Ordinance 2002-155 - Laserfiche WebLink

Home Browse Search

2002 Bond executed on behalf of the City shall be conclusive evidence that the 2002 Bond so authenticated have been duly authenticated and delivered under this Ordinance and that the Owner thereof is entitled to the benefits of this Ordinance. SECTION 2.4 NEGOTIABILITY. REGISTRATION AND CANCELLATION. The Registrar shall keep books for the registration of the 2002 Bond and for the registration of transfers of the 2002 Bond. The 2002 Bond shall be transferable at the option of the registered Owner thereof to an institutional holder, but subject to the prior written approval of the City's Finance Director (which shall not be unreasonably withheld if the intended transferee provides a suitability letter addressed to the City as to the sophistication of the investor) unless such institutional holder is a bank or trust company, or unless such institutional holder, which is not a bank or trust company, certifies in writing to the City prior to the transfer that it is an accredited investor within the meaning of Rule 501 of the Securities Act of 1933, as amended and supplemented, in which case such approval shall not be required, and upon surrender thereof at the office of the Registrar (the designated corporate trust office of the Registrar if the City's Finance Department is not the Registrar) with a written instrument of transfer satisfactory to the Registrar duly executed by the registered Owner or his duly authorized attorney. Upon the transfer of such 2002 Bond, the City shall issue in the name of the transferee a new 2002 Bond. The City, the Paying Agent and the Registrar shall deem and treat the person in whose name the 2002 Bond shall be registered upon the books kept by the Registrar as the absolute Owner of such 2002 Bond, whether such 2002 Bond shall be overdue or not, for the purpose of receiving payment of, or on account of, the principal of and interest on such 2002 Bond as the same become due and for all other purposes. All such payments so made to any such Owner or upon his/her order shall be valid and effectual to satisfy and discharge the liability upon such 2002 Bond to the extent of the sum or sums so paid, and neither the City, the Paying Agent nor the Registrar shall be affected by any notice to the contrary. In all cases in which the privilege of transferring the 2002 Bond is exercised, the City shall execute and the Registrar shall authenticate and deliver the 2002 Bond in accordance with the provisions of this Ordinance. The 2002 Bond surrendered in any such transfers shall forthwith be delivered to the Registrar and canceled by the Registrar in the manner provided in this Section. The City or the Registrar (if not the City's Finance Department) may require the payment of a sum sufficient to pay any tax, fee or other governmental charges required to be paid with respect to such transfer. The 2002 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 2002 Bond shall thereupon be promptly canceled. The 2002 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 2002 Bond, and one executed certificate shall be filed with 10 02002- $3 Million Bond Golden Shores Stormwater Utility