CC PACKET 07131993 - Laserfiche WebLink

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Registrar shall be named as obligees. All Bonds so surrendered to the Registrar shall be cancelled by it and evidence of such cancellation shall be given to the City. If the mutilated, lost, stolen or destroyed Bond has already matured or been called for redemption in accordance with its terms, it shall not be necessary to issue a new Bond prior to payment. (i) Authenticating Agent. The Registrar is hereby designated authenticating agent for the Bonds, within the meaning of Minnesota Statutes, Section 475.55, Subdivision 1. 3.04. Appointment of Initial Registrar. The City hereby appoints in , as the initial Registrar. The Mayor and City Manager are authorized to execute and deliver, on behalf of the City, a contract with ' as Registrar. Upon merger or consolidation of the Registrar with another corporation, if the resulting corporation is a bank or trust company authorized by law to conduct such business, such corporation shall be authorized to act as successor Registrar. The City agrees to pay the reasonable and customary charges of the Registrar for the services performed. The City reserves the right to remove any Registrar upon thirty (30) days' notice and upon the appointment of a successor Registrar, in which event the predecessor Registrar shall deliver all cash and Bonds in its possession to the successor Registrar. On or before • each principal or interest due date, without further order of this Council, the Finance Director shall transmit to the Registrar from the 1993 Improvement Bond Fund described in Section 4 hereof, moneys sufficient for the payment of all principal and interest then due. 3.05. Redemption. Bonds maturing in the years 1995 through 2002 are payable on their respective stated maturity dates without option of prior payment, but Bonds maturing in 2003 and later years are each subject to redemption, at the option of the City and in whole or in part, and if in part, in inverse order of maturities and, within any maturity, in $5,000 principal amounts selected by the Registrar by lot, on February 1, 2002 and on any date thereafter, at a redemption price equal to the principal amount thereof to be redeemed plus accrued interest to the date of redemption. At least thirty days prior to the date set for redemption of any Bond, the City shall cause notice of the call for redemption to be mailed to the Registrar and to the registered owner of each Bond to be redeemed, but no defect in or failure to give such mailed notice of redemption shall affect the validity of proceedings for the redemption of any Bond not affected by such defect or failure. The notice of redemption shall specify the redemption date, redemption price, the numbers, interest rates and CUSIP numbers of the Bonds to be redeemed and the place at which the Bonds are to be surrendered for payment, which is the principal office of the Registrar. Official notice of redemption having been given as aforesaid, the Bonds or portions thereof so to be redeemed shall, on the redemption date, -10-