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RES 12-11
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RES 12-11
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3/14/2012 8:20:37 AM
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City Government
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RES
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2/21/2012
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has already 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 />(i) Redemption. In the event any of the Bonds are called for redemption, <br />notice thereof identifying the Bonds to be redeemed will be given by the Registrar by <br />mailing a copy of the redemption notice by first class mail (postage prepaid) to the <br />registered owner of each Bond to be redeemed at the address shown on the registration <br />books kept by the Registrar and by publishing the notice if required by law. Failure to <br />give notice by publication or by mail to any registered owner, or any defect therein, will <br />not affect the validity of the proceedings for the redemption of Bonds. Bonds so called <br />for redemption will cease to bear interest after the specified redemption date, provided <br />that the funds for the redemption are on deposit with the place of payment at that time. <br />3.04. Appointment of Initial Re lg'strar. The City appoints U.S. Bank National <br />Association, St. Paul, Minnesota, as the initial Registrar. The Mayor and the City Administrator <br />are authorized to execute and deliver, on behalf of the City, a contract with the Registrar. Upon <br />merger or consolidation of the Registrar with another corporation, if the resulting corporation is a <br />bank or trust company authorized by law to conduct such business, the resulting corporation is <br />authorized to 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 remove the <br />Registrar upon 30 days' notice and upon the appointment of a successor Registrar, in which <br />event the predecessor Registrar must deliver all cash and Bonds in its possession to the successor <br />Registrar and must deliver the bond register to the successor Registrar. On or before each • <br />principal or interest due date, without further order of this Council, the Finance Director must <br />transmit to the Registrar monies sufficient for the payment of all principal and interest then due. <br />3.05. Execution, Authentication and Delivery. The Bonds will be prepared under the <br />direction of the City Administrator and executed on behalf of the City by the signatures of the <br />Mayor and the City Administrator, provided that those 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 a Bond, that <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 <br />be valid or 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 the manual <br />signature of an authorized representative of the Registrar. Certificates of authentication on <br />different Bonds need not be signed by the same representative.. The executed certificate of <br />authentication on a Bond is conclusive evidence that it has been authenticated and delivered <br />under this Resolution. When the Bonds have been so prepared, executed and authenticated, the <br />City Administrator will deliver the same to the Purchaser upon payment of the purchase price in <br />accordance with the contract of sale heretofore made and executed, and the Purchaser is not <br />obligated to see to the application of the purchase price. <br />3.06. Temporary Bond. The City may elect to deliver in lieu of a printed definitive <br />Bond a typewritten temporary Bond in substantially the form -set forth in Section 3 with such • <br />398211v3 JSB EL185-15 6 <br />
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