Ord 1986-125 - Laserfiche WebLink

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Section 7. REGISTRATION; TRANSFER AND EXCHANGE. (a) Registration. The Paying Agent/Registrar shall obtain, record and maintain in the registration Books the name and address of each registered owner of the Bonds issued pursuant to the terms of this Ordinance. (b) Transfer and Exchange. Upon surrender for transfer of any Bond at the principal corporate office of the Paying Agent/Registrar, the Paying Agent/Registrar shall register and deliver, in the name of the designated transferee or transferees, one or more new Bonds, executed on behalf of and provided by the City, of the same Stated Maturity, bearing the same rate of interest, having authorized denominations, and of like aggregate principal amount as the Bond or Bonds surrendered for transfer. At the option of the Holder, Bonds may be exchanged for other Bonds of the same Stated Maturity, bearing the same rate of interest, of any authorized denominations, and of like aggregate principal amount, upon surrender of the Bonds to be exchanged at the principal corporate office of the Paying Agent/Registrar. Whenever any Bonds are so surrendered for exchange, the Paying Agent/Registrar shall register and deliver to the Holder requesting the exchange new Bonds executed on behalf of and provided by the City. All Bonds issued upon any transfer or exchange of Bonds shall be the valid obligations of the City, evidencing the same debt, and entitled to the same benefits under this Ordinance as the Bonds surrendered in such transfer or exchange; and all Bonds issued upon any transfer or exchange shall be delivered at the principal corporate office of the Paying Agent/Registrar or sent United States registered mail to the Holder or his designee, at the Holder's risk and expense. To the extent possible new Bonds issued in exchange or transfer of Bonds will be delivered to the registered owner or his designee not more than three (3) business days after the receipt of the Bonds to be cancelled in the exchange or transfer and the written instrument of transfer or request for exchange duly executed by the registered owner or his duly authorized agent, in form satisfactory to the Paying Agent/Registrar. Except as otherwise provided herein, all transfers and exchanges of Bonds shall be made without expense or service charge to the Holder; provided, however, that the Paying Agent/Registrar shall require payment by the Holder requesting such transfer or exchange of any tax or other governmental charges imposed in connection with any transfer or exchange. Neither the City nor the Paying Agent/Registrar shall be required to issue or transfer to an assignee of any Holder of Bonds any Bond called for redemption, in whole or in part, within 45 days of the date fixed for redemption; provided, however, that such limitation of transfer shall not be applicable to an exchange by the Holder of the unredeemed balance of a Bond called in part for redemption. IO37f -6-