Ordinance 1993-1130 - Laserfiche WebLink

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defaulled inleres!. Notice of the Special Record Dale and the dale for the payment of such inlerest shall be given to the Regislered Owners of the Bonds not less than len days prior to the Special Record Dale by fIrst-class mail to each such Regislered Owner as shown on the Registrar's registration records on a dale selecled by lbe Registrar, stating the dale of lbe Special Record Dale and lbe dale fixed for lbe payment of such defauIled inleres!. The Paying Agent may make payments of inlerest on any Bond by such a1lernative means as may be mutually agreed to between the Regislered 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 daleS staled 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, provided that no such resignation shall be effective until a successor Registrar and Paying Agent is appointed. The City at any time may reasonably determine that lbe Registrar or Paying Agent is incapable of fulfilling its duties hereunder and may remove it upon thirty days prior written notice. 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 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 $5,000,000. 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 Bond Insurer shall receive notice of the resignation or removal of the Registrar or the Paying Agent and the appointment of a Successor thereto. Section 7. Prior Redemption. (a) Ootional Redemotion. Bonds maturing on and after December 1, _, shall be subject to redemption prior to their respective - 15 -