Agenda Packets - 1988/01/11 - Laserfiche WebLink

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r 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 in 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 Bond shall carry all the rights to interest accrued and unpaid, and to accrue, which were carried by such other Bond and each such Bond shall bear interest from such date that neither gain nor loss in interest shall result from such transfer, exchange or substitution. 3.04. As to any Bond, the Issuer and the Registrar and their respective successors, each in its discretion, may deem and treat the person in whose name the same fv- the time heing shill be registered as the absolute owner thereof for ell purposes and neither the Issuer nor the Registrar nor their resi—etive 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 registered owner thereof, but such registration may be changed as above provided. All such payments shall be valid and effectual to satisfy and discharge the liability upon such Bond to the extent of the sun 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 (11) 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 absence of notice to the issuer or the Registrar that such Bond has been acquired by a bona fide purchaser, the Issuer shall execute, and upon its request the Registrar shall authenticate and deliver, In exeharge 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 Bond, pay such Bond. Upon the issuance of any new Bond under this subsection, the Issuer .,.ay require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto. Every new Bond issued pursuant to this subsection in lieu of any destroyed, lost, or stoien Bond shall constitute an original additional contractual obligation of the Issuer, whether or not the destroyed, lost, or stoien 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 Bonds duly issued hereunder. The provisions or this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost, or stolen Bonds. Section 4. Execution and Delivery 4_01. The Bonds shall be executed by the respective facsimile signatures of Mayor Tncf the Clerk -Administrator as set forth in the form of Bond. The seal of the Issuer shell be omitted from the Bonds as permitted by law. The text of the