Resolution 4988 - Laserfiche WebLink

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�� • O �� O - � CITY of ORONO � . � , ti �� G'�' RESOLUTION OF THE CITY COUNCIL �kESH.Og' � � N0. 4� � � � is authorized and directed to register the Bonds initially issued hereunder in such names as the pl,uchaser may direct. The Bonds initially issued hereunder shall be registered as of July 1, 2003, 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, as Bond Counsel, and the purchaser shall not be required to see to the proper application of the proceeds. 6. (a) For purposes of this paragraph 6,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 8c 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. "Representation Letter" shall mean the Blanket Letter of Representation from the City to DTC,heretofore approved by this Council. (b) The Bonds shall be initially issued as separate authenticated fully . . registered bonds, and one Bond shall be issued in the principal amount of each stated maturity of the Bonds. Upon initial issuance, the ownership of such Bonds shall be registered in the bond register of the City kept by the Registrar in the name of Cede &Co., as nominee of DTC. The Registrar and the City may treat DTC (or its nominee) as the sole and exclusive owner of the Bonds registered in its name for the purposes of payment of the principal of or interest on the Bonds, selectin�the Bonds or portions thereof to be redeemed, giving any notice permitted or required to be given to registered owners of Bonds under this Resolution,registering the transfer of Bonds, and for all other purposes whatsoever; and neither the Registrar nor the City shall be affected by any notice to the contrary. Neither the Registrar nor the City shall have any . responsibility or obligation to any Participant, any person claiming a beneficial ownership • interest in the Bonds under or through DTC or any Participant, or any other person which is not shown on the registration books of the Registrar as being a registered owner of any Bonds,with Page 7 of 12