City Council Agenda and Packet 1986 04 22

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the denomination of $5,000, of the same maturity, sequential number, and interest rat• which the registered owner is entitled to receive at the earliest practicable time in accordance with the provisions of this Ordinance. The sequential numbers shall remain the same following each transfer of ownership, i.e. , R-1 will be reissued as R-1A, then R-11, etc. The Bond Registrar shall charge the owner of such Bond for every such transfer of a Bond an amount sufficient to reimburse it for its reasonable fees and for any tax or other governmental charge required to be paid with respect to such transfer. The Bond Registrar shall not be required to issue or transfer any Bonds: (1) during a period beginning on the Record Date and ending at the close of business on the ensuing interest payment date, or (2) during the period beginning on any data of selection of Bonds to be redeemed and ending on the day on which the applicable notice of redemption is given. The Bond Registrar shall not be required to transfer any Bonds selected or called for redemption, in whole or in part. New Bonds delivered upon any transfer shall be valid special revenue obligations of the City, evidencing the same obligation as the Bonds surrendered, shall be secured by this Ordinance, and shall be entitled to all of the security and benefits hereof to the same extent as the Bonds surrendered. The City, the Paying Agent, and the Bond Registrar may deem and treat the registered owner of any Bond as the absolute owner thereof for all purposes (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 amount and interest represented thereby, or whenever any outstanding Bond shall be delivered to the Bond Registrar for transfer pursuant to the provisions hereof, such Bond shall be cancelled and destroyed by the Bond Registrar and counterparts of - 34 -