Ordinance 1992-1084 - Laserfiche WebLink

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(3) of paragraph (a) hereof and the failure after reasonable investigation to locate another qualified depository institution for the Bonds as provided in clause (3) of paragraph (a) hereof, and upon receipt of the outstanding Bonds by the Registrar, together with written instructions for transfer satisfactory to the Registrar, new Bonds shall be issued in the denominations of $5,000 or any integral multiple thereof, as provided in and subject to the limitations of Section 7 hereof, registered in the names of such persons, and in such authorized denominations as are requested in such written transfer instructions; however, the Registrar shall not be required to deliver such new Bonds within a period of less than 60 days from the date of receipt of such written transfer instructions. (c) The Council, the Registrar and the Paying Agent shall be entitled to treat the registered owner of any Bond as the absolute owner thereof for all purposes hereof and any applicable laws, notwithstanding any notice to the contrary received by any or all of them and the Council, the Registrar and the Paying Agent shall have no responsibility for transmitting payments to the beneficial owners of the Bonds held by The Depository Trust Company or any successor or new depository named pursuant to paragraph (a) hereof. (d) The Council, the Registrar and the Paying Agent shall endeavor to cooperate with The Depository Trust Company or any successor or new depository named pursuant to clause (1) or (2) of paragraph (a) hereof in effectuating payment of the principal amount of the Bonds upon maturity or prior redemption by arranging for payment in such a manner that funds representing such payments are available to the depository on the date they are due. Section 10. Delivery of Bonds: Disposition of Bond Proceeds. When the Bonds have been duly executed by the appropriate City officers and authenticated by the Registrar, the City Treasurer shall cause the Registrar to deliver them, at one time or from time to time, to the Underwriter, on receipt of the agreed purchase price. The Registrar shall initially register the Bonds in the name Cede & Co. and the Bonds shall be initially delivered in such authorized denominations as the Underwriter shall direct. The funds raised thereby shall be applied in the following manner, but the purchasers of the Bonds in no manner shall be responsible for the application or disposal by the City or any of its officers of any of the funds derived from the sale of the Bonds: A Accrued interest and premium, if any, on the Bonds shall be credited to the special and separate account, hereby created and established, which account shall be -21-