2022-077 Ordinance - Laserfiche WebLink

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`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. I lie Notes 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 Notes mac be issued in the form of a single Note made payable to the Depository or its nominee and deposited with and retained in the custody of the Depository or its agent for that purpose: (it) the ortiners of book entry' interests shall have no right to iv recee the Notes in the form of physical securities or certificates: (iii) ownership of book entry interests 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 entrN by the Depository and its Participants: and (iv) the Notes as such shall not be translcrable or exchangeable. except for transfer to another Depository or to another notnince of a Depository. without further action by the City. If any Depository determines not to continue to act as a Depository for the Notes for use in a book entry system, the Director of Finance may attempt to establish a securities depository/book entry relationship with another qualified Depositor. If the Director of Finance docs 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 Notes noun the Depository, and shall cause the Notes in bearer or payable fnmh to be signed by the officers authorized to sign the Notes and delivered 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 ol'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 amagreements determined necessarN in connection with the book entry system for the Notes, after determining that the signing thereof will not endanger the funds of securities of the City. Section 6. Award and Sale of the Notes. (a) 'I o the Oricinal Purchaser. I he Notes shall be sold by the Director of Finance at private sale at a purchase price not Tess than par, as detennined in the Certificate of Award. and in accordance with law and the provisions of this Ordinance. the Director of Finance shall sign the Certificate of Award referred to in Section 3 specifying the aggregate principal amount of the Notes to be issued, the interest rate the Notes shall bear. the final purchase price of the 'Votes and certain other final terms of Notes and evidencing that sale, cause the Notes to be prepared, and have the Notes signed and delivered. together Neith a true transcript of proceedings with reference to the issuance of the Notes it requested by the Original Purchaser. to the Original Purchaser upon payment of the purchase price. The Mayor, the Director of Finance, the Director of Law. the Clerk of Council and other City officials, as appropriate. are each authorized and directed to sign any transcript certificates, financial statements and other documents and instruments and to take such actions as are necessary or appropriate to consummate the transactions contemplated by this Ordinance. The Director of Finance is authorized. it it is determined to be in the best interest of the City, to combine the issue of Notes with one or more other rmvoted general obligation bond