|
As used in this section, Defeasance Securities means (i) Federal Securities, (ii) noncallable
<br />obligations of an agency or instrumentality of the United States of America, including obligations that
<br />are unconditionally guaranteed or insured by the agency or instrumentality and that, on the date the
<br />City Council adopts or approves proceedings authorizing the issuance of refunding bonds or
<br />otherwise provide for the funding of an escrow to effect the defeasance of the Bond are rated as to
<br />investment quality by a nationally recognized investment rating firm not less than "AAA" or its
<br />equivalent, and (iii) noncallable obligations of a state or an agency or a City, municipality, or other
<br />political subdivision of a state that have been refunded and that, on the date the City Council adopts
<br />or approves proceedings authorizing the issuance of refunding bonds or otherwise provide for the
<br />funding of an escrow to effect the defeasance of the Bond, are ra ?s to investment quality by a
<br />nationally recognized investment rating firm no less than "AAA" , ;ts equivalent. "Federal
<br />Securities" as used herein means direct, noncallable obligations of t'lv ?, 'd States of America,
<br />including obligations that are unconditionally guaranteed by the Unit d States '? m erica (including
<br />Interest Strips of the Resolution Funding Corporation).
<br />Section 9. DAMAGED, MUTILATED, LOST, ?' ? UL ,1?Oh L ?.? I'ROYED BONDS.
<br />(a) Replacement Bonds. In the event any outs ending Bo d is damagr ?, mutilated, lost, stolen, or
<br />destroyed, the Paying Agent/Registrar shall ca .??. 1ae grin, ?. execute ,and delivered, a new Bond
<br />of the same principal amount, maturity, and interes? '?°, as t?? ??d, mutilated, lost, stolen, or
<br />destroyed Bond, in replacement for such Bond in the 1? per hereinafter provided.
<br />(b) Application for ReplacF_ ? Bol ??. ??,1 ?ation > >r replacement of damaged, mutilated,
<br />lost, stolen, or destroyed Bonds shall r lade by t? Registered Owner thereof to the Paying
<br />Agent/Registrar. In every case of loss, ?, ^? or des ruction of a Bond, the Registered Owner
<br />applying for a replacement bond r? '' furnisr? the ?ity and to the Paying Agent/Registrar such
<br />security or indemnity as may be requL ' ?y there co save each of them harmless from any loss or
<br />damage with respect .11Vi'to. '?o, n ?, ?T ease of loss, theft, or destruction of a Bond, the
<br />Registered Owner ,Hall furnish to tr ? City a??d to the Paying Agent/Registrar evidence to their
<br />satisfaction of t? ? ? theft, or dest_ ?' _1 of such Bond, as the case maybe. In every case of
<br />damage or m?? .ration ? fond, the Registered Owner shall surrender to the Paying Agent/Registrar
<br />for cancellatio,? the Bona damaged or mutilated.
<br />(c) No Default Occurr? _. Notwithstanding the foregoing provisions of this Section, in the
<br />event any such Bond shall have matured, and no default has occurred which is then continuing in the
<br />payment of the principal of, redemption premium, if any, or interest on the Bond, the City may
<br />authorize the payment of the same (without surrender thereof except in the case of a damaged or
<br />mutilated Bond) instead of issuing a replacement Bond, provided security or indemnity is furnished
<br />as above provided in this Section.
<br />(d) Charge for Issuing Replacement Bonds. Prior to the issuance of any replacement Bond,
<br />the Paying Agent/Registrar shall charge the Registered Owner of such Bond with all legal, printing,
<br />and other expenses in connection therewith. Every replacement Bond issued pursuant to the
<br />provisions of this Section by virtue of the fact that any Bond is lost, stolen, or destroyed shall
<br />constitute a contractual obligation of the City whether or not the lost, stolen, or destroyed Bond shall
<br />SAN MARCOSI CO Rfdg Bonds2008:Ordinance
|