1996 008 Ordinance - Laserfiche WebLink

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ORDINANCE NO. 96-n8_ PAGE 7 "Depository" means any securities depository that is a clearing agency under federal law operating and maintaining, with its Participants or otherwise, a book entry system to record ownership of book entry interests in Bonds or the principal and interest, and to effect transfers of Bonds, in book entry form, and includes and means imtially The Depository Trust Coinpany (a limited purpose trust company), New York, New York. "Participant" means any participant contracting with a Depository under a book entry system and includes security brokers and dealers, banks and trust companies, and clearing corporations. The Bonds may be issued to a Depository for use in a book entry system and, if and as long as a book entry system is utilized, (i) the Bonds may be issued in the form of a single, fully registered Bond representing each maturity and registered in the name of the Depository or its nominee, as registered owner, and immobilized in the custody of the Depository; (ii) the book entry interest owners in book entry form shall have no right to receive Bonds in the form of physical securities or certificates; (iii) ownership of book entry interests in book entry forin shall be shown by book entry on the system maintained and operated by the Depository and its Participants, and transfers of the ownership of book entry interests shall be made only by book entry by the Depository and its Participants; and (iv) the Bonds as such shall not be transferable or exchangeable, except for transfer to another Depository or to another nominee of a Depository, without further action by the Village. If any Depository determines not to continue to act as a Depository for the Bonds for use in a book entry system, the Director of Finance may attempt to establish a securities depository/book entry relationship with another qualified Depository. If the Director of Finance does not or is unable to do so, the Director of Finance, after making provision for notification of the book entry interest owners by the then Depository and any other arrangements deemed necessary, shall permit withdrawal of the Bonds from the Depository, and authenticate and deliver bond certificates in registered form to the assigns of the Depository or its nominee, all at the cost and expense (including any costs of printing), if the event is not the result of Village action or inaction, of those persons requesting such issuance. The Mayor and the Director of Finance are also hereby authorized and directed to the extent necessary or required to enter into any agreements determined necessary in connection with the book entry systein for the Bonds, after determining that the signing thereof will not endanger the funds or securities of the Village and after the approval of the form of any such agreement by the Law Director. . Section 7. (a) Original Purchaser. The Bonds are sold to A.G. Edwards & Sons, Inc., St. Louis, Missouri (the Original Purchaser) at a purchase price of not less than 97% of par as shall be determined by the Director of Finance in the Certificate of Award, plus any accrued interest frorri the date of the Bonds to the date of their delivery to the Original Purchaser, with the principal amount of the Bonds, the amount of each principal payment, the interest rate on the Bonds for each maturity, serial maturities of Serial Bonds and Mandatory Sinking Fund Redemption Requirements for any Term Bonds as set forth in the- Certificate of Award in accordance with law and the provisions of this ordinance and the Bond Purchase Agreement. The Mayor and the Director of Finance shall sign and deliver, in the name of and on behalf of the Village, the Bond Purchase Agreement between the Village and the Original Purchaser in substantially the form as is now on file with the Clerk of Council. The 13ond Purchase Agreement is approved, together with any changes or amendments that are IlOt