Laserfiche WebLink
13590415v1 <br /> <br /> <br /> 13 <br /> <br />All Bonds delivered in exchange for or upon transfer of Bonds shall be valid general <br />obligations of the City evidencing the same debt, and entitled to the same benefits under this <br />resolution, as the Bonds surrendered for such exchange or transfer. <br />Every Bond presented or surrendered for transfer or exchange shall be duly endorsed or <br />be accompanied by a written instrument of transfer, in form satisfactory to the Bond Registrar, <br />duly executed by the Holder thereof or the Holder's attorney duly authorized in writing. <br />The Bond Registrar may require payment of a sum sufficient to cover any tax or other <br />governmental charge payable in connection with the transfer or exchange of any Bond and any <br />legal or unusual costs regarding transfers and lost Bonds. <br />Transfers shall also be subject to reasonable regulations of the City contained in any <br />agreement with the Bond Registrar, including regulations which permit the Bond Registrar to <br />close its transfer books between record dates and payment dates. The City Administrator is <br />hereby authorized to negotiate and execute the terms of said agreement. <br />11. Rights Upon Transfer or Exchange. Each Bond delivered upon transfer of or in <br />exchange for or in lieu of any other Bond shall carry all the rights to interest accrued and unpaid, <br />and to accrue, which were carried by such other Bond. <br />12. Interest Payment; Record Date. Interest on any Bond shall be paid on each <br />Interest Payment Date by check or draft mailed to the person in whose name the Bond is <br />registered (the "Holder") on the registration books of the City maintained by the Bond Registrar <br />and at the address appearing thereon at the close of business on the fifteenth day of the calendar <br />month next preceding such Interest Payment Date (the "Regular Record Date"). Any such <br />interest not so timely paid shall cease to be payable to the person who is the Holder thereof as of <br />the Regular Record Date, and shall be payable to the person who is the Holder thereof at the <br />close of business on a date (the "Special Record Date") fixed by the Bond Registrar whenever <br />money becomes available for payment of the defaulted interest. Notice of the Special Record <br />Date shall be given by the Bond Registrar to the Holders not less than ten days prior to the <br />Special Record Date. <br />13. Treatment of Registered Owner. The City and Bond Registrar may treat the <br />person in whose name any Bond is registered as the owner of such Bond for the purpose of <br />receiving payment of principal of and premium, if any, and interest (subject to the payment <br />provisions in paragraph 12) on, such Bond and for all other purposes whatsoever whether or not <br />such Bond shall be overdue, and neither the City nor the Bond Registrar shall be affected by <br />notice to the contrary. <br />14. Delivery; Application of Proceeds. The Bonds when so prepared and executed <br />shall be delivered by the City Administrator to the Purchaser upon receipt of the purchase price, <br />and the Purchaser shall not be obliged to see to the proper application thereof. <br />15. Fund and Accounts. There is hereby established a special fund to be designated <br />"General Obligation Tax Abatement Bonds Fund" (the "Fund") to be administered and <br />maintained by the City Administrator as a bookkeeping account separate and apart from all other <br />funds maintained in the official financial records of the City. The Fund shall be maintained in DRAFT