Res 1996-052 - Laserfiche WebLink

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4J.Q DTC may discontinue providing its services as securities depository with respect to the Bonds at any time by giving :reasonable notice to the City. Under such circumstances, in the event that ~~ securities depository is not obtained, Bonds are required to be printed and delivered. 'Ibe City may decide to discontinue use of the system of book-entry transfers through DTC (or a successor securities depository). In that event, Bonds \VÏll be printed and delivered. Use of Certain Terms in Other SectiOT1.3 ofthiJ Official Statement. In reading this Official Statement it should be understood that while the Bonds are in the Book-Entry-Only System, references in other sections of this Official StRtement to registered owners should be read to include the person for which the Participant acqcires an interest in the Bonds, but (i) all rights of ownership must be exercised through DTC and the Book-Entry-Only System, and (ü) except as described above, notices that are to be given to registered owners under the Ordinance \VÏll be given only to DTC. Information concemiDg DTC and the Book-Entry-Only System has been obtained from DTC and is not guaranteed as to accuracy or completeness by, and is not to be construed as a representation by the City, the Financial Advisor or the Purchasers. Paying A&ent/Registrar. . . The initial Paying Agent/Registrar is Texas Commerce Bank National Association (the "Paying AgentlRegistrar"). Interest on and principal of the Bonds \VÏll be payable, and transfer functions \VÏll be performed at the corporate trust office of the initial Paying AgentlR.egistrar in Dallas, Texas (the "Designated PaymentfTransfer Office") and, in the case of a successor Paying AgentlRegistrar, at such location as may be designated by such successor. The City covenants to maintain and provide a Paying AgentlR.egistrar while the Bonds are outstanding. In the OrdiDance, the City retains the right to replace the Paying AgentlRegistrar. The City covenants to maintain and provide a Paying AgentlRegist:rar at all times while the Bonds are outstanding and any successor Paying AgentlRegistrar shall be a commercial bank: or trust company organized under the laws of the State of Texas or other entity duly qualified and legally authorized to serve as and perform the duties and services of Paying Agent/Registrar for the Bonds. Upon any change in the Paying AgentlRegistrar for the Bonds, the City agrees to promptly cause a written notice thereof to be sent to each registered owner of the Bonds by United States mail, first class., postage prepaid., which notice shall also give the address of the new Paying AgentlRegistrar. TraDJfer, Exchange and Registration. . . In the event the Book-Entry-Only System should be discontinued., the Bonds may be transferred and exchanged on the registration books of the Paying AgentlRegistrar only upon their prese'nt.ation and surrender to the Paying AgentJRegistrar and such transfer or exchange shall be without expense or service charge to the registered owner, except for any tax or other governmental charges required to be paid ...-ith respect to such registration, exchange and transfer. A Bond may be assigned by the execution of an assignment form on the Bond or by other instrument of transfer and assignment acceptable to the Paying AgentlRegistrar. A new Bond or Bonds \VÏll be delivered by the Paying AgentlRegistrar, in lieu of the Bond being transferred or exchanged, at the principal office of the Paying AgentlRegistrar, or sent by United States mail, first class, postage prepaid., to the new registered owner or his designee. To the extent possible, new Bonds issued in an exchange or transfer of Bonds \VÏll be delivered to the registered owner or assignee of the registered owner in not more than three business days after the receipt of the Bonds to be cancelled, 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:lRegistrar. New Bonds registered and delivered in an exchange or transfer shall be in any integral multiple of S5,000 for anyone maturity and for a like aggregate principal amount as the Bond or Bonds surrendered for exchange or transfer. See "Book-Entry~y System" herein for a description of the system to be utilized initially in regard to ownership and transferability of the Bonds. Ilmitation on Transfer of Bonds Called for Redemption. . . Neither the City nor the Paying Agent/Registrar shall be required to transfer or exchange any Bond called for redemption, in whole or in part, within 45 days of the date fixed for :redemption; provided., however, such limitation of transfer shall not be applicable to an exchange by the registered owner of the uncalled balance of a Bond. Record Date for Inte~t Payment. . . TIle record date ("Record Date") for the interest payable on any interest payment date means the close of business on the 15th day of the preceding month. In the event of II. non-payment of interest on a scheduled payment date, and for 30 days thereafter, a new record date for such interest payment (Ii "Special Record Date") \VÏll be established. by the Paying AgentlRegistrar, if and when funds for the payment of such interest have been received from the City. Notice of the Special. Record Date and of the scheduled payment date of the past due interest ("Special. Payment Date", which shall be 15 days after the Special Record Date) shall be sent at lœst five business days prior to the Special Record Date by United States mail, first class postage prepaid., to the address of each Holder of a Bond appearing on the registration books of the Paying AgentlR.egistrar at the close of business on the last business day next preceding the date of m.a.i1iDg of such notice. Use of Bond Proceeds. . . Proceeds from the sale of the Bonds \VÏll be used to pay for improvements and extensions to the City's System and to pay the costs associated...-ith the issuance of the Bonds. 8