Resolution - #80-51 - 06/01/1980

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purchase price therefor, and upon receipt of the signed legal opinion of Messrs. Faegre & Benson, of Minneapolis, Minnesota, bond counsel, pursuant to the Loan Agreement. The Bond shall contain a recital that the Bond is issued pursuant to the Act, and such recital shall be conclusive evidence of the validity and regularity of the issuance thereof. 8. Registration Records. The City Clerk, as bond registrar, shall keep a bond register in which the City shall provide for the registration of the Bond and for transfers of the Bond. The City Clerk is authorized and directed to deliver a certified copy of this Bond Resolution to the County Auditor of Anoka County, together with such other information as the County Auditor may require, and obtain the certificate of the County Auditor as to entry of the Bond on his bond register as required by the Act and Section 475.63, Minnesota Statutes. 9. Mutilated, Lost, Stolen or Destroyed Bond. If the Bond is mutilated, lost, stolen or destroyed, the City may execute and deliver to the Holder a new Bond of like amount, date, number and tenor as that mutilated, lost, stolen or destroyed; provided that, in the case of mutilation, the mutilated Bond shall first be surrendered to the City, and in the case of a lost, stolen or destroyed Bond, there shall be first furnished to the City and the Borrower evidence of such loss, theft or destruction satis- factory to the City and the Borrower, together with indemnity satisfactory to them. The City and Borrower may charge the Holder with their reasonable fees and expenses in replacing any mutilated, lost, stolen or destroyed Bond. 10. Transfer of Bond; Person Treated as Holder. The Bond shall be transferable by the Holder on the bond register of the City, upon presentation of the Bond for notation of such transfer thereon at the office of the City Clerk, as bond regis- trar, accompanied by a written instrument of transfer in form satisfactory to the City Clerk and the City Attorney duly exe- cuted by-the Holder or its attorney duly authorized in writing. The Holder seeking to transfer ownership of such Bond shall also give written notice thereof to the Borrower. Such Bond shall continue to be subject to successive transfers at the option of the Holder of the Bond. No service charge shall be made for any such transfer, but the City Clerk may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The person in whose name the Bond shall be issued or, if transferred, shall be registered from time to time shall be deemed and regarded as the absolute Holder thereof for all purposes, and payment of or on account of the principal of and interest on such Bond shall be made only to or upon the order of the Holder thereof, or its attorney duly authorized in writing, and neither 'the City, the City Clerk, the Borrower, nor the Lender shall be affected by any notice to the contrary. All such pavements shall be valid and effectual to satisfy and dis- charge the liability upon the Bond to the extent of the sum or sums so paid. The Bond shall be initially registered in the name of the Lender. -5-