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6566
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Last modified
7/27/2005 12:46:20 PM
Creation date
11/5/2014 12:24:36 PM
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City Ordinances
Passed
6/27/2005
Ordinance Number
6566
Bill Number
8796
Introdate
6/6/2005
Description
Authorizing the issuance sale and delivery of special obligation bonds series 2005 for $700,000
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<br />(b) The Mayor and City Clerk are hereby authorized and directed to prepare and execute the <br />Bonds in the manner herein specified, and, when duly executed and registered, to deliver the Bonds to the <br />Paying Agent for authentication. <br /> <br />(c) The Bonds shall have endorsed thereon a certificate of authentication substantially in the <br />form set forth in Exhibit A attached hereto, which shall be manually executed by an authorized sif,1Jlatory <br />of the Paying Agent, but it shall not be necessary that the same signatory sign the certificate of <br />authentication on all of the Bonds that may be issued hereunder at anyone time. No Bond shall be <br />entitled to any security or benefit under this Ordinance or be valid or obligatory for any purpose unless <br />and until such certificate of authentication has been duly executed by the Paying Agent. Such executed <br />certificate of authentication upon any Bond shall be conclusive evidence that such Bond has been duly <br />authenticated and delivered under this Ordinance. Upon authentication, the Paying Agent shall deliver <br />the Bonds to or upon the order of the Purchaser upon payment to the City of the purchase price of the <br />Bonds plus accrued interest thereon to the date of their delivery. <br /> <br />Section 207. Mutilated, Destroyed, Lost and Stolen Bonds. <br /> <br />(a) If (i) any mutilated Bond is surrendered to the Paying Agent or the Paying Agent receives <br />evidence to its satisfaction of the destruction, loss or theft of any Bond, and (ii) there is delivered to the <br />Paying Agent such security or indemnity as may be required by the Paying Agent, then, in the absence of <br />notice to the Paying Agent that such Bond has been acquired by a bona fide purchaser, the City shall <br />execute and the Paying Agent shall authenticate and deliver, in exchange for or in lieu of any such <br />mutilated, destroyed, lost or stolen Bond, a new Bond of the same series and Stated Maturity and of like <br />tenor and principal amount. <br /> <br />(b) If any such mutilated, destroyed, lost or stolen Bond has become or is about to become <br />due and payable, the Paying Agent, in its discretion, may pay such Bond instead of delivering a new <br />Bond. <br /> <br />(c) Upon the issuance of any new Bond under this Section, the City or the Paying Agent may <br />require the payment by the Registered Owner of a sum sufficient to cover any tax or other governmental <br />charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of <br />the Paying Agent) connected therewith. <br /> <br />(d) Every new Bond issued pursuant to this Section shall constitute a replacement of the prior <br />obligation of the City, and shall be entitled to all the benefits of this Ordinance equally and ratably with <br />all other Outstanding Bonds. <br /> <br />Section 208. Cancellation and Destruction of Bonds Upon Payment. All Bonds that have <br />been paid or redeemed or that otherwise have been surrendered to the Paying Agent, either at or before <br />Maturity, shall be cancelled by the Paying Agent immediately upon the payment, redemption and <br />surrender thereof to the Paying Agent and subsequently destroyed in accordance with the customary <br />practices of the Paying Agent. The Paying Agent shall execute a certificate in duplicate describing the <br />Bonds so cancelled and shall file an executed counterpart of such certificate with the City. <br /> <br />Section 209. Preliminary and Final Official Statement. <br /> <br />(a) The Preliminary Official Statement, in the form attached hereto as Exhibit B, is hereby <br />ratified and approved, and the final Official Statement is hereby authorized and approved by <br />supplementing, amending and completing the Preliminary Official Statement, with such changes and <br />additions thereto as are necessary to conform to and describe the transaction. The Mayor is hereby <br /> <br />-9- <br />
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