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Improvements to Municipal Sewage Works Issurance of Revenue Bonds $15,075,000
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Improvements to Municipal Sewage Works Issurance of Revenue Bonds $15,075,000
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Last modified
4/24/2013 2:54:09 PM
Creation date
4/16/2013 11:41:00 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
4/8/2013
Ord-Res Number
10226-13
Bill Number
12-13
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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 2013A Bonds, cash or investments related thereto in its <br />possession and the Registration Record to the successor Registrar and Paying Agent. <br />As to the BANs, the Fiscal Officer shall serve as Registrar and Paying Agent and is <br />hereby charged with the duties of Registrar and Paying Agent. <br />SECTION 6. Terms of Redemption. The 2013A Bonds may be made redeemable at <br />the option of the City on thirty (30) days' notice, in whole or in part, in any order of maturities <br />selected by the City and by lot within a maturity, on dates and with premiums and other terms, as <br />finally determined by the Executive with the advice of the City's financial advisor, as evidenced <br />by delivery of the executed initial issue of the 2013A Bonds to the Registrar for authentication. <br />Notice of redemption shall be mailed by first -class mail to the address of each registered <br />owner of a 2013A Bond to be redeemed as shown on the Registration Record not more than sixty <br />(60) days and not less than thirty (30) days prior to the date fixed for redemption except to the <br />extent such redemption notice is waived by owners of 2013A Bonds redeemed, provided, <br />however, that failure to give such notice by mailing, or any defect therein, with respect to any <br />2013A Bond shall not affect the validity of any proceedings for the redemption of any other <br />2013A Bonds. The notice shall specify the date and place of redemption, the redemption price <br />and the CUSIP numbers of the 2013A Bonds called for redemption. The place of redemption <br />may be determined by the City. Interest on the 2013A Bonds so called for redemption shall <br />cease on the redemption date fixed in such notice if sufficient funds are available at the place of <br />redemption to pay the redemption price on the date so named, and thereafter, such 2013A Bonds <br />shall no longer be protected by this Ordinance and shall not be deemed to be outstanding <br />hereunder, and the holders thereof shall have the right only to receive the redemption price. <br />All 2013A Bonds which have been redeemed shall be canceled and shall not be reissued; <br />provided, however, that one or more new registered bonds shall be issued for the unredeemed <br />portion of any 2013A Bond without charge to the holder thereof. <br />No later than the date fixed for redemption, funds shall be deposited with the Paying <br />Agent or another paying agent to pay, and such agent is hereby authorized and directed to apply <br />such funds to the payment of, the 2013A Bonds or portions thereof called for redemption, <br />including accrued interest thereon to the redemption date. No payment shall be made upon any <br />2013A Bond or portion thereof called for redemption until such 2013A Bond shall have been <br />delivered for payment or cancellation or the Registrar shall have received the items required by <br />this Ordinance with respect to any mutilated, lost, stolen or destroyed bond. <br />The BANs are prepayable by the City, in whole or in part, at any time upon seven (7) <br />days' notice to the owner of the BANs, without any premium. <br />SECTION 7. Execution and Negotiability. The 2013A Bonds shall be signed in the <br />name of the City by the manual or facsimile signature of the Executive and attested by the <br />manual or facsimile signature of the City Clerk, who also shall affix the seal of the City manually <br />or shall have the seal imprinted or impressed thereon by facsimile or other means. In case any <br />-7- <br />
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