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10134-11 Waterworks Revenue Bonds $8,300,000
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10134-11 Waterworks Revenue Bonds $8,300,000
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Last modified
12/2/2011 12:45:20 PM
Creation date
12/2/2011 12:45:17 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
11/28/2011
Ord-Res Number
10134-11
Bill Number
70-11
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Agent shall have any responsibility or obligation hereunder to any direct or indirect participant, <br /> within the meaning of Section 17A of the Securities Exchange Act of 1934, as amended, of such <br /> Clearing Agency, or any person on behalf of which, or otherwise in respect of which, any such <br /> participant holds any interest in any 2012 Bond, including, without limitation, any responsibility <br /> or obligation hereunder to maintain accurate records of any interest in any 2012 Bond or any <br /> responsibility or obligation hereunder with respect to the receiving of payment of principal of or <br /> interest or premium, if any, on any 2012 Bond, the receiving of notice or the giving of consent; <br /> and (4) the Clearing Agency is not required to present any 2012 Bond called for partial <br /> redemption, if any, prior to receiving payment so long as the Registrar and Paying Agent and the <br /> Clearing Agency have agreed to the method for noting such partial redemption. <br /> If either the City receives notice from the Clearing Agency which is currently the <br /> registered owner of the 2012 Bonds to the effect that such Clearing Agency is unable or <br /> unwilling to discharge its responsibility as a Clearing Agency for the 2012 Bonds, or the City <br /> elects to discontinue its use of such Clearing Agency as a Clearing Agency for the 2012 Bonds, <br /> then the City and the Registrar and Paying Agent each shall do or perform or cause to be done or <br /> performed all acts or things, not adverse to the rights of the holders of the 2012 Bonds, as are <br /> necessary or appropriate to discontinue use of such Clearing Agency as a Clearing Agency for <br /> the 2012 Bonds and to transfer the ownership of each of the 2012 Bonds to such person or <br /> persons, including any other Clearing Agency, as the holder of the 2012 Bonds may direct in <br /> accordance with this Ordinance. Any expenses of such discontinuance and transfer, including <br /> expenses of printing new certificates to evidence the 2012 Bonds, shall be paid by the City. <br /> During any time that the 2012 Bonds are held in book-entry form on the books of a <br /> Clearing Agency, the Registrar shall be entitled to request and rely upon a certificate or other <br /> written representation from the Cleaxing Agency or any participant or indirect participant with <br /> respect to the identity of any beneficial owner of the 2012 Bonds as of a record date selected by <br /> the Registrar. For purposes of determining whether the consent, advice, direction or demand of a <br /> registered owner of a 2012 Bond has been obtained, the Registrar shall be entitled to treat the <br /> beneficial owners of the 2012 Bonds as the bondholders and any consent, request, direction, <br /> approval, objection or other instrument of such beneficial owner may be obtained in the fashion <br /> described in this Ordinance. <br /> During any time that the 2012 Bonds are held in book-entry form on the books of a <br /> Clearing Agency, the Executive, the Fiscal Officer and/or the Registrar are authorized to execute <br /> and deliver a Letter of Representations agreement with the Clearing Agency, or a Blanket Issuer <br /> Letter of Representations, and the provisions of any such Letter of Representations or any <br /> successor agreement shall control on the matters set forth therein. The Registrar, by accepting <br /> the duties of Registrax under this Ordinance, agrees that it will (i) undertake the duties of agent <br /> required thereby and that those duties to be undertaken by either the agent or the issuer shall be <br /> the responsibility of the Registrar, and (ii) comply with all requirements of the Clearing Agency, <br /> including without limitation same day funds settlement payment procedures. Further, during any <br /> time that the 2012 Bonds are held in book-entry form, the provisions of Section 8 of this <br /> Ordinance shall control over conflicting provisions in any other section of this Ordinance. <br /> - 9 - <br />
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