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1990-059 Council Resolution
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1990-059 Council Resolution
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City Council
Council Document Type
Resolutions
Meeting Date
08/13/1990
Council Meeting Type
Regular
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(g) Taxes, Fees and Charges. For a transfer or exchange of Bonds, the <br />Registrar may impose a charge upon the owner thereof sufficient to reimburse the <br />Registrar for any tax, fee or other governmental charge required to be paid with <br />respect to the 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 <br />cancellation of the mutilated Bond or in lieu of and in substitution for a Bond <br />destroyed, stolen or lost, upon the payment of the reasonable expenses and charges of <br />the Registrar in connection therewith; and, in the case of a Bond destroyed, stolen or <br />lost, upon filing with the Registrar of evidence satisfactory to it that the Bond was <br />destroyed, stolen or lost, and of the ownership thereof, and upon furnishing to the <br />Registrar of an appropriate bond or indemnity in form, substance and amount <br />satisfactory to it and as provided by law, in which both the City and the Registrar <br />must be named as obligees. Bonds so surrendered to the Registrar will be cancelled by <br />the Registrar and evidence of such cancellation must be given to the City. If the <br />mutilated, destroyed, stolen or lost Bond has already matured or been called for <br />redemption in accordance with its terms it is not necessary to issue a new Bond prior <br />to payment. <br />(i) Redemption. In the event any of the Bonds are called for redemption, notice <br />thereof identifying the Bonds to be redeemed will be given by the Registrar by mailing <br />a copy of the redemption notice by first class mail (postage prepaid) not more than 60 <br />and not less 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 registration books <br />kept by the Registrar and by publishing the notice in the manner required by law. <br />Failure to give notice by publication or by mail to any registered owner, or any defect <br />therein, will not affect the validity of any proceeding for the redemption of Bonds. <br />Bonds so called for redemption will cease to bear interest after the specified <br />redemption date, provided that the funds for the redemption are on deposit with the <br />place of payment at that time. <br />2.04. Appointment of Initial Registrar. The City appoints <br />Minnesota, as the initial <br />Registrar. The Mayor and the City Clerk -Treasurer are authorized to execute and deliver, on <br />behalf of the City, a contract with the Registrar. Upon merger or consolidation of the <br />Registrar with another corporation, if the resulting corporation is a bank or trust company <br />authorized by law to conduct such business, such corporation is authorized to act as <br />successor Registrar. The City agrees to pay the reasonable and customary charges of the <br />Registrar for the services performed. The City reserves the right to remove the Registrar <br />upon 30 days' notice and upon the appointment of a successor Registrar, in which event the <br />predecessor Registrar must deliver all cash and Bonds in its possession to the successor <br />Registrar and must deliver the bond register to the successor Registrar. On or before each <br />principal or interest due date, without further order of this Council, the Clerk -Treasurer must <br />transmit to the Registrar moneys sufficient for the payment of all principal and interest <br />then due. <br />
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