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90-093
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90-093
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<br />cancellation of the mutilated Bond or in lieu of and in substitution for a Bond <br />destroyed, stolen or lost, upon the payment of the reasonable expenses and <br />charges of the Registrar in connection therewith; and, in the case of a Bond de- <br />stroyed, stolen or lost, upon filing with the Registrar of evidence satisfactory to <br />it that the Bond was destroyed, stolen or lost, and of the ownership thereof, and <br />upon furnishing to the Registrar of an appropriate bond or indemnity in form, <br />substance and amount satisfactory to the Registrar, in which both the City and <br />the 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 already <br />matured or been called for redemption in accordance with its terms it is not <br />necessary to issue a new Bond prior to payment. <br /> <br />(i) Redemption. In the event any of the Bonds are called for redemp- <br />tion, notice thereof identifying the Bonds to be redeemed will be given by the <br />Registrar by mailing a copy of the redemption notice by first class mail (postage <br />prepaid) not more than 60 and not less than 30 days prior to the date fixed for <br />redemption to the registered owner of each Bond to be redeemed at the address <br />shown on the registration books kept by the Registrar and by publishing the <br />notice in the manner required by law. Failure to give notice by publication or by <br />mail to any registered owner, or any defect therein, will not affect the validity <br />of any proceeding for the redemption of Bonds. Bonds so called for redemption <br />will cease to bear interest after the specified redemption date, provided that the <br />funds for the redemption are on deposit with the place of payment at that time. <br /> <br />2.04. Appointment of Initial Reg-istrar. The City appoints Norwest Bank, <br />Minnesota, National Association, in Minneapolis, Minnesota, as the initial Registrar. <br />The Mayor and the City Manager are authorized to execute and deliver, on behalf of <br />the City, a contract with the Registrar. Upon merger or consolidation of the <br />Registrar with another corporation, if the resulting corporation is a bank or trust <br />company authorized by law to conduct such business, such corporation is authorized to <br />act as successor Registrar. The City agrees to pay the reasonable and customary <br />charges of the Registrar for the services performed. The City reserves the right to <br />remove the Registrar upon 30 days' notice and upon the appointment of a successor <br />Registrar, in which event the predecessor Registrar must deliver all cash and Bonds in <br />its possession to the successor Registrar and must deliver the bond register to the <br />successor Registrar. On or before each principal or interest due date, without further <br />order of this Council, the Finance Director must transmit to the Registrar moneys <br />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 <br />the direction of the City Manager and executed on behalf of the City by the signatures <br />of the Mayor and the City Manager, provided that all signatures may be printed, <br />engraved or lithographed facsimiles of the originals. In case any officer whose <br />signature or a facsimile of whose signature appears on the Bonds ceases to be such <br />officer before the delivery of any Bond, such signature or facsimile will nevertheless <br />be valid and sufficient for all purposes, the same as if the officer had remained in <br />office until delivery. Notwithstanding such execution, a Bond will not be valid or <br />obligatory for any purpose or entitled to any security or benefit under this Resolution <br />unless and until a certificate of authentication on the Bond has been duly executed by <br />the manual signature of an authorized representative of the Registrar. Certificates of <br />authentication on different Bonds need not be signed by the same representative. The <br />executed certificate of authentication on each Bond is conclusive evidence that it has <br /> <br />4 <br />
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