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RES 20-042 AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE PAYMENT OF $3,000,000 GENERAL OBLIGATION STREET RECONSTRUCTION BONDS, SERIES 2020A
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RES 20-042 AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE PAYMENT OF $3,000,000 GENERAL OBLIGATION STREET RECONSTRUCTION BONDS, SERIES 2020A
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February 1, 2029, and on any date thereafter, at a price equal to the principal amount thereof and <br />accrued interest to the date of redemption. The City Manager shall cause notice of the call for <br />redemption thereof to be published if and as required by law and, at least thirty days prior to the <br />designated redemption date, shall cause notice of the call for redemption to be mailed, by first <br />class mail, to the registered owners of any Bonds to be redeemed at their addresses as they appear <br />on the bond register described in Section 2.06 hereof but no defect in or failure to give such mailed <br />notice of redemption shall affect the validity of proceedings for the redemption of any Bond not <br />affected by such defect or failure; provided that notice shall be given to any securities depository <br />in accordance with its operational arrangements. Official notice of redemption having been given <br />as aforesaid, the Bonds or portions of Bonds so to be redeemed shall, on the redemption date, <br />become due and payable at the redemption price therein specified, and from and after such date <br />(unless the City shall default in the payment of the redemption price) such Bonds or portions of <br />Bonds shall cease to bear interest. Upon partial redemption of any Bond, a new Bond or Bonds <br />will be delivered to the registered owner without charge, representing the remaining principal <br />amount outstanding. <br />2.05. Appointment of Initial Registrar. The City hereby appoints Bond Trust Services <br />Corporation, Roseville, Minnesota, as the initial bond registrar, transfer agent and paying agent <br />(the "Registrar"). The Mayor and the City Manager are authorized to execute and deliver, on <br />behalf of the City, a contract with the Registrar. Upon merger or consolidation of the Registrar <br />with another corporation, if the resulting corporation is a bank or trust company authorized by law <br />to conduct such business, such corporation shall be authorized to act as successor Registrar. The <br />City agrees to pay the reasonable and customary charges of the Registrar for the services <br />performed. The City reserves the right to remove the Registrar upon thirty days' notice and upon <br />the appointment of a successor Registrar, in which event the predecessor Registrar shall deliver all <br />cash and Bonds in its possession to the successor Registrar and shall deliver the bond register to <br />the successor Registrar. <br />2.06. Registration. The effect of registration and the rights and duties of the City and the <br />Registrar with respect thereto shall be as follows: <br />(a) Register. The Registrar shall keep at its principal corporate trust office a <br />bond register in which the Registrar shall provide for the registration of ownership of <br />Bonds and the registration of transfers and exchanges of Bonds entitled to be registered, <br />transferred or exchanged. <br />(b) Transfer of Bonds. Upon surrender for transfer of any Bond duly endorsed <br />by the registered owner thereof or accompanied by a written instrument of transfer, in form <br />satisfactory to the Registrar, duly executed by the registered owner thereof or by an <br />attorney duly authorized by the registered owner in writing, the Registrar shall authenticate <br />and deliver, in the name of the designated transferee or transferees, one or more new Bonds <br />of a like aggregate principal amount and maturity, as requested by the transferor. The <br />Registrar may, however, close the books for registration of any transfer after the fifteenth <br />day of the month preceding each interest payment date and until such interest payment <br />date. <br />4852-6958-9943\5 <br />3 <br />
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