Resolution 5142 - Laserfiche WebLink

Home Browse Search

� °� • � � ° C ITY of ORON4 ,� --- , . � ti ti RESOLUTION OF THE CITY COU111CIL ��`�k'ESI'i�4�G NO. �� . � � 5. The Certificates shall be prepared under the direction of the City Clerk and when so prepared shall be executed on belialf of the City by the manual or facsimile signature of the Mayor and by the manual or facsimile signature of the City Clerk. The Cei-tificates shall not be valid for any ptupose until authenticated by the Bond Registrar. The Bond Registrar is authorized and directed to register the Certificates initially issued hereunder in such names as the purchaser may direct. T11e Certificates initially issued hereunder shall be registered as of April 12, 2004, and all Certificates issued in exchange therefor sha11 be registered as of such date. When the Certificates shall have beeii so prepared and executed,they shall be delivered by the City Clerk in exchange for the purchase pi-ice and upon receipt of the signed legal opinion of Faegre &Benson LLP, and the purchaser shall not be required to see to the proper application of the proceeds. The Certificates shall be in the denoinination of$1,000 each or any multiple thereof. 6. As long as any of the Certificates issued hereunder shall remain outstanding, the City shall inaintain and keep at the office of the Bond Registrar an office or agency for the payinent of the priilcipal of and interest on such Certificates, as in this Resolution provided, and • for the registration and transfer of such Certificates, and shall also keep at said office of the Bond Registrar books for such registration and transfer. 7. As to any Certificate, the City and the Bond Registrar and their respective successors, each in its discretion,inay deem and treat the person in whose na�ne the same for the time being shall be registered as the absolute owner thereof for all purposes and neither the City nor the Bond Registrar nor their respective successors shall be affected by any notice to the contrary. Payment of or on account of the principal or interest of any such Certificate shall be made only to or upon the order of the registered owner thereof,but such registration may be changed as above provided. All such payments shall be valid and effectual to satisfy and discharge the liability upon such Certificate to the extent of the sum or sums so paid. 8. There is hereby created a separate debt service fund for the Certificates, which shall be held by the Treasurer and used for no other purpose than to pay said Certificates, provided, that if any payment thereon shall become due when there is not sufficient money in said fund to pay the same, the Treasurer shall make such payment from the general fund of the City, and said general fund shall be reimbursed for such advances out of the proceeds of taxes levied pursuant hereto or other moneys appropriated by the City Council for such purpose. Into said debt service fund shall be paid all proceeds of the taxes heretofore levied for this purpose and such other inoneys as may be received by the City for the purpose of or appropriated to the payment of the Certificates. � . ' Page 5 of 7