Ordinance 1992-1084 - Laserfiche WebLink

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Such notice shall identify the Bonds or portions thereof to be redeemed (if less than all are to be redeemed) and the date fIXed for redemption, and shall further state that on such redemption date the principal amount thereof and the designated premium thereon will become due and payable at the Registrar, and that from and after such date interest will cease to accrue. Accrued interest to the redemption date will be paid by check or draft mailed to the registered owner (or by alternative means if so agreed to by the Registrar and the registered owner). Notice having been given in the manner hereinbefore provided, the Bond or Bonds so called for redemption shall become due and payable on the redemption date so designated; and upon presentation thereof at the Registrar the City will pay the Bond or Bonds so called for redemption. Section 5. Negotiability. Subject to the provisions of Section 9 and the registration provisions hereof, the Bonds shall be fully negotiable and shall have all the qualities of negotiable paper, and the owner or owners thereof shall possess all rights enjoyed by the holders or owners of negotiable instruments under the provisions of the Uniform Commercial Code-Investment Securities. The principal of and interest on the Bonds shall be paid, and the Bonds shall be transferable, free from and without regard to any equities between the City and the original or any intermediate owner of any Bonds or any setoffs or cross-claims. Section 6. Execution and Authentication of Bonds. The Bonds shall be executed in the name and on behalf of the City by the signature of the Mayor, shall be sealed with a manual or facsimile impression of the seal of the City and attested by the signature of the City Oerk, and shall be countersigned by the signature of the City Treasurer. Each Bond shall be authenticated by the manual signature of an authorized officer of the Registrar as hereinafter provided. The signatures of the Mayor, the City Clerk and the City Treasurer may be by manual or facsimile signature. The Bonds bearing the manual or facsimile signatures of the officers in office at the time of the signing thereof shall be the valid and binding obligations of the City (subject to the requirement of authentication by the Registrar as hereinafter provided), notwithstanding that before the delivery thereof and payment therefor or before the issuance of the Bonds upon transfer or exchange, anyaor all of the persons whose manual or facsimile signatures appear thereon shall have ceased -7-