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06-08-20 Agenda Packet
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06-08-20 Agenda Packet
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whether or not the lost, stolen or destroyed Refunding Bond shall be found at any time, and shall <br />be entitled to all the benefits of this Ordinance, equally and proportionately with any and all other <br />Refunding Bonds issued hereunder. <br />In the event that any Refunding Bond is not presented for payment or redemption on the <br />date established therefor, the City may deposit in trust with the Paying Agent an amount sufficient <br />to pay such Refunding Bond or the redemption price thereof, as appropriate, and thereafter the <br />owner of such Refunding Bond shall look only to the funds so deposited in trust with the Paying <br />Agent for payment and the City shall have no further obligation or liability with respect thereto. <br />SECTION 5. Registrar and Paying Agent. The Controller is hereby authorized to <br />appoint a qualified financial institution to serve as Registrar and Paying Agent for the Refunding <br />Bonds (together with any successor, the "Registrar" or"Paying Agent"). The Registrar is hereby <br />charged with the responsibility of authenticating the Refunding Bonds,and shall keep and maintain <br />the Registration Record at its office. The Controller is hereby authorized to enter into such <br />agreements or understandings with such institution as will enable the institution to perform the <br />services required of a Registrar and Paying Agent. The Controller is further authorized to pay <br />such fees and the institution may charge for the services it provides as Registrar and Paying Agent <br />and such fees may be paid from the Sinking Fund established to pay the principal of and interest <br />on the Refunding Bonds as fiscal agency charges. <br />The Registrar and Paying Agent may at any time resign as Registrar and Paying Agent by <br />giving thirty (30) days written notice to the City and by first-class mail to each registered owner <br />of the Refunding Bonds then outstanding, and such resignation will take effect at the end of such <br />thirty (30) days or upon the earlier appointment of a successor Registrar and Paying Agent by the <br />City. Such notice to the City may be served personally or sent by first-class or registered mail. <br />The Registrar and Paying Agent may be removed at any time as Registrar and Paying Agent by <br />the City, in which event the City may appoint a successor Registrar and Paying Agent. The City <br />shall notify each registered owner of the Refunding Bonds then outstanding by first-class mail of <br />the removal of the Registrar and Paying Agent. Notices to the registered owners of the Refunding <br />Bonds shall be deemed to be given when mailed by first-class mail to the addresses of such <br />registered owners as they appear on the Registration Record. Any predecessor Registrar and <br />Paying Agent shall deliver all the Refunding Bonds, cash or investments related thereto in its <br />possession and the Registration Record to the successor Registrar and Paying Agent. <br />SECTION 6. Terms of Redemption. The Refunding Bonds will not be subject to <br />optional redemption prior to maturity.p p <br />All or a portion of the Refunding Bonds may be aggregated into and issued as one or more <br />term bonds. The term bonds will be subject to mandatory sinking fund redemption with sinking <br />fund payments and final maturities corresponding to the serial maturities described in the Closing <br />Certificate. Sinking fund payments shall be applied to retire a portion of the term bonds as though <br />it were a redemption of serial bonds and,if more than one term bond of any maturity is outstanding, <br />redemption of such maturity shall be made by lot. Sinking fund redemption payments shall be <br />made in a principal amount equal to such serial maturities,plus accrued interest to the redemption <br />date,but without premium or penalty. For all purposes of this Ordinance, such mandatory sinking <br />fund redemption payments shall be deemed to be required payments of principal which mature on <br />6 -
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