Ord 1996-090 - Laserfiche WebLink

Home Browse Search

/JI<, Section 3.05. Ownership. - (a) The City, the Paying AgentJRegistrar and any other person may treat the person in whose name any Bond is registered as the absolute O\vner of such Bond for the purpose of making and receiving payment of the principal thereof and premium, if any, thereon, for the further purpose of making and receiving payment of the interest thereon (subject to the provisions herein that interest is to be paid to the person in whose name the Bond is registered on the Record Date), and for all other purposes, whether or not such Bond is overdue, and neither the City nor the Pay"Ìng Agent/Registrar shall be bound by any notice or knowledge to the contrary. (b) All payments made to the person deemed to be the O""ì1er of any Bond 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 Bond to the extent of the sums paid. Section 3.06. Registration. Transfer and Exchan?e. (a) So long as any Bonds remain outstanding, the City shall cause the Paying Agent/Registrar to keep at the Designated PaymentJTransfer Office a register (the "Register") in which, subject to such reasonable regulations as it may prescribe, the Paying AgentJRegistrar shall provide for the registration and transfer of Bonds in accordance with this Ordinance. (b) Registration of any Bond 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 \vith proper mitten instruments of assignment, in form and with guarantee of signatures satisfactory to the Paying AgentJRegistrar, evidencing assignment of the Bonds, or any portion thereof in any ÌBtegral multiple of $5,000, to the assignee or assignees thereof, and the right of such assignee or assignees thereof to have the Bond or any portion thereof registered in the name of such assignee or assignees. No transfer of any Bond shall be effective tmtil entered in the Register. Upon assignment and transfer of any Bond or portion thereof, a new Bond or Bonds will be issued. by the Paying AgentJRegistrar in conversion and exchange fòr such transferred and assigned Bond. To the extent possible the Pay"Ìng Agent/Registrar will issue such new Bond or Bonds in not more than three business days after receipt of the Bond to be transferred in proper fonn and with proper instructions directing such transfer. (c) Any Bond may be converted and exchanged only upon the presentation and surrender thereof at the Designated PaymentJTransfer Office, together wi~ a written request therefor duly executed by the registered O\vl1er 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 Bond or Bonds of the same maturity and interest rate and in any authorized denomination and in an aggregate principal amount equal to the unpaid principal amount of the Bond presented for exchange. If a portion of any Bond is redeemed prior to its scheduled maturity as provided herein, a substitute Bond or Bonds having the same maturity date, bearing interest at the same rate, in the denomination or denominations of any integral multiple of $5,000 at the request of the registered O""l1er, and in an aggregate principal amount equal to the unredeemed portion thereof, will be issued to the registered o\mer upon surrender thereof for cancellation. To the extent possible, a new Bond or Bonds shall be delivered by the Pay"Ìng AgentlRegistrar to the registered owner of the Bond or Bonds in not more than three business days after receipt of the Bond to be exchanged in proper form and with proper instructions directing such exchange. (d) Each Bond issued in exchange for any Bond or portion thereof assigned, transferred or converted shall have the same principal maturity date and bear interest at the same rate as the Bond for which it is being &,"'.... '">lAA\ wwss. 9fC'lJOC3\ORDNŒ»I 7