2022-078 Ordinance - Laserfiche WebLink

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"Depository' means any securities depository that is a clearing agency under federal law operating and maintaining. with its Participants or otherwise, it book entry system to record ownership of beneficial interests in the Notes or the principal oh and interest on, the Notes and to effect transfers of the Notes, in book entry form, and includes and means initially the Dcposifor) Frust Company (a limited purpose trust company)_ New York. New York. "Participant" means mry participant contracting with a Depository under a book catty system and includes security brokers and dealers, banks and trust companies, and clearing corporations. the Notes may be issued to a Depository tier use in a book entry system and, if and as long as a book entry system is utifi7ed. (i) the Notes may be issued in the Ibrm of a single Bond made payable to the Depository or its nominee and immobilized in the custody of the Depository or its agent for that purpose: (it) the beneficial owners in book entry form shall hate no right to receive the Notes in the fomt ofphysical securities m certificates: (iii) ownership of beneficial interests in book entry form shall be shown by book entry on the system maintained 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_ and (iv) the Notes as such shall not he transferable or exchangeable. except fur transfer to another Depository or to another nominee of a Depository, without further action by the ('ity. Wary 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 Depository. It the Director of Finance does not or is unahlc to do so, the Director of Finance, after making provision for notification of the beneficial owners by the then Depository and any, other arrangements deemed necessary. shall permit withdrawal (it the Notes from the Depository, and shall cause the Notes in bearer or payable to order Ibrm to be signed by the officers authorized to sign the Notes and delivered to the assigns of the Depositor 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 necessacv or required, to enter into any agreements determined necessary in connection with the book entry system for the Votes_ alter determining that the signing thereof will not endanger the funds or securities of the C'iIN Section 6. Aoolication of Proceeds. The proceeds from the sale of the Notes shall be paid into the proper fund or funds and those proceeds are appropriated and shall be used for the purpose for which the Notes arc being issue(L I he par value to be rcccocd from the sale of the Notes or and any excess funds resulting from the issuance of the Notes shall, to the extent necessary. be used to pay the debt charges on the Notes and are pledged for that purpose. Section 7. Retention of Bond Counsel. the Icgal scnices of Squire Patton Buggs (US) LLP, as bond counsel, be and are hereby retained. The legal services shall be in the nature of legal advice and recommcndutions as to lire documents and the proceedings in connection with the issuance and sale of The Notes and the rendering of the necessary legal opinion upon the delivery of