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01-017
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01-017
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7/15/2005 10:19:42 AM
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<br />is destroyed, stolen or lost, the Registrar will deliver a new Bond of like amount, number, <br />maturity date and tenor in exchange and substitution for and upon cancellation of the <br />mutilated Bond or in lieu of and in substitution for a Bond destroyed, stolen or lost, upon the <br />payment of the reasonable expenses and charges of the Registrar in connection therewith; <br />and, in the case of a Bond destroyed, stolen or lost, upon filing with the Registrar of <br />evidence satisfactory to it that the Bond was destroyed, stolen or lost, and of the ownership <br />thereof, and upon furnishing to the Registrar an appropriate bond or indemnity in form, <br />substance and amount satisfactory to it and as provided by law, in which both the City and <br />the Registrar must be named as obligees. Bonds so surrendered to the Registrar will be <br />cancelled by the Registrar and evidence of such cancellation must be given to the City. If <br />the mutilated, destroyed, stolen or lost Bond has already matured or been called for <br />redemption in accordance with its terms it is not necessary to issue a new Bond prior to <br />payment. <br /> <br />(i) Redemption. In the event any of the Bonds are called for redemption, notice <br />thereof identifying the Bonds to be redeemed will be given by the Registrar by mailing a <br />copy of the redemption notice by first class mail (postage prepaid) to the registered owner of <br />each Bond to be redeemed at the address shown on the registration books kept by the <br />Registrar and by publishing the notice if required by law. Failure to give notice by <br />publication or by mail to any registered owner, or any defect therein, will not affect the <br />validity of the proceedings for the redemption of Bonds. Bonds so called for redemption <br />will cease to bear interest after the specified redemption date, provided that the funds for the <br />redemption are on deposit with the place of payment at that time. <br /> <br />2.04. Appointment of Initial Registrar. The City appoints U.s. Bank Trust National <br />Association, St. Paul, Minnesota, as the initial Registrar. The Mayor and the City Manager are <br />authorized to execute and deliver, on behalf of the City, a contract with the Registrar. Upon merger <br />or consolidation of the Registrar with another corporation, if the resulting corporation is a bank or <br />trust company authorized by law to conduct such business, the resulting corporation is authorized to <br />act as successor Registrar. The City agrees to pay the reasonable and customary charges of the <br />Registrar for the services performed. The City reserves the right to remove the Registrar upon 30 <br />days' notice and upon the appointment of a successor Registrar, in which event the predecessor <br />Registrar must deliver all cash and Bonds in its possession to the successor Registrar and must <br />deliver the bond register to the successor Registrar. On or before each principal or interest due date, <br />without further order of this Council, the City Finance Director-Clerk must transmit to the Registrar <br />monies sufficient for the payment of all principal and interest then due. <br /> <br />2.05. Execution, Authentication and Delivery. The Bonds will be prepared under the <br />direction of the City Finance Director-Clerk and executed on behalf of the City by the signatures of <br />the Mayor and the City Manager, provided that all signatures may be printed, engraved or <br />lithographed facsimiles of the originals. If an officer whose signature or a facsimile of whose <br />signature appears on the Bonds ceases to be such officer before the delivery of any Bond, such <br />signature or facsimile will nevertheless be valid and sufficient for all purposes, the same as if the <br />officer had remained in office until delivery. Notwithstanding such execution, a Bond will not be <br />valid or obligatory for any purpose or entitled to any security or benefit under this Resolution unless <br /> <br />SJB-!92210vl <br />NE136-166 <br />
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