Ordinance 2003-1426 - Laserfiche WebLink

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than ten days prior to the Special Record Date by first-class mail to each such Owner as shown on the Registrar's registration records on a date selected by the Registrar, stating the date of the Special Record Date and the date fixed for the payment of such defaulted interest. The Paying Agent may make payments of interest on any Bond by such alternative means as may be mutually agreed to between the Owner of such Bond and the Paying Agent; provided, however, that the City shall not be required to make funds available to the Paying Agent prior to the payment dates stated in this Ordinance. All such payments shall be made in lawful money of the United States of America without deduction for the services of the Paying Agent or Registrar. (b) The Registrar or Paying Agent may resign on thirty days prior written notice to the City and the Bond Insurer, and the City at any time may reasonably determine that the Registrar or Paying Agent is incapable of fulfilling its duties hereunder and may remove it upon thirty days prior written notice; provided that, no such resignation or removal shall be effective until a successor Registrar and Paying Agent is appointed and has accepted its duties. If the Registrar or Paying Agent initially appointed hereunder shall resign, or shall be removed by the City, the City may, upon notice mailed to the Bond Insurer and to each Owner at his or her address last shown on the registration books, appoint a successor to such Registrar or Paying Agent. Every such successor Registrar or Paying Agent shall be a bank or trust company located in and in good standing in the United States and having shareholders' equity (e.g., capital stock, surplus and profits), however denominated, not less than $75,000,000, unless the Bond Insurer agrees to a lesser amount or shall otherwise approve. It shall not be required that the same institution serve as both Registrar and Paying Agent hereunder, but the City shall have the right to have the same institution serve as both Registrar and Paying Agent hereunder. The Registrar or Paying Agent may be removed at any time by the Bond Insurer for any breach of trust set forth herein. Section7. Prior Redemption. The Bonds are not subject to optional redemption prior to maturity. Section 8. Form and Execution of Bonds. The Bonds shall be signed with the facsimile or manual signature of the Mayor of the City, sealed with a facsimile or manual impression of the seal of the City, and attested by the facsimile or manual signature of the City Clerk. Should any officer whose facsimile or manual signature appears on the Bonds cease to be 11