ERMU RES 16-7 - Laserfiche WebLink

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CUSIP numbers of the Series 2016B Bonds to be redeemed and the place at which the Series 2016B Bonds are to be surrendered for payment, which shall be the principal office of the Registrar. Notice of redemption having been given as aforesaid, the Series 2016B Bonds or portions thereof so to be redeemed shall, on the redemption date, become due and payable at the redemption price therein specified and from and after such date (unless the City shall default in the payment of the redemption price) such Series 2016B Bonds or portions thereof shall cease to bear interest. Series 2016B 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 2016B Bond redeemed in part shall receive, upon surrender of such Series 2016B Bond to the Registrar, one or more new Series 2016B Bonds of the same series in authorized denominations equal in principal amount to the unredeemed portion of the Series 2016B Bond so surrendered. Section 8. Execution, Authentication and Delivery of Series 2016B Bonds. The Series 2016B 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 and on behalf of the Commission by the facsimile signatures of the President and Secretary of the Commission. In case any officer whose signature appears on the Series 2016B Bonds shall cease to be such officer before the delivery of any Series 2016B 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 2016B 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 2016B Bond has been executed by the manual signature of an authorized representative of the Registrar. Certificates of authentication on different Series 2016B Bonds need not be signed by the same representative. The executed certificate of authentication on each Series 2016B Bond shall be conclusive evidence that it has been authenticated and delivered under this resolution. When the Series 2016B 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 11 479283v3 JSB EL185-42