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2010-042 Council Resolution
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2010-042 Council Resolution
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9/2/2014 1:52:36 PM
Creation date
9/2/2014 8:34:07 AM
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City Council
Council Document Type
Master List Resolution
Meeting Date
05/10/2010
Council Meeting Type
Regular
Resolution #
10-42
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• <br />• <br />• <br />liability for the refusal, in good faith, to make transfers which it, in its judgment, deems <br />improper or unauthorized. <br />(f) Persons Deemed Owners. The City and the Registrar may treat the person <br />in whose name a Bond is registered in the bond register as the absolute owner of the <br />Bond, whether the Bond is overdue or not, for the purpose of receiving payment of, or on <br />account of, the principal of and interest on the Bond and for all other purposes, and <br />payments so made to a registered owner or upon the owner's order will be valid and <br />effectual to satisfy and discharge the liability upon the Bond to the extent of the sum or <br />sums so paid. <br />(g) Taxes, Fees and Charges. The Registrar may impose a charge upon the <br />owner thereof for a transfer or exchange of Bonds sufficient to reimburse the Registrar <br />for any tax, fee or other governmental charge required to be paid with respect to the <br />transfer or exchange. <br />(h) Mutilated, Lost, Stolen or Destroyed Bonds. If a Bond becomes mutilated <br />or is destroyed, stolen or lost, the Registrar will deliver a new Bond of like amount, <br />number, maturity date and tenor in exchange and substitution for and upon cancellation <br />of the mutilated Bond or in lieu of and in substitution for any Bond destroyed, stolen or <br />lost, upon the payment of the reasonable expenses and charges of the Registrar in <br />connection therewith; and, in the case of a Bond destroyed, stolen or lost, upon filing <br />with the Registrar of evidence satisfactory to it that the Bond was destroyed, stolen or <br />lost, and of the ownership thereof, and upon furnishing to the Registrar an appropriate <br />bond or indemnity in form, substance and amount satisfactory to it and as provided by <br />law, in which both the City and the Registrar must be named as obligees. Bonds so <br />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 <br />has already matured or been called for redemption in accordance with its terms it is not <br />necessary to issue a new Bond prior to payment. <br />2.04. Appointment of Initial Registrar. The City appoints U.S. Bank National <br />Association, St. Paul, Minnesota, as the initial Registrar. The Mayor and the Acting City <br />Administrator are authorized to execute and deliver, on behalf of the City, a contract with the <br />Registrar. Upon merger or consolidation of the Registrar with another corporation, if the <br />resulting corporation is a bank or trust company authorized by law to conduct such business, the <br />resulting corporation is authorized to act as successor Registrar. The City agrees to pay the <br />reasonable and customary charges of the Registrar for the services performed. The City reserves <br />the right to remove the Registrar upon 30 days' notice and upon the appointment of a successor <br />Registrar, in which event the predecessor Registrar must deliver all cash and Bonds in its <br />possession to the successor Registrar and must deliver the bond register to the successor <br />Registrar. On or before each principal or interest due date, without further order of this Council, <br />367721v1 SJB LN140 -106 <br />5 <br />
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