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2004-11-01
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2004-11-01
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8/24/2005 2:31:48 PM
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City Council
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11/1/2004
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Minutes
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authentication of such Bonds and of Paragraph 10 with regard to the forms of such Bonds <br />shall be modified as the City Manager shall determine to be necessary or appropriate. <br /> <br />(f) If the Bonds of a given series are subject to redemption and if any Bonds of such <br />series (or portions thereof in installments of $5,000 or any integral multiple thereof) are <br />to be redeemed, notice of such redemption specifying the date, numbers and maturity or <br />maturities of the Bond or Bonds to be redeemed, the date and place or places fixed for <br />their redemption and the premium, if any, payable upon such redemption, and if less than <br />the entire principal amount of a Bond called for redemption is to be redeemed, that such <br />Bond must be surrendered in exchange for payment of the principal amount thereof to be <br />redeemed and the issuance of a new Bond or Bonds equalling in principal amount that <br />portion of the principal amount of such Bond not to be redeemed, shall be mailed not less <br />than thirty (30) days prior to the date fixed for redemption, by first class mail, postage <br />prepaid, to the registered owner of each such Bond at his address as it appears on the <br />books of registry kept by Director of Finance of the City, who is hereby appointed as the <br />Registrar and Paying Agent for the Bonds (the "Registrar and Paying Agent" or the <br />"Registrar" or the Paying Agent"), as of the close of business on the forty-fifth (45th) day <br />next preceding the date fixed for redemption. If any Bonds shall have been called for <br />redemption and notice thereof shall have been given as hereinabove set forth, and <br />payment of the principal amount of such Bonds (or of the principal amount thereof to be <br />redeemed) and of the accrued interest and premium, if any, payable upon such <br />redemption shall have been duly made or provided for, interest on such Bonds shall cease <br />to accrue from and after the date so specified for their redemption. <br /> <br />(g)(i) The Bonds of each series shall be issued only in book-entry-only form. One Bond <br />representing each maturity of the Bonds of each series will be issued to and registered in <br />the name of Cede & Co., as nominee of The Depository Trust Company, New York, New <br />York ("DTC"), as registered owner of the Bonds, and each such Bond shall be <br />immobilized in the custody ofDTC. DTC will act as securities depository for the Bonds. <br />Individual purchases will be made in book-entry form only, in the principal amount of <br />$5,000 or any integral multiple thereof. Purchasers will not receive physical delivery of <br />certificates representing their interest in the Bonds purchased. <br /> <br />(ii)Principal, premium and interest payments on the Bonds will be made by the Registrar <br />and Paying Agent for the Bonds to DTC or its nominee, Cede & Co., as registered owner <br />of the Bonds, which will in turn remit such payments to the DTC participants for <br />subsequent disbursal to the beneficial owners of the Bonds. Transfers of principal, <br />premium and interest payments to DTC participants will be the responsibility of DTC. <br />Transfers of such payments to beneficial owners of the Bonds by DTC participants will <br />be the responsibility of such participants and other nominees of such beneficial owners. <br />Transfers of ownership interests in the Bonds will be accomplished by book entries made <br />by DTC and, in turn, by the DTC participants who act on behalf of the indirect <br />participants of DTC and the beneficial owners of the Bonds. <br /> <br />(iii)The City will not be responsible or liable for sending transaction statements or for <br />maintaining, supervising or reviewing records maintained by DTC, its participants or <br />persons acting through such participants or for transmitting payments to, communicating <br />with, notifying, or otherwise dealing with any beneficial owner of the Bonds. So long as <br />the Bonds are in book-entry only form, the Director of Finance will serve as Registrar <br />and Paying Agent for the Bonds. The City reserves the right to designate a successor <br />Registrar and Paying Agent for the Bonds if the Bonds at any time cease to be in book- <br />entry only form. <br /> <br />(iv)So long as the Bonds are in book-entry-only form, any notice of redemption will be <br />given only to DTC or its nominee. The City shall not be responsible for providing any <br />beneficial owner of the Bonds any notice of redemption. <br /> <br />3. (a) The Bonds shall be executed, for and on behalf of the City, by the manual or <br />facsimile signature of the Mayor and the City Treasurer of the City and shall have a <br />facsimile of the corporate seal of the City imprinted thereon, attested by the manual or <br />facsimile signature of the Clerk of Council of the City. <br /> <br /> <br />
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