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1988-06-17 Resolution 8
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1988-06-17 Resolution 8
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7/17/2008 11:50:07 AM
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Sec. 2.05. The Bonds so executed by the Authority and <br />authenticated by the Trustee shall be delivered by the Trustee to <br />the purchasers thereof in the amount, at the time, and upon the <br />payment of the purchase price thereof, as requested in writing by <br />the Authority. <br />Sec. 2.06. In case any Bond issued under this Agreement <br />shall become mutilated or be destroyed, stolen or lost, the <br />Authority., in its discretion, may issue, and thereupon said <br />Trustee shall certify and deliver in exchange for and in place <br />and upon cancellation of the mutilated Bond, or in lieu of and <br />substitution for the same if destroyed, .stolen or lost, a new <br />Bond of like denomination and tenor, but which, in the discretion <br />of the Authority or the Trustee, may bear the same or a different <br />serial number, be marked "Duplicate," or be otherwise <br />distinguished. In case of destruction, theft or loss, -the <br />applicant for a substituted Bond shall furnish to the Authority <br />and said Trustee evidence of the destruction of such Bond so <br />destroyed, which evidence must be satisfactory to the Authority <br />and said Trustee, in their discretion, and said applicant shall <br />also furnish indemnity satisfactory to both of them in their <br />discretion. The Authority shall have the right to require the <br />payment of the expense of issuing such replacement prior to the <br />delivery of a new Bond. <br />Sec. 2.07. The Trustee shall keep, at its principal <br />office, a record for the registration of Bonds issued hereunder <br />which shall, at all reasonable times, be open for inspection by <br />the Authority.: <br />Each registered Bond shall be transferable only on such <br />record at the principal office of the Trustee, at the written <br />request of the registered owner thereof or his attorney duly <br />authorized in writing, upon surrender thereof, together with a <br />written instrument of transfer satisfactory to the Trustee duly <br />executed by the registered owner or his duly authorized attorney. <br /> Sec. 2.08. The Authority and the Trustee may deem and <br /> treat the person in whose name .any Bond issued hereunder shall be <br /> registered as the absolute owner of such Bond for the purpose of <br /> receiving payment of or on account of the principal of said Bond, <br /> and for all other purposes whatsoever. <br /> Sec. 2.09. Registered owners of Bonds may, upon <br /> surrender thereof at the principal office. of the Trustee with a <br /> written instrument of transfer satisfactory to the Trustee, <br />~~ exchange a Bond or Bonds for a Bond or Bonds of equal aggregate <br /> principal amount of the same maturity and interest rate of any <br /> authorized denominations. For every exchange or transfer of <br /> Bonds, the Trustee may make a charge sufficient to reimburse it <br />~~ for any tax, fee or other governmental charge required to be paid <br /> with respect to such exchange or transfer, which shall be paid by <br /> the. person requesting such exchange or transfer as a condition <br /> precedent to the exercise of the privilege of making such <br /> exchange or transfer. The cost of preparing each new Bond upon <br /> each exchange or transfer, and any other expenses of the Trustee <br /> -11- <br />_y <br />;5 <br />
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