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1987-045 Council Resolution
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1987-045 Council Resolution
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Last modified
10/24/2014 11:51:47 AM
Creation date
10/24/2014 11:40:30 AM
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City Council
Council Document Type
Master List Resolution
Meeting Date
08/24/1987
Council Meeting Type
Regular
Resolution #
87-045
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• <br />• <br />(f) Persons Deemed Owners. The City and the Registrar may treat <br />the person in whose name any Bond is at any time registered in the <br />bond register as the absolute owner of such Bond, whether such Bond <br />shall be overdue or not, for the purpose of receiving payment of, or <br />on account of, the principal of and interest on such Bond and for all <br />other purposes, and all such payments so made to any such registered <br />owner or upon the owner's order shall be valid and effectual to <br />satisfy and discharge the liability upon such Bond to the extent of <br />the sum or sums so paid. <br />(g) Taxes, Fees and Charges. For every transfer or exchange of <br />Bonds, the Registrar may impose a charge upon the owner thereof suffi- <br />cient to reimburse the Registrar for any tax, fee or other govern- <br />mental charge required to be paid with respect to such transfer or <br />exchange. <br />(h) Mutilated, Lost, Stolen or Destroyed Bonds. In case any <br />Bond shall become mutilated or be destroyed, stolen or lost, the <br />Registrar shall deliver a new Bond of like amount, number, maturity <br />date and tenor in exchange and substitution for and upon cancellation <br />of any such mutilated Bond or in lieu of and in substitution for any <br />such Bond destroyed, stolen or lost, upon the payment of the reason- <br />able expenses and charges of the Registrar in connection therewith; <br />and, in the case of a Bond destroyed, stolen or lost, upon filing with <br />the Registrar of evidence satisfactory to it that such Bond was <br />destroyed, stolen or lost, and of the ownership thereof, and upon <br />furnishing to the Registrar of an appropriate bond or indemnity in <br />form, substance and amount satisfactory to it, in which both the City <br />and the Registrar shall be named as obligees. All Bonds so surren- <br />dered to the Registrar shall be cancelled by it and evidence of such <br />cancellation shall be given to the City. If the mutilated, destroyed, <br />stolen or lost Bond has already matured or been called for redemption <br />in accordance with its terms, it shall not be necessary to issue a new <br />Bond prior to payment. <br />(i) Redemption. In the event any of the Bonds are called for <br />redemption, notice thereof identifying the Bonds to be redeemed will <br />be given by the Registrar by mailing a copy of the redemption notice <br />by first class mail (postage prepaid) not more than 60 and not less <br />than 30 days prior to the date fixed for redemption to the registered <br />owner of each Bond to be redeemed at the address shown on the regis- <br />tration books kept by the Registrar and by publishing said notice in <br />the manner required by law. Failure to give such notice by publica- <br />tion or by mail to any registered owner, or any defect therein, will <br />not affect the validity of any proceeding for the redemption of Bonds. <br />All Bonds so called for redemption will cease to bear interest after <br />the specified redemption date, provided that the funds for the redemp- <br />tion are on deposit with the place of payment at that time. <br />2.04. Appointment of Initial Registrar. The City hereby appoints <br />Marquette Bank Minneapolis, N.A. , Minnesota, as the initial Registrar. <br />The Mayor and the Clerk- Treasurer are authorized to execute and deliver, on <br />behalf of the City, a contract with the Registrar. Upon merger or consoli- <br />dation of the Registrar with another corporation, if the resulting <br />
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