Ord 1996-085 - Laserfiche WebLink

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/17/1 (iv) satisfies any other reasonable requirements imposed by the City and the Paying AgentlRegistrar. - (c) If, after the delivery of such replacement Bond, a bona fide purchaser of the original Bond in lieu of which such replacement Bond was issued presents for payment such original Bond., the City and the Paying AgentiRegistrar shall be entitled to recover such replacement Bond from the person to whom it was delivered or any person taking therefrom, except a bona fide purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the City or the Paying AgentlRegistrar in connection therewith. ' r- (d) In the event that any such mutilated, lost, apparently destroyed or wrongfully taken Bond has become or is about to become due and payable, the Paying AgentlRegistrar, in its discretion, instead of issuing a replacement Bond., may pay such Bond. (e) Each replacement Bond 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 Bond or Bonds in lieu of which such replacement Bond is delivered. Section 3.10. Book-Entrv Onlv Svstem. The Initial Bond shall be delivered against payment to the Board. The Board shall be required to promptly surrender the Initial Bond to the Paying AgentlRegistrar for exchange. Bonds issued in exchange shall be registered in the name of Cede & Co., as nominee of DTC, as registered owner of the Bonds, and held in the custody ofDTC. Unless otherwise requested by DTC, a single certificate will be issued and delivered to DTC . for each maturity of the Bonds. Beneficial owners of Bonds will not receive physical delivery of Bond certificates except as provided hereinafter. For so long as DTC shall continue to serve as securities depository for the Bonds as provided herein, all transfers of beneficial ownership interests will be made by book-entry only, and no investor or other party purchasing, selling or otherwise transferring beneficial ownership of Bonds is to receive, hold or deliver any Bond certificate. With respect to Bonds registered in the name of Cede & Co., as nominee of DTC, the Issuer and the Paying AgentlRegistrar shall have no responsibility or obligation to any DTC Participant or to any Person on whose behalf of DTC Participant holds an interest in the Bonds. Without limiting the immediately preceding sentence, the Issuer and the Paying AgentlRegistrar shall have no responsibility or obligation with respect to (i) the accuracy of the records ofDTC, Cede & Co., or any DTC Participant with respect to any ownership interest in the Bonds, (ii) the delivery to any DTC Participant or any other Person, other than a registered owner of the Bonds, as shown on the Registration Books, of any notice with respect to the Bonds, including any notice of redemption, and (iii) the payment to any DTC Participant or any other Person, other than a registered owner of the Bonds, as shown in the Registration Books, of any amount with respect to principal of or premium, if any, or interest on the Bonds. Replacement Bonds may be issued directly to beneficial ov¡ners of Bonds other than DTC, or its nominee, but only in the event that (i) DTC detennines not to continue to act as securities depository for the Bonds (which detennination shall become effective no less than 90 days after written notice to such effect to the Issuer and the Paying AgentlRegistrar); or (ii) the Issuer has advised DTC of its detennination (which detemùnation is conclusive as to DTC and the beneficial OVtl1ers of the Bonds might be adversely affected if such book-entry only system of transfer is continued. Upon occurrence of any of the foregoing events, the Issuer shall use its best efforts to attempt to locate another qualified securities depository. If the Issuer fails to locate another "'\SA.'",,^,,\wwss.HD\COO\O~ 10 - '-