Res 1995-121 - Laserfiche WebLink

Home Browse Search

( DZ- .:r: the State of Texas or other entity duly qualified and legally authorized to serve as and perform the duties and services of Paying AgentlRegistrar for the Bonds. Upon any change in the Paying AgentIRegistrar for the Bonds, the City agrees to promptly cause a v.ritten 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. Transfer, 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 presentation and surrender to the Paying AgentlRegistrar and such transfer or e.xchange shall be without expense or service charge to the registered owner, except for any ta.x or other governmental charges required to be paid with respect to such registration, exchange and transfer. A Bond may be assigned by the execution of an assigmnent fo~ on the Bond or by other instrument of transfer and assigmnent acceptable to the Paying AgentlRegistrar. A new Bond or Bonds will be delivered by the Paying AgentlRegistrar, in lieu of the Bond being transferred or exchanged, at the principal office of the Paying AgentlRegist:rar, 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 e.xchange or transfer of Bonds will 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 e.xecuted by the registered owner or his duly authorized agent, in form satisfactory to the Paying AgentlRegistrar. New Bonds registered and delivered in an exchange or transfer shall be in any integral multiple of $5,000 for anyone maturity and for a like aggregate principal amount as the Bond or Bonds surrendered for exchange or transfer. See "Book-Entry-Only System" herein for a description of the system to be utilized initially in regard to omtership and transferability of the Bonds. Limitation on Transfer of Bonds Called for Redemption Neither the City nor the Paying AgentlRegistrar shall be required to transfer or exchange any Bond called for redemption, in whole or in part, v.ithin 45 days of the date fixed for redemption; provided, however, such limitation of transfer shall not be applicable to an exchange by the registered ov.ller of the uncalled balance of a Bond. Record Date for Interest Payment The record date ("Record Date") for the interest payable on any interest payment date means the 15th day of the preceding month. In the event of a non-payment of interest on a scheduled payment date, and for 30 days thereafter: a new record date for such interest pajment (a .Special Record Date") will be established by the Paying AgentlRegistrar, if and when funds for the pajment 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 least 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 AgentlRegistrar at the close of business on the last business day next preceding the date of mailing of such notice. Municipal Bond Insurance The City has applied to several bond insurance companies for consideration for municipal bond insurance.