Ordinance 98-39 - Laserfiche WebLink

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The 1998 Bond paid or redeemed, in whole, either at or before maturity, shall be delivered to the Registrar when the payment or redemption is made, and such 1998 Bond shall thereupon be promptly canceled. The 1998 Bond so canceled may at any time be destroyed by the Registrar, who shall execute a certificate of destruction in duplicate by the signature of one of its authorized officers describing the 1998 Bond, and one executed certificate shall be filed with the City and the other executed certificate shall be retained by the Registrar (if not the City's Finance Department). SECTION 2.5 MUTILATED. DESTROYED. STOLEN OR WST 1998 BOND. In case any 1998 Bond shall become mutilated, destroyed, stolen or lost, the City shall execute and the Registrar shall authenticate and deliver a new 1998 Bond of like date, maturity and denomination as the 1998 Bond so mutilated, destroyed, stolen or lost; provided that, in the case of any mutilated 1998 Bond, such mutilated 1998 Bond shall first be surrendered to the City and, in the case of any lost, stolen or destroyed 1998 Bond, there shall first be furnished to the City and the Registrar (if not the City's Finance Department) evidence of such loss, theft, or destruction satisfactory to the City and the Registrar, together with indemnity satisfactory.to them, In the event the 1998 Bond shall be about to mature or have matured, instead of issuing a duplicate 1998 Bond, the City may pay the same without surrender thereof The City and the Registrar (if not the City's Finance Department) may charge the Owner of such 1998 Bond their reasonable fees and expenses in connection with this transaction. Any 1998 Bond surrendered for replacement shall be canceled in the same manner as provided in Section 2.4 hereof Any such duplicate 1998 Bond issued pursuant to this Section shall constitute additional contractual obligations on the part of the City, whether or not the lost, stolen or destroyed 1998 Bond be at any time found by anyone, and such duplicate 1998 Bond shall be entitled to equal proportionate benefits and rights as to lien on the source and security for payment from Pledged Revenues with the 1998 Bond issued hereunder. SECTION 2.6 CONDmONS FOR ISSUANCE OF THE 1998 BOND. Prior to the issuance of the 1998 Bond, the City shall comply with the following conditions: (a) Deliver to the Bank a fully executed Tax Certificate; and (b) Deliver to the Bank a copy of a completed and executed Form 8038-G to be filed by the City with the Internal Revenue Service; and (c) Cause to be delivered to the Bank an opinion of Bond Counsel, who may be counsel to the Bank, regarding, as the case may be, the due authorization, execution, delivery, validity and enforceability of the 1998 Bond and the pledge of the Pledged Revenues therefor and the due adoption of this Ordinance (enforceability of such instruments may be subject to standard bankruptcy exceptions and the like) and the exclusion of interest on the 1998 Bond from gross income for federal income tax purposes, that the 1998 Bond is not a specified "private activity bond" within the meaning of Section 57(a)(5) of the Code and, therefore, the interest on the 1998 Bond will not be treated as a preference item for purposes of computing the alternative minimum tax imposed by Section 55 of the Code (however, a portion of the interest on the 1998 Bond owned by corporations may be subject to the federal alternative minimum tax which is based in part on adjusted current earnings). Such opinion shall also state that the 1998 Bond is a "qualified tax-exempt obligation" within the meaning of Section 265(b)(3) of the Code; and (d) Deliver to the Bank an opinion of the City Attorney, satisfactory to the Bank and its counsel, regarding, as the case may be, the due authorization, execution, delivery, validity and 9