92-116 Ordinance - Laserfiche WebLink

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v ;?..,:? ,.??:.. . _..._ .... "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 beneficial interests in Bonds or the principal and interest, and to effect transfers of Bonds, in book entry form, and includes and means initialiy The Depository Trust Company (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 beneficial owners in book entry form shall have no right to receive Bonds in the form of physical securities or certificates; (iii) ownership of beneficial interests in book entry form shall be shown by book entry on the system main- tained and operated by the Depository and its Participants, and transfers of the ownership of beneficial interests shall be made only by book entry by the Depository and its Participants; (iv) ttie Bonds as such shall not be transfer- able or exchangeable, except for transfer to another Depository or to another nominee of a Depository, without further action by the City; and (v) the Director of Finance shall act as Bond Registrar in accordance with Section 4. 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 notifica- tion of the beneficial owners by the then Depository and any other arrange- ments 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 City action or inaction, of those persons requesting such issuance. The Director of Finance is also hereby authorized and directed to the extent necessary or required to enter into any agreements determined necessary in connection with the book entry system for the Bonds, after determining that the signing thereof will not endanger the funds or securities of the City and after the approval of the form of any such agreement by the Director of Law. Section 7. The Bonds are sold at private sale to National City Bank (the Original Purchaser) at not less than 97% of par plus any accrued interest from the date of the Bonds to the date of delivery to the Original Purchaser, and shall be awarded by the Director of Finance with the final purchase price, aggregate principal amount, interest rate or rates, serial maturities and Mandatory Sinking Fund Requirements as set forth in the Certificate of Award, all in accordance with law, the provisions of this ordinance and the Bond Purchase Agreement between the City and the Original Purchaser (the Bond - 8 - _, ,...?, ...,