Laserfiche WebLink
<br />endanger the funds or securities of the City, which determination shall be <br />conclusively evidenced by the signing of any such agreement. <br /> <br />If and as long as a: book-entry system is utiliz;ed, (i) the Bonds <br />shall be issued in the form of one fully registered Bond registered in the name <br />of the Depository or 'its nominee, as registered owner,and inunobilized in the <br />custody of the Depository; (il) the beneficial owners in book-entry form shall <br />have no right to receive Bonds in the form of physical securities or <br />certificates; (iii) ownership of beneficial interests in book-entry form shall <br />be shown by a book entty on the system maintained and operated by the Depository <br />and its Participants (as hereinafter defined), and transfers of the ownership of <br />beneficial interests shall be made only by book entry by the Depository and its <br />Pdrticipants; and (iv) the Bonds as such shall not be transferable or <br />exchangeable, except for transfer to another Depository or to another nominee of <br />a Depository, without further action by the Council of the City <br /> <br />If any Depository determines not to continue to act as a Depository <br />for the Bonds, for use in a book-entry system, the Fiscal Officer may attempt to <br />have established a securities depositorY/book-~ntry relationship with another <br />qualified Depository. If the Fiscal Officer does not or is unable to do so, the <br />Fiscal Officer, after making provision for notification of the beneficial oWners <br />by the then Depository and any other arrangements he deems necessary, shall <br />permit withdrawal of the Bonds from the Depository, and authenticate and deliver <br />bond certificates in bearer or registered form, as he determines, to the assigns <br />of the Depository or its nominee, all at" the cost and expense (including any <br />costs of printing), if the event is not the result of Council action or inaction, <br />of those persons requesting such issuance. <br /> <br />,As used in this Section and this ordinance: <br /> <br />"Book-entry form" or "book· entry system" means a form or system under <br />whích (í) the beneficial right to principal and interest may be transferred only <br />through a book entry and (ii) physical bonds in registered form are issued only <br />to a Depositóry or its nominee as regist'ered owner, with the bonds "immobilized" <br />to the custody of the Depository, and the book entry is the record that <br />identifies the owners of beneficial interests in that principal and interest <br /> <br />"Depository" means any securities depository that is a clearing <br />agency under federal law operating and maintaining a book-entry system to record <br />beneficial ownership of the right to principal and interest, and to effect <br />transfers of bonds, in book-entry form, and includes and means initially The <br />Depository Trust Company (a limited purpose trust company), New York, New York. <br /> <br />"Participant" means any participant contracting with a Depository <br />under a book-entry system and includes security brokers and dealers, bartks and <br />trust companies, and clearing corporations. <br /> <br />SECTION 5. The Bonds are s'old at private sale to National City Bank, <br />Cleveland, Ohio (the "Original Purchaser"), and shall be awarded by the Fiscal <br />Officer with the final purchase price, interest rate or rates and principal <br />installments due at stated maturity as set forth in the Certificate of Award, in <br />accordance with law, the provisions of this ordinance and the Original <br />Purchaser's offer to purchase the Bonds (as set forth in the Bond Purchase <br />Agreement hereinafter-mentioned) at a purchase price of not less than 97% of par <br />plus accrued interest to their date of delivery, and the Fiscal Officer shall <br />sign and deliver, in the name and on behalf of the City, the B'ond Purchase <br />Agreement between the City and the Original Purchaser in substantially the form <br />now on file with the Fiscal Officer. The Bond Purchase Agreement is approved, <br />together with any changes or amendments that are not inconsistent with this <br />ordinance and not substantially adverse to the City and that are approved by the <br />Fiscal Officer on behalf of the City, all of which shall be conclusively <br />evidenced by the signing of the Bond Purchase Agreement or amendments to the Bond <br />Purchase Agreement. The Mayor and the Fiscal Officer, as appropriate, are each <br />authorized and directed to sign any transcript certificates ,financial statements <br />and other documents, agreements, represent-ations and instruments and to take such <br /> <br />-3- <br />