Ord 2007-036 - Laserfiche WebLink

Home Browse Search

three business days after receipt of the Bond to be exchanged m proper form and with proper instructions directing such exchange (d) Each Bond issued m 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 rt is being exchanged. Each substitute Bond shall bear a letter and/or number to distinguish rt from each other Bond. The Paying Agent/Registrar shall convert and exchange the Bonds as provided herein, and each substitute Bond delivered m accordance with this Section shall constitute an original contractual obligation of the Crty and shall be entitled to the benefits and security of this Ordinance to the same extent as the Bond or Bonds m lieu of which such substitute Bond is delivered. (e) The City will pay the Paying Agent/Registrar's reasonable and customary charge for the initial registration or any subsequent transfer, exchange or conversion of Bonds, but the Paying Agent/Registrar will require the Owner to pay a sum sufficient to cover any tax or other governmental charge that is authorized to be imposed m connection with the registration, transfer, exchange or conversion of a Bond. In addition, the City hereby covenants with the Owners of the Bonds that rt will (i) pay the reasonable and standard or customary fees and charges of the Paying Agent/Registrar for its services with respect to the payment of the principal of and interest on the Bonds, when due, and (ii) pay the fees and charges of the Paying Agent/Registrar for services with respect to the transfer, registration, conversion and exchange of Bonds as provided herein. (f) Neither the City nor the Paying Agent/Registrar shall be required to transfer or exchange any Bond called for redemption, m whole or m part, within 45 days of the date fixed for redemption, provided, however, such limitation shall not be applicable to an exchange by the Owner of the uncalled balance of a Bond. Section 3 07 Cancellation and Authentication. (a) All Bonds paid or redeemed before scheduled maturity m accordance with this Ordinance, and all Bonds m lieu of which exchange Bonds or replacement Bonds are authenticated and delivered in accordance with this Ordinance, shall be canceled and destroyed upon the making of proper records regarding such payment, redemption, exchange or replacement. The Paying Agent/Registrar shall periodically furnish the City with certificates of destruction of such Bonds (b) Each substitute Bond issued pursuant to the provisions of Sections 3 06 and 3,09 of this Ordinance, m conversion of and exchange for or replacement of any Bond or Bonds issued under this Ordinance, shall have printed thereon a Paying Agent/Registrar's Authentication Certificate, m the form hereinafter set forth. An authorized representative of the Paying Agent/Registrar shall, before the delivery of any such Bond, manually sign and date such Authentication Certificate, and no such Bond shall be deemed to be issued or outstanding unless such Authentication Certificate is so executed. No additional ordinances, orders, or resolutions need be passed or adopted by the City Councilor any other body or person so as to accomplish the foregoing conversion and exchange or replacement of any Bond or portion thereof, and the Paying Agent/Registrar shall provide for the pnntmg, execution, and delivery of the substitute Bonds m the manner prescribed herein. Pursuant to Title 9, Tex. Gov't Code Ann., as amended, and particularly Chapter 1201, Subchapter D thereof, the duty of conversion and exchange or replacement of Bonds as aforesaid is hereby imposed upon the Paying Agent/Registrar, and, upon the execution of the above Paying Agent/Registrar's Authentication Bond, the converted and exchanged or replaced Bonds shall be valid, San Mazcos GO 2007 Ordinance 9