Resolution - #89-11-320 - 11/28/1989

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(e) lmproper or Unauthorized Transfer. When a Bond is presented to the Registrar for transter, tt-,.e Registrar may refuse to transfer the Bond until the Registrar is satisfied that the endorsemeni on ~.he Bond or separate instrument of transfer is valid and genuine and that the requested t~ ansfe~ is legally authorized. The Registrar will incur no liability for the refusal, in good faith, to make transfers which it, in its judgment, deems improper or unauthorized. ({) t-2~$on$ Deemed Owners, The City and the Registrar may treat the person in whose name a Bond is registered in the bond register as the absolute owner of the Bond, whether the Bond i:; overdue or not, for the purpose of receiving payment of, or on account of, the principal of :md into'rest on the Bond and for all other purposes and payments so made to registered owner or upon the owner's order will be valid and effectual to satisfy and discharge the liability upon such ll,.md to the extent of the sum or sums so paid. (g) Tax_e,5., Fees and Charges.. For a transfer or exchange of Bonds, the Registrar may imposq; a .charge upon the owner thereof sufficient to reimburse the Registrar for any tax, fee or other governmtmtal charge required to be paid with respect to the transfer or exchange. (h) .:Mutilated, Ix)st, Stolen or Destroyed Bonds. If a Bond becomes mutilated or is destroyed, ~,;tolen or lost, the Registrar will deliver a new Bond of like amount, number, maturity date and teller in ,,;xchange and substitution for and upon cancellation of the mutilated Bond or in lieu of and in sub:;titution for a Bond destroyed, stolen or lost, upon the payment of the reasonable expenses and charges of the Registrar in connection therewith; and, in the case of a Bond destroyed, stolen ¢~r lost, upon filing with the Registrar of evidence satisfactory to it that the Bond was destroyed, st{den or lost, and of the ownership thereof, and upon furnishing to the Registrar of an apprt)priat¢ bond or indemnity in form, substance and amount satisfactory to it and as provided by law, in which both the City and the Registrar must be named as obligees. Bonds so surrendered ~} the Registrar will be cancelled by the Registrar and evidence of such cancellation must be givea m tl~e City. If the mutilated, destroyed, stolen or lost Bond has already matured or been called for redemption in accordance with its terms it is not necessary to issue a new Bond prior to paymc~nL (i) Redemption. In the event any of the Bonds are called for redemption, notice thereof identi lying 'the Bonds to be redeemed will be given by the Registrar by mailing a copy of the redemp~i~m notice by first class mail (postage prepaid) not more than 60 and not less than 30 days prior to the date fixed for redemption to the registered owner of each Bond to be redeemed at the address ¢i~owr, on the registration books kept by the Registrar and by publishing the notice in the manner reqtdred by law. Failure to give notice by publication or by mail to any registered owner, or any delL'ct therein, will not affect the validity of any proceeding for the redemption of Bonds. Bonds so called for redemption will cease to bear interest after the specified redemption date, provided !:hat the funds for the redemption are on deposit with the place of payment at that time. 2.()4. .~2pointm¢n~. of Initial Registrar. The City appoints First Trust National Association, St. l'aul, Minnesota, as the initial Registrar. The Mayor and the City Administrator are authorized m ~:xecute and deliver, on behalf of the City, a contract with the Registrar. Upon merger or c(msolidation of the Registrar with another corporation, if the resulting corporation is a bank or trust company authorized by law to conduct such business, such corporation is authorized to act as stlcc,3s...;ol Registrar. The City agrees to pay the reasonable and customary charges of the Registrar lbr the services performed. The City reserves the right to remove the Registrar upon 30 days' notice trod upon the appointment of a successor Registrar, in which event the predecessor Registrar must deliver all cash and Bonds in its possession to the successor Registrar and must deliver thc bond register to the successor Registrar. On or before each principal or interest due date, without further order of this Council, the Finance Officer must transmit to the Registrar moneys sufficient ~or the payment of all principal and interest then due.