Ordinance 1986-885 - Laserfiche WebLink

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the denomination of $5,000, of the same ma t ur i t Y , sequential number, and interest rate wh i ch the registered owner is enti tIed to receive at the earliest practicable time in accordance with the provisions of this Ordinance. The sequential numbers shall r ema in the same following each transfer of ownership, i.e. , R-l will be reissued as R-lA, then R-1B, etc. The Bond Registrar shall charge the owner of such Bond for every such transfer of a Bond an amoun t sufficient to reimburse it for its reasonable fees and for any tax or other governme n tal charge required to be paid with respect to such transfer. The Bond Registrar shall not be required to issue or transfer any Bonds: ( 1 ) d ur i ng a period begi nni ng on the Record Date and ending at the close of bu s iness on the ensuing interest payment date, or ( 2 ) during the period beginning on any date of selection of Bonds to be redeemed and ending on the day on which the ap pl icable notice of redemption is give n . The Bond Registrar shall not be required to transfer any Bonds selected or called for redemption, in whole or in par t. New Bo nds delivered upon any transfer shall be valid s pe cia I revenue obligations of the City, evidencing the same obliga tion as the Bonds sur rendered, shall be secured by this Ordinance, and shall be entitled to all of the s e cur i t Y and benefits hereof to the same extent as the Bonds sur rendered. The Ci ty , the Paying Agen t, and the Bond Registrar may deem and treat the reg i stered owner of any Bond as the absolute owner thereof for all purpose s (whether or not such Bond shall be overdue) , and any notice to the contrary shall not be binding upon the City, the Paying Agent, or the Bond Registrar. Section 7. Destruction of Bonds. Whenever any outstanding Bond shall be delivered to the Bond Registrar for cancellation pursuant to this Ordinance and upon payment of the principal amoun t and interest represented thereby, or whenever any outstanding Bond shall be del ivered to the Bond Registrar for transfer pur sua n t to the provisions hereof, such Bond shall be cancelled and destroyed by the Bond Registrar and counterparts of - 34 -