08-28-2000 Council Packet - Laserfiche WebLink

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5. The Bonds shall be payable upon presentation at the office of U.S. Bank Trust National Association, in St. Paul, Minnesota, as Registrar and Paying Agent, or at the offices of such other successor agents as the City may hereafter designate upon 60 days’ mailed notice to the registered owners at their registered addresses. Interest shall be paid by check or draft of the Registrar mailed to the registered owners at their addresses shown on the registration books on each interest payment date unless other arrangements satisfactory to the Bond Registrar the City and the registered owners of Bonds are made. The City shall deposit ftmds with the Bond Registrar at the time and in the manner necessary to provide for the full and prompt payment of such principal and interest. 6. The Bonds shall be prepared in typewritten or printed form under the direction of the City Clerk and when so prepared shall be executed on behalf of the City by the facsimile signature of the Mayor and by the facsimile signature of the City Clerk. The Bonds shall not be valid for any purpose until authenticated by the Bond Registrar. The Bond Registrar is authorized and directed to register the Bonds initially issued hereunder in such names as the purchaser may direct. The Bonds initially issued hereunder shall be registered as of September 1,2000, and all Bonds issued in exchange therefor shall be registered as of such date, or, if issued after the first payment date, as of the most recent interest payment date on which interest was paid or duly provided for. When the Bonds shall have been so prepared and executed, they shall be delivered by the Finance Director in exchange for the purchase price and upon receipt of the signed legal opinion of Faegre & Benson LLP, as Bond Counsel, and the purchaser shall not be required to see to the proper application of the proceeds. 7. (a) For purposes of this paragraph 7, the following terms shall have the following meanings: "Beneficial Owner" shall mean, whenever used with respect to a Bond, the person recorded as the beneficial owner of such Bond by a Participant on the records of such Participant, or such person ’s subrogee. "Cede & Co." shall mean Cede & Co., the nominee of DTC, and any successor nominee of DTC with respect to the Bonds. "DTC" shall mean Depository Trust Company, New York, New York. "Participants" shall mean those broker-dealers, banks and other financial institutions for which DTC holds Bonds as securities depository. -10-