Laserfiche WebLink
(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 a Bond destroyed, stolen or lost, <br />upon the payment of the reasonable expenses and charges of the Registrar in connection <br />therewith; and, in the case of a Bond destroyed, stolen or lost, upon filing with the <br />Registrar of evidence satisfactory to it that the Bond was destroyed, stolen or lost, and of <br />the ownership thereof, and upon furnishing to the Registrar of an appropriate bond or <br />indemnity in form, substance and amount satisfactory to it and as provided by law, in <br />which both the City and the Registrar must be named as obligees. Bonds so surrendered <br />to the Registrar will be cancelled by the Registrar and evidence of such cancellation must <br />be given to the City. If the mutilated, destroyed, stolen or lost Bond has already matured <br />or been called for redemption in accordance with its terms it is not necessary to issue a <br />new Bond prior to payment. <br />(i) Redemption. In the event any of the Bonds are called for redemption, <br />notice thereof identifying the Bonds to be redeemed will be given by the Registrar by <br />mailing a copy of the redemption notice by first class mail (postage prepaid) not more <br />than 60 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 kept <br />by the Registrar and by publishing the notice if required by law. Failure to give notice <br />by publication or by mail to any registered owner, or any defect therein, will not affect <br />the validity of the proceedings for the redemption of Bonds. Bonds so called for <br />redemption will cease to bear interest after the specified redemption date, provided that <br />the funds for the redemption are on deposit with the place of payment at that time. <br />2.04. Appointment of Initial Registrar. The City appoints <br />Norwest Bank Minnesota, N.A. , Minneapolis , 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 Registrar <br />with another corporation, if the resulting corporation is a bank or trust company authorized by <br />law to conduct such business, the resulting corporation is authorized to act as successor Registrar. <br />The City agrees to pay the reasonable and customary charges of the Registrar for the services <br />performed. The City reserves the right to remove the Registrar upon 30 days' notice and upon <br />the appointment of a successor Registrar, in which event the predecessor Registrar must deliver <br />all cash and Bonds in its possession to the successor Registrar and must deliver the bond register <br />to the successor Registrar. On or before each principal or interest due date, without further order <br />of this Council, the City Clerk -Treasurer must transmit to the Registrar monies sufficient for the <br />payment of all principal and interest then due. <br />2.05. Execution, Authentication and Delivery. The Bonds will be prepared under the <br />direction of the City Clerk -Treasurer and executed on behalf of the City by the signatures of the <br />Mayor and the City Clerk -Treasurer, provided that all signatures may be printed, engraved or <br />lithographed facsimiles of the originals. If an officer whose signature or a facsimile of whose <br />DJK108714 <br />LN140-52 <br />