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• Bond was lost, stolen or destroyed, and of the ownership thereof, and upon <br /> receipt by the Registrar of an appropriate bond or indemnity in form, <br /> substance and amount satisfactory to it, in which both the City and the <br /> Registrar shall be named as obligees. All Bonds so surrendered to the <br /> Registrar shall be cancelled by it and evidence of such cancellation shall be <br /> given to the City. If the mutilated, lost, stolen or destroyed Bond has already <br /> matured or been called for redemption in accordance with its terms, it shall <br /> not be necessary to issue a new Bond prior to payment. <br /> (i) Authenticating Agent. The Registrar is hereby designated <br /> authenticating agent for the Bonds, within the meaning of Minnesota <br /> Statutes, Section 475.55, Subdivision 1. <br /> 3.04. Appointment of Initial Registrar. The City hereby appoints <br /> American Bank National Association in St. Paul Minnesota , as the <br /> initial Registrar. The Mayor and City Manager are authorized to execute and <br /> deliver, on behalf of the City, a contract with American Bank National Association <br /> St. Paul, Minnesota as Registrar. Upon merger or consolidation of <br /> the Registrar with another corporation, if the resulting corporation is a bank or trust <br /> company authorized by law to conduct such business, such corporation shall be <br /> authorized to act as successor Registrar. The City agrees to pay the reasonable and <br /> customary charges of the Registrar for the services performed. The City reserves the <br /> right to remove any Registrar upon thirty (30) days' notice and upon the <br /> appointment of a successor Registrar, in which event the predecessor Registrar shall <br /> deliver all cash and Bonds in its possession to the successor Registrar. On or before <br /> each principal or interest due date, without further order of this Council, the <br /> Finance Director shall transmit to the Registrar from the 1995 Improvement Bond <br /> Fund described in Section 4 hereof, moneys sufficient for the payment of all <br /> principal and interest then due. <br /> 3.05. Redemption. Bonds maturing in the years 1998 through 2005 are <br /> payable on their respective stated maturity dates without option of prior payment, <br /> but Bonds maturing in 2006 and later years are each subject to redemption, at the <br /> option of the City and in whole or in part, and if in part, in the maturities selected by <br /> the City and, within any maturity, in $5,000 principal amounts selected by the <br /> Registrar by lot, on February 1, 2005 and on any date thereafter, at a redemption price <br /> equal to the principal amount thereof to be redeemed plus accrued interest to the <br /> date of redemption. At least thirty days prior to the date set for redemption of any <br /> Bond, the City shall cause notice of the call for redemption to be mailed to the <br /> Registrar and to the registered owner of each Bond to be redeemed, but no defect in <br /> or failure to give such mailed notice of redemption shall affect the validity of <br /> proceedings for the redemption of any Bond not affected by such defect or failure. <br /> The notice of redemption shall specify the redemption date, redemption price, the <br /> numbers, interest rates and CUSEP numbers of the Bonds to be redeemed and the <br /> • -10- <br />