2009 Ordinances - Laserfiche WebLink

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satisfactory to the City and the Registrar, duly executed by the registered owner or by his or her duly authorized attorney-in-fact or legal representative. No Bond may be registered to bearer. New Bonds delivered upon any transfer or exchange shall be valid obligations of the City, evidencing the same debt as the Bonds surrendered, shall be secured by this Ordinance and entitled to all of the security and benefits hereof to the same extent as the Bonds surrendered. 11. Charges for Exchange or Transfer. No charge shall be made for any exchange or transfer of Bonds, but the City may require payment by the registered owner of any Bond of a sum sufficient to cover any tax or other governmental charge which may be imposed with respect to the transfer or exchange of such Bond. 12. Refunding of Prior Bonds. If it is determined by the City Representative to be in the best interest of the City, the City Representative is authorized (a) to approve the issuance of the Bonds and the aggregate principal amount of the Bonds (not to exceed the maximum aggregate principal amount set forth in paragraph 1 of this Ordinance) sufficient to provide for the redemption or payment at maturity of such maturities of the Prior Bonds as the City Representative may determine and (b) to enter into one or more escrow agreements with one or more escrow agents to be selected by the City Representative (the "Escrow Agents") providing for the deposit and investment of such portion of the proceeds of the Bonds to be applied to the payment of such Prior Bonds to be redeemed on the earliest redemption date or at maturity, as appropriate. The Escrow Agents or such other party as the City Representative may designate, are hereby authorized to subscribe and purchase United States Treasury Securities, State and Local Government Series (SLGS) on behalf of the City. -7-