Laserfiche WebLink
<br />"Depository" means any securities depository that is a clearing <br />agency under federal law operating and maintaining, with its Participants or <br />otherwise, a book entry system to record ownership of beneficial interests in <br />Bonds or the principal and interest, and to effect transfers of Bonds, in book <br />entry form, and includes and means initially The Depository Trust Company (a <br />limited purpose trust company), New York, New York. <br />"Participant" means any participant contracting with a Depository <br />under a book entry system and includes security brokers and dealers, banks and <br />trust companies, and clearing corporations. <br />The Bonds may be issued to a Depository for use in a book entry <br />system and, if and as long as a book entry system is utilized, (i) the Bonds <br />may be issued in the form of a single, fully registered Bond representing each <br />maturity and registered in the name of the Depository or its nominee, as <br />registered owner, and immobilized in the custody of the Depository; (ii) the <br />beneficial owners in book entry form shall have no right to receive Bonds in <br />the form of physical securities or certificates; (iii) ownership of beneficial <br />interests in book entry form shall be shown by book entry on the system main- <br />tained and operated by the Depository and its Participants, and transfers of <br />the ownership of beneficial interests shall be made only by book entry by the <br />Depository and its Participants; (i.v) the Bonds as such shall not be transfer- <br />able or exchangeable, except for transfer to another Depository or to another <br />nominee of a Depository, without further action by the City; and (v) the <br />Director of Finance shall act as Bond Registrar in accordance with Section 4. <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 Director of Finance may <br />attempt to establish a securities depository/book entry relationship with <br />another qualified Depository. If the Director of Finance does not or is <br />unable to do so, the Director of Finance, after making provision for notifi- <br />cation of the beneficial owners by the then Depository and any other arrange- <br />ments deemed necessary, shall permit withdrawal of the Bonds from the <br />Depository, and authenticate and deliver bond certificates in registered form <br />to the assigns of the Depository or its nominee, all at the cost and expense <br />(including any costs of printing), if the event is not the result of City <br />action or inaction, of those persons requesting such issuance. <br />The Director of Finance is also hereby authorized and directed to the <br />extent necessary or required to enter into any agreements determined necessary <br />in connection with the book entry system for the Bonds, after determining that <br />the signing thereof will not endanger the funds or securities of the City and <br />after the approval of the form of any such agreement by the Director of Law. <br />Section 7. The Bonds are sold <br />(the Original Purchaser) at not less than <br />from the date of the Bonds to the date o <br />and shall be awarded by the Director of F <br />aggregate principal amount, interest ra <br />Mandatory Sinking Fund Requirements as se <br />all in accordance with law, the provis <br />Purchase Agreement between the City an <br />at private sale to National City Bank <br />97% of par plus any accrued interest <br />f delivery to the Original Purchaser, <br />inance with the final purchase price, <br />te or rates, serial maturities and <br />t forth in the Certificate of Award, <br />ions of this ordinance and the Bond <br />d the Original Purchaser (the Bond <br />- 9 -