|
<br />and each substitute Bond delivered in accordance with this Section shall constitute an original contractual
<br />obligation of the City and shall be entitled to the benefits and security of this Ordinance to the same extent
<br />as the Bond or Bonds in lieu of which such substitute Bond is delivered.
<br />
<br />(e) The City "vill pay the Paying AgentlRegistrar's reasonable and customary charge for the
<br />initial registration or any subsequent transfer, exchange or conversion of Bonds, but the Paying
<br />Agent/Registrar will require the Owner to pay a sum sufficient to cover any tax or other governmental
<br />charge that is authorized to be imposed in connection with the registration, transfer, exchange or conversion
<br />of a Bond. In addition, the City hereby covenants with the Owners of the Bonds that it will (i) pay the
<br />reasonable and standard or customary fees and charges of the Paying Agent/Registrar for its services with
<br />respect to the payment of the principal of and interest on the Bonds, when due, and (ii) pay the fees and
<br />charges of the Paying AgentJRegistrar for services with respect to the transfer, registration, conversion and
<br />exchange of Bonds as provided herein.
<br />
<br />(f) Neither the City nor the Paying Agent/Registrar shall be required to transfer or exchange
<br />any Bond called for redemption, in whole or in part, within 45 days of the date fixed for redemption;
<br />provided, however, such limitation shall not be applicable to an exchange by the Owner of the uncalled
<br />balance of a Bond.
<br />
<br />Section 3.07. Cancellation and Authentication.
<br />
<br />(a) All Bonds paid or redeemed before scheduled maturity in accordance with this Ordinance,
<br />and all Bonds in lieu of which exchange Bonds or replacement Bonds are authenticated and delivered in
<br />accordance with this Ordinance, shall be canceled and destroyed upon the making of proper records
<br />regarding such payment, redemption, exchange or replacement. The Paying Agent/Registrar shall
<br />periodically furnish the City with certificates of destruction of such Bonds.
<br />
<br />(b) Each substitute Bond issued pursuant to the provisions of Sections 3.06 and 3.09 of this
<br />Ordinance, in conversion of and exchange for or replacement of any Bond or Bonds issued under this
<br />Ordinance, shall have printed thereon a Paying Agent/Registrar's Authentication Certificate, in the form
<br />hereinafter set forth. An authorized representative of the Paying Agent/Registrar shall, before the delivery
<br />of any such Bond, manually sign and date such Certificate, and no such Bond shall be deemed to be issued
<br />or outstanding unless such Certificate is so executed. No additional ordinances, orders, or resolutions need
<br />be passed or adopted by the City Councilor any other body or person so as to accomplish the foregoing
<br />conversion and exchange or replacement of any Bond or portion thereof, and the Paying Agent/Registrar
<br />shall provide for the printing, execution, and delivery of the substitute Bonds in the manner prescribed
<br />herein, and said Bonds shall be of customary type and composition and be printed on paper with
<br />lithographed or steel engraved borders of customary weight and strength. Pursuant to Article 717k-6,
<br />Vemon's Annotated Civil Statutes, as amended, and particularly Section 6 thereof, the duty of conversion
<br />and exchange or replacement of Bonds as aforesaid is hereby imposed upon the Paying Agent/Registrar,
<br />and, upon the execution of the above Paying Agent/Registrar's Authentication Certificate, the converted
<br />and exchanged or replaced Bonds shall be valid, incontestable, and enforceable in the same manner and
<br />with the same effect as the Initial Bond which was originally delivered pursuant to this Ordinance, approved
<br />by the Attorney General, and registered by the Comptroller of Public Accounts.
<br />
<br />(c) Bonds issued in conversion and exchange or replacement of any other Bond or portion
<br />thereof, (i) shall be issued in fully registered form, without interest coupons, with the principal of and
<br />interest on such Bonds to be payable only to the registered owners thereof, (ii) may be redeemed prior to
<br />their scheduled maturities, (iii) may be transferred and assigned, (iv) may be converted and exchanged for
<br />other Bonds, (v) shall have the characteristics, (vi) shall be signed and sealed, and (vii) shall be payable as
<br />
<br />R:\SANMAR\W'WSS.98\DQCS'ORDNCE
<br />
<br />8
<br />
|