12-11-1995 Council Packet - Laserfiche WebLink

Home Browse Search

* • Etonds, uhich action is hereby approved and ratified. The City Clerk shall cause confirming notice of such redemption to be provided promptly after the adoption of this Resolution The Series 1989 Bonds maturing on or after Febmaiy I, 1997 shall be called for prior redemption on FebruMy 1, 1996 m accordance with their terms The City Clerk shall cause notice thereof to be given as proMtted by law and the toms of the Series 1989 Bonds 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 December 26, 1995, and all Bonds issued in exchange therefor shall be registered os 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. WTien the Bonds shall have been so prepared and executed, they shall be delivered b>' the City Clerk in exchange for the purchase price and upon receipt of the signed legal opinion of Faegre«S: Benson Professional Limited Liability Pannership, 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 rec >rded as the beneficial owner of such Bond by a Participant on the records of such Participant, or such person ’s subrogee “C ede <ii: C o shall mean Cede & Co . the nominee of DI C, and anv successor nominee of DTC with respect to the Bonds “DTC” shall mean the Depository Trust Company of New York, New York. “Participants shall mean those broker-dealer.^, banks and other financial institutions for which I) I C' holds Bonds as securities depof.itory “Representation Letter” shall mean the Representation Letter from the City to I) rC', substantially in the form pre.sented to this meeting, unless a Blanket Letter of Representations has pre\iously been filed with DTC, in which event “Representation Letter” shall mean such Blanket Letter of Representations as filed -8-