2007-028 Ordinance - Laserfiche WebLink

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-3- registration, exchange and transfer of Bonds as provided in this Section (the Bond Register). Subject to the provisions of Section 4, the person in whose name a Bond is registered on the Bond Register shall be regarded as the absolute owner of that Bond for all purposes of this Ordinance. Payment of or on account of the debt charges on any Bond shall be made only to or upon the order of that person, and neither the City or the Bond Registrar shall be affected by any notice to the contrary, but the registration may be changed as provided in this Section. All such payments shall be valid and effectual to satisfy and discharge the City's liability upon the Bonds, including interest, to the extent of the amount or amounts so paid. Any Bond may be exchanged for Bonds of any authorized denomination or denominations upon presentation and surrender at the office of the Bond Registrar, together with a request for exchange signed by the registered owner or by a person legally empowered to do so in a form satisfactory to the Bond Registrar. A Bond may be transferred only on the Bond Register, upon presentation and surrender of the Bond at the office of the Bond Registrar, together with an assignment signed by the registered owner or by a person legally empowered to do so in a form satisfactory to the Bond Registrar. Upon exchange or transfer, the Bond Registrar shall complete, authenticate and deliver a new Bond or Bonds of any authorized denomination or denominations requested by the owner equal in the aggregate to the unmatured and unredeemed principal amount of the Bonds surrendered, and bearing interest at the same rate and maturing on the same date or dates. If manual signatures on behalf of the City are required, the Bond Registrar shall undertake the exchange or transfer of Bonds only after the new Bonds are signed by the authorized officers of the City. In all cases of exchanged ar transferred Bonds, the City shall sign and the Bond Registrar shall authenticate and deliver Bonds in accordance with the provisions of this Ordinance. The exchange or transfer shall be without charge to the owner; except that the City and Bond Registrar may make a charge sufficient to reimburse them for any taac or other governmental charge required to be paid with respect to the exchange or transfer. The City or the Bond Registrar inay require that those charges, if any, be paid before the procedure for the requested exchange or transfer is begun. All Bonds issued upon any transfer ar exchange shall be valid obligations of the City, evidencing the same debt, and entitled to the same benefits under this Ordinance, as the Bonds surrendered for that transfer or exchange. Any Bond surrendered to the Bond Registrar pursuant to this Ordinance for the purpose of payment or retirement shall be canceled by the Bond Registrar and forwarded promptly to the Director of Finance. Any Bond surrendered to the Bond Registrar pursuant to this Ordinance for exchange, replacement or transfer, shall be canceled by the Bond Registrar. The City may at any time deliver to the Bond Registrar for cancellation any Bonds previously authenticated and delivered hereunder, which the City may have acquired in any manner whatsoever, and those Bonds shall be promptly canceled by the Bond Registrar. Written reports of the surrender and cancellation of Bonds shall be made to the City by the Bond Registrar at least twice each calendar year. The canceled Bonds shall be retained for a period of seven years and then destroyed by the Bond Registrar. Section 6. The Bonds shall be awarded and sold at private sale by the Director of Finance to National City Bank, Cleveland, Ohio, at a purchase price not less than par and any