10-26-09 Common Council Meeting Agenda & Packet

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In the event any Bond is mutilated, lost, stolen or destroyed, the City may cause to be executed and the Registrar may authenticate a new Bond of like date, maturity, series and denomination as the mutilated, lost, stolen or destroyed Bond, which new Bond shall be marked in a manner to distinguish it from the Bond for which it was issued; provided, that in the case of any mutilated Bond, such mutilated Bond shall first be surrendered to the Registrar, and in the case of any lost, stolen or destroyed Bond there shall be first furnished to the Registrar evidence of such loss, theft or destruction satisfactory to the City and the Registrar, together with indemnity satisfactory to them. In the event that any such mutilated, lost, stolen or destroyed Bond shall have matured or been called for redemption, instead of causing to be issued a duplicate Bond, the Registrar and Paying Agent may pay the same upon surrender of the mutilated Bond or upon satisfactory indemnity and proof of loss, theft or destruction in the case of a lost, stolen or destroyed Bond. The City and the Registrar and Paying Agent may charge the owner of any such Bond with their reasonable fees and expenses in connection with the above. Every substitute Bond issued by reason of any Bond being lost, stolen or destroyed shall, with respect to such. Bond, constitute a substitute contractual obligation of the City pursuant to this Ordinance, whether or not the lost, stolen or destroyed Bond shall be found at any time, and shall be entitled to all the benefits of this Ordinance, equally and proportionately with any and all other Bonds duly issued hereunder. In the event that any B and is not presented for payment or redemption on the date established therefor, the City may deposit in trust with the Paying Agent an amount sufficient to pay such Bond or the redemption price thereof, as appropriate, and thereafter the owner of such Bond shall look only to the funds so deposited in trust with the Paying Agent for payment and the City shall have no further obligation or liability with respect thereto. Section 2. Subsection (a) of the section of the Bond Ordinance labeled Section IV. Redemption of Bonds is hereby amended to read as follows: (a) Optional Redemption. Each series of the Bonds shall be subject to redemption at the option of the City, in whole or in part, upon thirty (30) days written notice, to the registered owner or owners of Bonds to be redeemed, on any December 1 not earlier than ten (10) years from the original date of each series of the Bonds, at a redemption price and in amounts and maturities and in order of maturities determined by the Mayor and the Clerk upon the advice of the City's financial advisor as set forth in a certificate of the City to be executed and attested by theMayor and the Clerk, respectively, prior to the sale of each series of the Bonds (the' "Issuer's Certificate"). Official notice of such redemption shall be mailed by the Registrar and Paying Agent by certified or registered mail at least thirty (30) days and not more than~forty-five (45) days (if the Bonds are sold to the Authority or to the Bond Bank, at least 60 days and not more than 90 days) prior to the scheduled redemption date to each~of the registered owners of the Bonds called for redemption (unless waived by -7- BDDBOI 586349~v1