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1998-098 Council Resolution
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1998-098 Council Resolution
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City Council
Council Document Type
Resolutions
Meeting Date
06/22/1998
Council Meeting Type
Regular
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(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 U.S. Bank Trust National <br />Association, Saint Paul, Minnesota, as the initial Registrar. The Mayor and the City Clerk - <br />Treasurer 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 Registrar. <br />On or before each principal or interest due date, without further order of this Council, the City <br />must transmit to the Registrar monies sufficient for the payment of all principal and interest then <br />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 />signature appears on the Bonds ceases to be such officer before the delivery of any Bond, that <br />signature or facsimile will nevertheless be valid and sufficient for all purposes, the same as if the <br />officer had remained in office until delivery. Notwithstanding such execution, a Bond will not <br />be valid or obligatory for any purpose or entitled to any security or benefit under this Resolution <br />unless and until a certificate of authentication on the Bond has been duly executed by the manual <br />signature of an authorized representative of the Registrar. Certificates of authentication on <br />different Bonds need not be signed by the same representative. The executed certificate of <br />authentication on a Bond is conclusive evidence that it has been authenticated and delivered under <br />this Resolution. When the Bonds have been so prepared, executed and authenticated, the City <br />will deliver the same to the Purchaser upon payment of the purchase price in accordance with the <br />contract of sale heretofore made and executed, and the Purchaser is not obligated to see to the <br />application of the purchase price. <br />2.06. Temporary Bonds. The City may elect to deliver in lieu of printed definitive <br />Bonds one or more typewritten temporary Bonds in substantially the form set forth in Section 3 <br />with such changes as may be necessary to reflect more than one maturity in a single temporary <br />bond. Upon the execution and delivery of definitive Bonds the temporary Bonds will be <br />exchanged therefor and cancelled. <br />BMB145024 <br />LN140-63 <br />
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