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Resolution 5855
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5500 - 5999 (2000-2003)
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Resolution 5855
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Last modified
6/25/2019 10:14:39 AM
Creation date
1/31/2007 1:59:58 PM
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MV City Council
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Resolutions
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<br />. <br /> <br />(viii) In connection with any notice or other communication to be <br />provided to the Holders pursuant to this Resolution by the City or the Bond <br />Registrar with respect to any consent or other action to be taken by Holders, the <br />Depository shall consider the date of receipt of notice requesting such consent or <br />other action as the record date for such consent or other action; provided, that the <br />City or the Bond Registrar may establish a special record date for such consent or <br />other action. The City or the Bond Registrar shall, to the extent possible, give the <br />Depository notice of such special record date not less than 30 calendar days in <br />advance thereof to the extent possible. <br /> <br />(ix) Any successor Bond Registrar, in its written acceptance of its <br />duties under this Resolution and any paying agency registrar agreement, shall <br />agree to take any actions necessary from time to time to comply with the <br />requirements of the Blanket Issuer Letter of Representations. <br /> <br />(x) In the case of a partial prepayment of a Bond, the Holder may, in <br />lieu of surrendering the Bond for a Bond of a lesser denomination as provided in <br />paragraph 6 hereof, make a notation of the reduction in principal amount on the <br />panel provided on the Bond stating the amount so redeemed. <br /> <br />(c) Termination of Book-Entry Only System. Discontinuance ofa particular <br />Depository's services and termination of the book-entry only system may be effected as <br />follows: <br /> <br />. <br /> <br />(i) The Depository may determine to discontinue providing its <br />services with respect to the Bonds at any time by giving written notice to the City <br />and discharging its responsibilities with respect thereto under applicable law. <br />The City may terminate the services of the Depository with respect to the Bonds if <br />the City determines that the Depository is no longer able to carry out its functions <br />as securities depository or the continuation ofthe system of book-entry transfers <br />through the Depository is not in the best interests of the City. <br /> <br />(ii) Upon termination of the services of the Depository as provided in <br />the preceding paragraph, and if no substitute securities depository is willing to <br />undertake the functions of the Depository hereunder can be found which, in the <br />opinion of the City, is willing and able to assume such functions upon reasonable <br />or customary terms, or if the City determines that it is in the best interests of the <br />City that the Beneficial Owners be issued certificates for the Bonds, the Bonds <br />shall no longer be registered in the name of the Nominee, but may be registered in <br />whatever name or names the Holder of the Bonds shall designate at that time, in <br />accordance with paragraph 11 hereof. To the extent that the Beneficial Owners <br />are designated as the transferee by the Holders, in accordance with paragraph 11 <br />hereof, the Bonds will be delivered to the Beneficial Owners. <br /> <br />. <br /> <br />(iii) Nothing in this subparagraph (c) shall limit or restrict the <br />provisions of paragraph 11 hereof. <br /> <br />1448297vl <br /> <br />5 <br />
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