Ord 2008-037 - Laserfiche WebLink

Home Browse Search

(b) All payments made to the person deemed to be the Owner of any Certificate in accordance with this Section shall be valid and effectual and shall discharge the liability of the City and the Paying Agent/Registrar upon such Certificate to the extent of the sums paid. Section 3.06. Registration, Transfer and Exchange. (a) So long as any Certificate remains outstanding, the City shall cause the Paying Agent/Registrar to keep at the Designated Payment/Transfer Office a register (the "Register") in which, subject to such reasonable regulations as it may prescribe, the Paying Agent/Registrar shall provide for the registration and transfer of the Certificate in accordance with this Ordinance. (b) Registration of any Certificate may be transferred in the Register only upon the presentation and surrender thereof at the Designated Payment/Transfer Office for transfer of registration and cancellation, together with proper written instruments of assignment, in form and with guarantee of signatures satisfactory to the Paying Agent/Registrar, evidencing assignment ofthe Certificate, and the right of such assignee or assignees thereof to have the Certificate registered in the name of such assignee or assignees. No transfer of any Certificate shall be effective until entered in the Register. Upon assignment and transfer of any Certificate, a new Certificate will be issued by the Paying Agent/Registrar in conversion and exchange for such transferred and assigned Certificate. To the extent possible the Paying Agent/Registrar will issue such new Certificate in not more than three business days after receipt of the Certificate to be transferred in proper form and with proper instructions directing such transfer. (c) Any Certificate may be converted and exchanged only upon the presentation and surrender thereof at the Designated Payment/Transfer Office, together with a written request therefor duly executed by the registered owner or assignee or assignees thereof, or its or their duly authorized attorneys or representatives, with guarantees of signatures satisfactory to the Paying Agent/Registrar, for a Certificate of the same maturity and interest rate and in an aggregate principal amount equal to the unpaid principal amount of the Certificate presented for exchange. To the extent possible, a new Certificate shall be delivered by the Paying Agent/Registrar to the Owner of the Certificate in not more than three business days after receipt of the Certificate to be exchanged in proper form and with proper instructions directing such exchange. (d) Each Certificate issued in exchange for any Certificate assigned, transferred or converted shall have the same principal maturity date and bear interest at the same rate as the Certificate for which it is being exchanged. Each substitute Certificate shall bear a letter and/or number to distinguish it from each other Certificate. The Paying Agent/Registrar shall convert and exchange the Certificate as provided herein, and each substitute Certificate delivered in accordance with this Section shall constitute an original contractual obligation of the City and shall be entitled to the benefits and security of this Ordinance to the same extent as the Certificate in lieu of which such substitute Certificate is delivered. San Marcos CTRCO 2008A: Ordinance 9