Agenda Packets - 1989/02/27 - Laserfiche WebLink

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registered at the close of business on the preceding January 15 and July 15, as the rase may be. Any interest on any Bond which is payable, but is not punctually paid or "duly provided for, on any Interest payment date shall forthwith cease to be payable to the registered holder on the relevant regular record date solely by virtue of such holder having been such holder, and such defaulted interest may be paid by the Issuer to the person is whose name such Bond is registered at the close of business on a special record date established by the Registrar for the payment of such defaulted interest. Subject to the foregoing provisions of this paragraph, each Bond delivered under this Resolution upon transfer of or in exchange for or in lieu of any other Band shall carry all the rights to interest accrued and unpaid, and to accrue, which were carried by such other Bond and each such Bond slisli bear Interest from such date that neith tr gain nor loss in interest shall result from such transfer, exchange or substitutiou. 3.04. As to any Bond, the Issuer and the Registrar and their respective successors, each In its discretion, may deem an,: treat the person in whose name the same for the time being shall be registered as the absolute owner ihereof for all purposes and neither the Issuer nor the Registrar nor their respective successors shall be affected by any notice to the contrary. Payment of or on account of the principal of any such Bond shall be made only to or upon the order of the rer-u,ered owner thereof, but such registration may be changed as above provided. AN such payments shall be valid and effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid. 3.05. if (1) any mutilated Bond is surrendered to the Registrar, and the Issuer and the Registrar receive evidence to their satisfaction of the destruction, loss, or theft of any Bond, and OQ there Is delivered to the Issuer and the Registrar such security or indemnity as may be required by them to save each of them harmless, then, in the nbcpnrP of notice to the Issuer or the Registrar that such Bond has been acquired by a bona fide purchaser, the Issuer shall e:;ecute, and upon its request the Registrar shall authenticate and deliver, In exchange for or in lieu of any such mutilated, destroyed, lost, or stolen Bond, a new Bond of like tenor and principal amount, bearing a number not contemporaneously outstanding. In case any such mutilated, destroyed, lost, or stolen Bond has become or is about to become due and payable, the Issuer in Its discretion may, Instead of issuing a new Boiid, pay such Bond. Upon the issuance of any new Bond ender t:lis subsection, the Issuer may require the pa,,ment of a sum sufficient to cover any tax or ether governmental charge :hat may be imposed in relation thereto. Every new Bond Issued pursuant to this subsection in lieu of any destroyed, lost, or stolen Bond shall constitute an original additional contractual obligation of the Issuer, whether or not the destroyed, lost, or stolen. Bond shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Resolution equally and proportionately with any and all other Bouds duly issued hereunder. The provisions of this Section are exclusive and shall preclude (to the extent lawful) all ocher rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost, or stolen Bonds.