payment to any Participant or any other person, other than a registered owner of Bonds, of any amount <br />with respect to principal of, premium, if any, or interest on the Bonds. The City, the Registrar and the <br />Paying Agent may treat and consider the person in whose name each Bond is registered in the registration <br />books kept by the Registrar as the holder and absolute owner of such Bond for the purpose of payment of <br />principal, premium and interest with respect to such Bond, for the purpose of registering transfers with <br />respect to such Bonds, and for all other purposes. The Paying Agent will pay all principal of, premium, if <br />any, and interest on the Bonds only to or on the order of the respective registered owners, as shown in the <br />registration books kept by the Registrar, and all such payments will be valid and effectual to fully satisfy <br />and discharge the City's obligations with respect to payment of principal of, premium, if any, or interest <br />on the Bonds to the extent of the sum or sums so paid. No person other than a registered owner of Bonds, <br />as shown in the registration books kept by the Registrar, will receive a certificated Bond evidencing the <br />obligation of this resolution. Upon delivery by DTC to the City Administrator of a written notice to the <br />effect that DTC has determined to substitute a new nominee in place of Cede & Co., the words "Cede & <br />Co." will refer to such new nominee of DTC; and upon receipt of such a notice, the City Administrator <br />will promptly deliver a copy of the same to the Registrar and Paying Agent. <br />7.03. Representation Letter. The City has heretofore executed and delivered to DTC a Blanket <br />Issuer Letter of Representations (the "Representation Letter") which will govern payment of principal of, <br />premium, if any, and interest on the Bonds and notices with respect to the Bonds. Any Paying Agent or <br />Registrar subsequently appointed by the City with respect to the Bonds will agree to take all action <br />necessary for all representations of the City in the Representation Letter with respect to the Registrar and <br />Paying Agent, respectively, to be complied with at all times. <br />9 <br />
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