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81-2438
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Resolutions 1981
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81-2438
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8/16/2005 12:43:39 PM
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8/15/2005 11:58:05 AM
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<br />I, <br />. <br /> <br />'", <br /> <br />incorporated in this resolution and made a part hereof, but with all such <br />changes therein, not inconsistent with the Act or other law, as may be <br />approved by officers executing the same, which approval shall be <br />conclusively evidenced by the execution thereof. The proposal of the <br />Lender to purchase the Note at a price of $450,000 (100% of its par value) <br />is hereby found and determined to be reasonable and is hereby accepted. <br />The Mayor and City Manager are authorized and directed to prepare the <br />Note in typewritten form substantially in the form set forth in Exhibit <br />A hereto. The Note shall be executed by the manual signatures of the <br />Mayor and City Manager and attested by the manual signature of the City <br />Clerk, and the official seal of the City shall be affixed thereto. When <br />so prepared and executed, the Note shall be delivered to the Lender at <br />the time of the execution and delivery of the Loan Agreement and all of <br />the related documents. The Note shall contain a recital that is issued <br />pursuant to the Act, and such recital shall be conclusive evidence of <br />the validity and regularity of the issuance thereof. <br /> <br />6.) Registration Records. The City Clerk, as Note Registrar, shall <br />keep a Note Regi ster in wh ich the Ci ty shall provide for the regi stration <br />of the Note and for transfers of the Note. The principal of and interest <br />on the Note shall be payable to the Lender or registered assigns in lawful <br />money of the united St ates of America at the address of the Lender or <br />registered assigns as shown on the Note Register. <br /> <br />7.) Mutilated, Lost, Stolen or bestro ed Note. If the Note is <br />mutilated, os, s 0 en or es roye, e 1 y may execute and deliver <br />to the registered owner a new Note of like date, number, maturity and <br />tenor as that mutilated, lost, stolen or destroyed: provided that, in <br />the case of mutilation, the mutilated Note shall first be surrendered <br />to the City, and in the case of a lost, stolen or destroyed Note, there <br />shall be first furnished to the City and the Company evidence of such <br />loss, theft or destruction satisfactory to the City and the Company <br />together with indemnity satisfactory to them. The City may charge the <br />noteholder with its reasonable fees and expenses in this connection. <br /> <br />8.) Transfer of Note: Person Treated as Owner. The Note shall be <br />transferable by the registered owner on the Note Register of the City, <br />upon presentation of the Note for notation of such transfer thereon at <br />the office of the City Clerk, as Note Registrar, accompanied by a written <br />instrument of transfer in form satisfactory to the Note Registrar duly <br />executed by the registered owner or its attorney duly authorized in <br />writing. The registered owner seeking to transfer ownership of the Note <br />shall also give written notice thereof to the Company. The Note shall <br />continue to be subject to successive transfers at the option of the <br />registered owner of the Note. No service charge shall be made for any <br />such transfer, but the Note Registrar may require payment of a sum <br />sufficient to cover any tax or other governmental charge payable in <br />connection therewith. The Note Registrar shall give written notice to <br />the Company of any transfer of ownership recorded on the Note Register <br />immediatley upon effectuating the same. The person in whose name the <br />Note shall be registered from time to time shall be deemed and regarded <br />as the absolute owner thereof for all purposesr and payment of or on <br />account of the principal of and interest on the Note shall be made only <br />to or upon the order of the owner thereof, or its attorney duly authorized <br /> <br />4. <br />
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