5.3. SR 08-02-2004 - Laserfiche WebLink

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or any failure to give any notice of redemption prescribed by this paragraph shall not affect the validity of the proceedings for the redemption of any Series 2004A Bond or portion thereof. Series 2004A Bonds in a denomination larger than $5,000 may be redeemed in part in any integral multiple of $5,000. The Holder of any Series 2004A Bond redeemed in part shall receive, upon surrender of such Series 2004A Bond to the Registrar, one or more new Series 2004A Bonds of the same series in authorized denominations equal in principal amount to the unredeemed portion of the Series 2004A Bond so surrendered. Section 8. Execution. Authentication and Delivery of Series 2004A Bonds. The Series 2004A Bonds shall be prepared under the direction of the Secretary and shall be executed on behalf of the City by the facsimile signatures of the Mayor and the Clerk-Treasurer and the facsimile signatures of the President and Secretary of the Commission. In case any officer whose signature appears on the Series 2004A Bonds shall cease to be such officer before the delivery of any Series 2004A Bond, such signature shall nevertheless be valid and sufficient for all purposes, the same as if such officer had remained in office until delivery. Notwithstanding such execution, no Series 2004A Bond shall be valid or obligatory for any purpose or entitled to any security or benefit under this Resolution unless a certificate of authentication on such Series 2004A Bond has been executed by the manual signature of an authorized representative of the Registrar. Certificates of authentication on different Series 2004A Bonds need not be signed by the same representative. The executed certificate of authentication on each Series 2004A Bond shall be conclusive evidence that it has been authenticated and delivered under this resolution. When the Series 2004A Bonds have been so executed and authenticated, they shall be delivered to the original purchaser thereof upon payment of the purchase price in accordance with the contract of sale heretofore made and executed, and the purchaser shall not be obligated to see to the application of the purchase price. Section 9. Electric Fund and Accounts. 9.01. Electric Fund. For the convenient and proper administration of the Electric System, including the revenues thereof and proceeds of the Bonds, and to make adequate and specific security to the purchaser and Holders of the Bonds from time to time, the Commission agrees that there shall continue to be maintained on the books and records of the City so long as any Bonds are Outstanding a separate bookkeeping account designated the Electric Fund. Within the Electric Fund there shall be maintained the separate accounts and subaccounts described in this section, or in lieu thereof there may be maintained the required balances as undesignated components of the Electric Fund. 9.02. Operating Account. There shall be credited to the Operating Account all Gross Revenues as received. There shall be paid from the Operating Account when due all reasonable, necessary, and current Operating Expenses of the Electric System. All money on hand in the Operating Account as of the first day of each month in excess of the sum of (i) Operating Expenses then due and payable and to become due and payable during such calendar month, plus (ii) the Operating Reserve Requirement, shall constitute Net Revenues and shall be credited to other accounts in the Electric Fund as provided in Sections 9.03, 9.04, 9.05 and 9.06. 1670578vl 18