5.1. & 5.2. SR 11-10-2003 - Laserfiche WebLink

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All Bonds surrendered upon any exchange or transfer provided for in this Resolution shall be promptly cancelled by the Bond Registrar and thereafter disposed of as directed by the City. All Bonds delivered in exchange for or upon transfer of Bonds shah be valid obligations of the City evidencing the same debt and entitled to the same benefits under this Resolution as the Bonds surrendered for such exchange or transfer. Every Bond presented or surrendered for transfer or exchange shall be duly endorsed or be accompanied by a written instrument of transfer, in form satisfactory to the Bond Registrar, duly executed by the registered owner thereof or the registered owner's attorney duly authorized in ~vritmg. The Bond Registrar may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection with the transfer or exchange of any Bond and any legal or unusual costs regarding transfers and lost Bonds. Transfers shall also be subject to reasonable regulations of the City contained in any agreement with the Bond Registrar, including regulations which permit the Bond Registrar to close its transfer books between record dates and payment dates. 11. Rights Upon Transfer or Exchange. Each Bond delivered upon transfer of or in exchange for or in lieu of any other Bond shah carry ail the rights to interest accrued and unpaid, and to accrue, which were carried by such other Bond. 12. Interest Payment; Record Date. Interest on any Bond shall be paid on each Interest Payment Date by check or draft mailed to the person in whose name the Bond is registered (the "Holder") on the registration books of the City maintained by the Bond Registrar and at the address appearing thereon at the close of business on the fifteenth (15th) day of the calendar month next preceding such Interest Payment Date (the "Regular Record Date"). Any such interest not so timely paid shall cease to be payable to the person that is the Holder thereof as of the Regular Record Date and shah be payable to the person that is the Holder thereof at the close of business on a date (the "Special Record Date") fzxed by the Bond Registrar whenever money becomes available for payment of the defaulted interest. Notice of the Special Record Date shah be given by the Bond Registrar to the Holders not less than ten (10) days prior to the Special Record Date. 13. Treatment of Registered Owner. The City and Bond Registrar may treat the person in whose name any Bond is registered as the owner of such Bond for the purpose of receiving payment of principal of and interest (subject to the payment provisions in paragraph 12 above) on such Bond and for all other purposes whatsoever, whether or not such Bond shall be overdue, and neither the City nor the Bond Registrar shah be affected by notice to the contrary. 14. Delivery.; Application of Proceeds. The Bonds when so prepared and executed shall be delivered by the City to the Purchaser upon receipt of the purchase price, and the Purchaser shall not be obliged to see to the proper application thereof. 15. Fund and Accounts. For the convenience and proper administration of the moneys to be borrowed and repaid on the Bonds, there is hereby created a special fund to be designated the General Obligation Water Revenue Bonds, Series 2003B, Fund" (the "Fund") to be admimstered S: \ADMIN ~Resolutions \ 2003 Resolutions~Unapproved~Bond2.DOC