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82-051
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82-051
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Last modified
1/3/2012 12:33:20 PM
Creation date
6/26/2003 10:46:53 AM
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City Clerk
Doc Type
Resolution
Doc #
82-51
Date
4/19/1982
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After the date fixed for redemption, if funds available for the payment <br />of the principal of and interest on the Note have been duly provided, the Note <br />shall cease to be entitled to any benefit under this Resolution other than the <br />right to receive payment of the redemption price, and no interest shall accrue <br />thereon on or after the redemption date. <br /> <br /> If the Note is redeemed in whole pursuant to this Section, the Note <br />shall be cancelled and shall be surrendered to the City. If the Note is <br />redeemed in part pursuant to this Section, the redemption amount shall be <br />applied against principal due on the Note in inverse order of Payment Date. <br /> <br /> Section 2.04. Execution of Note. The Note shall be execdted on behalf <br />of the City by the signature of the Mayor and attested on behalf of the City <br />by the signature of the City Clerk who is in office on the date of the <br />adoption of this Resolution or at any time thereafter, and the seal of the <br />City shall be impressed, imprinted or reproduced by facsimile thereon. If any <br />officer whose signature appears on the Note ceases to be such officer before <br />the delivery of the Note to the Bank, such signature on the Note shall <br />nevertheless be as effective as if the officer had remained in office until <br />the delivery of the Note to the Bank. The Note may be signed and attested on <br />behalf of the City by such persons as at the actual date of the execution of <br />the Note shall be the proper officers of the City although at the nominal date <br />of the Note any such person shall not have been such officer of the City. <br /> <br /> Section 2.05. Note Mutilated, Lost, Destroyed or Stolen. If the Note <br />shall become mutilated, the City, at the expense of the Bank, shall execute <br />and deliver, a new Note of like tenor in exchange and substitution for the <br />Note so mutilated, but only upon surrender to the Bank of the Note so <br />mutilated. Every mutilated Note so surrendered to the Bank shall be cancelled <br />by it and delivered to, or upon the order of, the City. If the Note shall be <br />lost, destroyed or stolen, evidence of such loss, destruction or theft may be <br />submitted to the City, and if such evidence is satisfactory to the City and <br />indemnity satisfactory to it shall have been given, the City, at the expense <br />of the Bank, shall execute and deliver, a new Note of like tenor in lieu of <br />and in substitution for the Note so lost, destroyed or stolen. The City may <br />require payment of a sum not exceeding the actual cost of preparing each new <br />Note issued under this Section and of the expenses which may be incurred by <br />the City in the premises. Any Note issued under the provisions of this <br />Section in lieu of any Note alleged to be lost, destroyed or stolen shall be <br />at any time enforceable by anyone, and shall be equally and proportionately <br />entitled to the benefits of this Resolution with the Note originally issued <br />pursuant to this Resolution. <br /> <br /> Section 2.06. Certificates of Participation. Nothing herein shall <br />prevent the Bank from executing and delivering certificates of participation <br />in payments to be made by the City on the Note, provided, however, that such <br />certificates of participation shall not be deemed to be separate obligations <br />of the City and that, notwithstanding such delivery, the Bank shall be <br />considered the holder and owner of the Note for all purposes hereunder and <br />under the Agreement. <br /> <br /> <br />
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