Laserfiche WebLink
Director of Finance on behalf of the City. The same person need not sign the certificate of <br />authentication on all of the Bonds. <br />Section 5. Registration; Transfer and Exchange; Book Entry System. <br />(a) Bond Registrar. So long as any of the Bonds remain outstanding, the City will cause <br />the Bond Registrar to maintain and keep the Bond Register at its designated corporate trust office. <br />Subject to the provisions of subsection (d) of Section 3 and subsection (c) of Section 6, the person in <br />whose name a Bond is registered on the Bond Register shall be regarded as the absolute owner of <br />that Bond for all purposes of the Bond proceedings. Payment of or on account of the debt charges <br />on any Bond shall be made only to or upon the order of that person; neither the City nor the Bond <br />Registrar shall be affected by any notice to the contrary, but the registration may be changed as <br />provided in this Section. All such payments shall be valid and effectual to satisfy and discharge the <br />City's liability upon the Bond, including interest, to the extent of the amount or amounts so paid. <br />(b) Transfer and Exchange. Subject to any inhibitions of book entry form during any <br />period in which the Bonds are in book entry form, any Bond may be (i) exchanged for Bonds of any <br />Authorized Denomination upon presentation and surrender at the designated corporate trust office <br />of the Bond Registrar, together with a request for exchange signed by the registered owner or by a <br />person legally empowered to do so in a form satisfactory to the Bond Registrar, and (ii) transferred <br />only on the Bond Register upon presentation and surrender of the Bond at the designated corporate <br />trust office of the Bond Registrar, together with an assignment signed by the registered owner or by <br />a person legally empowered to do so in a form satisfactory to the Bond Registrar. Upon exchange <br />or transfer the Bond Registrar shall complete, authenticate and deliver a new Bond or Bonds of any <br />Authorized Denomination or Denominations requested by the owner equal in the aggregate to the <br />unmatured principal amount of the Bond surrendered and bearing interest at the same rate and <br />maturing on the same date. <br />If manual signatures on behalf of the City are required, the Bond Registrar shall <br />undertake the exchange or transfer of Bonds only after the new Bonds are signed by the authorized <br />officers of the City. In all cases of Bonds exchanged or transferred, the City shall sign or provide <br />for signing and the Bond Registrar shall authenticate and deliver Bonds in accordance with the <br />provisions of the Bond proceedings. The exchange or transfer shall be without charge to the owner, <br />except that the City and Bond Registrar may make a charge sufficient to reimburse them for any tax <br />or other governmental charge required to be paid with respect to the exchange or transfer. The City <br />or the Bond Registrar may require that those charges, if any, be paid before the procedure is begun <br />for the exchange or transfer. All Bonds issued and authenticated upon any exchange or transfer <br />shall be valid obligations of the City, evidencing the same debt, and entitled to the same security <br />and benefit under the Bond proceedings, as the Bonds surrendered upon that exchange or transfer. <br />(c) Book Entry System. Notwithstanding any other provisions of this ordinance, if the <br />Mayor and the Director of Finance determine in the Certificate of Award that it is in the best interest <br />of and financially advantageous to the City, the Bonds may be issued in book entry form in <br />accordance with the following provisions of this Section. <br />Kim <br />