CC PACKET 11271995 - Laserfiche WebLink

Home Browse Search

(h) Mutilated, Lost, Stolen or Destroyed Bonds. In case any Bond shall become mutilated or be lost, stolen or destroyed, the Registrar shall deliver a new Bond of like amount, number, maturity date and tenor in exchange and substitution for and upon cancellation of any such mutilated Bond or in lieu of and in substitution for any such Bond lost, stolen or destroyed, upon the payment of the reasonable expenses and charges of the Registrar in connection therewith; and, in the case of a Bond lost, stolen or destroyed, upon filing with the Registrar of evidence satisfactory to it that such Bond was lost, stolen or destroyed, and of the ownership thereof, and upon furnishing to the Registrar of an appropriate bond or indemnity in form, substance and amount satisfactory to it, in which both the City and the Registrar shall be named as obligees. All Bonds so surrendered to the Registrar shall be canceled 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 P 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 Series 1995B General Obligation Tax Increment Bond Sinking 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 1996 through 2004 shall not be subject to redemption prior to maturity, but Bonds maturing in the years 2005 through 2010 shall each be subject to redemption and prepayment, at the option of the City, 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, 2004 and on any date thereafter at a price equal to the principal -10-