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92-110 (2)
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92-110 (2)
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8/4/2005 1:03:44 PM
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<br />(d) Cancellation. Bonds surrendered upon any transfer or exchange <br />will be promptly cancelled by the Registrar and thereafter disposed of as <br />directed by the City. <br /> <br />(e) Improper or Unauthorized Transfer. When a Bond is presented to <br />the Registrar for transfer, the Registrar may refuse to transfer the Bond <br />until the Registrar is satisfied that the endorsement on the Bond or separate <br />instrument of transfer is valid and genuine and that the requested transfer <br />is legally authorized. The Registrar will incur no liability for the refusal, in <br />good faith, to make transfers which it, in its judgment, deems improper or <br />unauthorized. <br /> <br />(f) Persons Deemed Owners. The City and the Registrar may treat the <br />person in whose name a Bond is registered in the bond register as the absolute <br />owner of the Bond, whether the Bond is overdue or not, for the purpose of <br />receiving payment of, or on account of, the principal of and interest on the <br />Bond and for all other purposes, and payments so made to a registered owner <br />or upon the owner's order will be valid and effectual to satisfy and discharge <br />the liability upon such Bond to the extent of the sum or sums so paid. <br /> <br />(g) Taxest Fees and Chare,:es. For a transfer or exchange of Bonds, <br />the Registrar may impose a charge upon the owner thereof sufficient to <br />reimburse the Registrar for any tax, fee or other governmental charge <br />required to be paid with respect to the transfer or exchange. <br /> <br />(h) Mutilated, Lost, Stolen or Destroyed Bonds. If a Bond becomes <br />mutilated or is destroyed, stolen or lost, the Registrar will deliver a new Bond <br />of like amount, numbert maturity date and tenor in exchange and substitution <br />for and upon cancellation of the mutilated Bond or in lieu of and in <br />substitution for a Bond destroyed t stolen or lost, upon the payment of the <br />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 <br />Registrar of evidence satisfactory to it that the Bond was destroyed, stolen <br />or lost, and of the ownership thereof, and upon furnishing to the Registrar <br />of an appropriate bond or indemnity in form, substance and amount <br />satisfactory to it and as provided by law, in which both the City and the <br />Registrar must be named as obligees. Bonds so surrendered to the Registrar <br />will be cancelled by the Registrar and evidence of such cancellation must be <br />given to the City. If the mutilated, destroyed, stolen or lost Bond has <br />already matured or been called for redemption in accordance with its terms it <br />is not necessary to issue a new Bond prior to payment. <br /> <br />2.04. Appointment of Initial Ree,:istrar. The City appoints <br />First Trust National Association , St. P:ml , Minnesota, as the initial <br />Registrar. The Mayor and the City Manager are authorized to execute and deliver, <br />on behalf of the City, a contract with the Registrar. Upon merger or consolidation <br />of the Registrar with another corporation, if the resulting corporation is a bank or <br />trust company authorized by law to conduct such business, such corporation is <br />authorized to act as successor Registrar. The City agrees to pay the reasonable and <br />customary charges of the Registrar for the services performed. The City reserves <br />the right to remove the Registrar upon 30 days' notice and upon the appointment of <br /> <br />SJB41089 <br />NE136-97 <br />
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