11/09/2009 Council Packet (2) - Laserfiche WebLink

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• • • destroyed, stolen or lost, upon the payment of the reasonable expenses and charges of the Registrar in connection therewith; and, in the case of a Note destroyed, stolen or lost, upon filing with the Registrar of evidence satisfactory to it that such Note was destroyed, stolen or lost, and of the ownership thereof, and upon furnishing to the Registrar an appropriate note or indemnity in form, substance and amount satisfactory to it, in which both the City and the Registrar will be named as obligees. The Note so surrendered to the Registrar will be cancelled by it and evidence of such cancellation will be given to the City. If the mutilated, destroyed, stolen or lost Note has already matured or been called for redemption in accordance with its terms it will not be necessary to issue a new Note prior to payment. (i) Redemption. In the event the Note is called for redemption, notice thereof identifying the Notes to be redeemed will be given by the Registrar by mailing a copy of the redemption notice by first class mail (postage prepaid) not more than 60 and not less than 30 days prior to the date fixed for redemption] to the registered owner of the Note to be redeemed at the address shown on the registration books kept by the Registrar and by publishing the notice if required by law. Failure to give notice by publication or by mail to any registered owner, or any defect therein, will not affect the validity of the proceedings for the redemption of Note. The Note so called for redemption will cease to bear interest after the specified redemption date, provided that the funds for the redemption are on deposit with the place of payment at that time. 3.04. Execution and Delivery. The Note will be prepared under the direction of the Acting City Administrator and will be executed on behalf of the City by the signatures of the Mayor and the Acting City Administrator. In case any officer whose signature or a facsimile of whose signature appears on the Note will cease to be such officer before the delivery of the Note, such signature will nevertheless be valid and sufficient for all purposes, the same as if the officer had remained in office until delivery. When the Note has been so prepared and executed the Acting City Administrator will deliver the same to the County. Section 4. Payment: Security. 4.01. Debt Service Fund; Pledges. The Note will be payable from the General Obligation Improvement Note of 2009 Debt Service Fund (the "Debt Service Fund ") hereby created, and the proceeds of special assessments (the "Assessments ") levied or to be levied for the Project described in Section 1.01 are hereby pledged to the Debt Service Fund. There is also appropriated to the Debt Service Fund capitalized interest in the amount of $ representing the amount necessary to pay the Note interest payment due on August 1, 2010. For the prompt and full payment of the principal and interest on the Note, as the same respectively become due, the full faith, credit and taxing powers of the City shall be and are hereby irrevocably pledged. If a payment of principal or interest on the Note becomes due when there is not sufficient money in the Debt Service Fund to pay the same, the Finance Director will pay such principal or interest from the general fund of the City, and the general fund may be reimbursed for those advances out of the proceeds of Assessments when collected.