Agenda - Council - 01/12/1999 - Laserfiche WebLink

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2.03. Registration. The City will appoint a bond registrar, transfer agent, authenticating agent and paying agent (Registrar). The effect of registration and the rights and duties of the City and the Registrar with respect thereto are as follows: (a) Register. The Registrar must keep at its principal corporate trust office a bond register in which the Registrar provides for the registration of ownership of Bonds and the registration of transfers and exchanges of B ~nds entitled to be registered, transferred or exchanged. (b) Transfer of Bonds. Upon surrender fo~ transfer of a Bond duly endorsed by the registered owner thereof or accompanied by a wn.ten instrument of transfer, in form satisfactory to the Registrar, duly executed by the registe~s.:t owner thereof or by an attorney duly authorized by the registered owner in writing, the Registrar will authenticate and deliver, in thc name of the designated transferee or transfer,.'t 3, one or more new Bonds of a like aggregate principal amount and maturity, as requested ~ ,t the transferor. The Registrar may, however, close the books for registration of any transJ r after the fifteenth day of the month preceding each interest payment date and until that int est payment date. (c) Exchange of Bonds. When Bonds are surrende: ~d by the registered owner for exchange the Registrar will authenticate and deliver one or :n')re new Bonds of a like aggregate principal zunount and maturity as requested by the regis. '..'ed owner or the owner's attorney in writing. (d) Cancellation. Bonds surrendered upon transfer or exchange will be promptly cancelled by the Registrar and thereafter disposed of as dire( tsd by the City. (e) Improper or Unauthorized Transfer. When a Bond ir.. presented to the Registrar for transfer, the Registrar may refuse to transfer the Bond u3 ~til the Registrar is satisfied that the endorsement on such Bond or separate instrument of tr 'nsfer is valid and genuine and that the requested transfer is legally authorized. The Regis tar will incur no liability for the refusal, in good faith, to make transfers which it, in its jttdgment, deems improper or unauthorized. (f) Persons Deemed Owners. The City and the Registrar may trc at the person in whose name a Bond is registered in the bond register as the absolute owner ~fthe Bond, whether the Bond is overdue or not, for the purpose of receiving payment of, o~' on account of, the principal of and interest on the Bond and for all other purposes, and pa.?ments so made to a registered owner or upon the owner's order will be valid and effectual to satisfy and discharge the liability upon the Bond to the extent of the sum or sums so paid. SJB- ' 56196 RA 125-54