1987-045 Council Resolution - Laserfiche WebLink

Home Search

corporation is a bank or trust company authorized by law to conduct such business, such corporation shall be authorized to act as successor Regis- trar. The City agrees to pay the reasonable and customary charges of the Registrar for the services performed. The City reserves the right to remove the Registrar upon 30 days' notice and upon the appointment of a successor Registrar, in which event the predecessor Registrar shall deliver all cash and Bonds in its possession to the successor Registrar and shall deliver the bond register to the successor Registrar. On or before each principal or interest due date, without further order of this Council, the Clerk - Treasurer shall transmit to the Registrar moneys sufficient for the payment of all principal and interest then due. 2.05. Execution, Authentication and Delivery. The Bonds shall be prepared under the direction of the Clerk- Treasurer and shall be executed on behalf of the City by the signatures of the Mayor and the Clerk - Treasurer, provided that all signatures may be printed, engraved or litho- graphed facsimiles of the originals. In case any officer whose signature or a facsimile of whose signature shall appear on the Bonds shall cease to be such officer before the delivery of any Bond, such signature or fac- simile shall nevertheless be valid and sufficient for all purposes, the same as if the officer had remained in office until delivery. Notwith- standing such execution, no Bond shall be valid or obligatory for any purpose or entitled to any security or benefit under this Resolution unless and until a certificate of authentication on such Bond has been duly executed by the manual signature of an authorized representative of the Registrar. Certificates of authentication on different Bonds need not be signed by the same representative. The executed certificate of authentica- tion on each Bond shall be conclusive evidence that it has been authenti- cated and delivered under this Resolution. When the Bonds have been so prepared, executed and authenticated, the Clerk- Treasurer shall deliver the same to the Purchaser thereof upon payment of the purchase price in accor- dance with the contract of sale heretofore made and executed, and the Purchaser shall not be obligated to see to the application of the purchase price. 2.06 Temporary Bonds. The City may elect to deliver in lieu of printed definitive bonds, one or more typewritten temporary bonds in substantially the form set forth in Section 3 with such changes as may be necessary to reflect more than one maturity in a single temporary bond. Upon the execution and delivery of definitive bonds the temporary bonds shall be exchanged therefor and cancelled. Section 3. Form of the Bonds. 3.01. The Bonds shall be printed in substantially the following form: [Face of the Bond] UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF ANOKA CITY OF LINO LAKES GENERAL OBLIGATION TEMPORARY IMPROVEMENT BOND, SERIES 1987A