Ordinances 2013 - Laserfiche WebLink

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(ii) The City has determined not to continue to use DTC as the securities depository for the Bonds; or (iii) The City has determined not to continue the book-entry system of transfer. Upon occurrence of the event described in (i) or (ii) above, the City shall attempt to locate another qualified securities depository. If the City fails to locate another qualified securities depository to replace DTC or upon the occurrence of the event described in (iii) above, the City shall execute and deliver Replacement Bonds substantially in the form set forth in Exhibit A attached hereto. Principal of and interest on the Replacement Bonds shall be payable as provided in this Ordinance and in the Bonds and such Replacement Bonds will be transferable in accordance with the provisions of paragraphs 10 and 11 of this Ordinance and the Bonds. 7. Appointment of Registrar and Paying Agent. The City Representative is hereby authorized and directed to appoint a Registrar and Paying Agent for the Bonds, which may be a bank or other financial institution capable of performing such duties, and as long as the Bonds are in book entry form, such Registrar and Paying Agent may be the Chief Financial Officer. The City Council may appoint a subsequent Registrar or one or more Paying Agents for the Bonds by subsequent resolution and upon giving written notice to the owners of the Bonds specifying the name and location of the principal office of any such Registrar or Paying Agent. 8. Execution and Delivery of Bonds. The City Manager and the Clerk of the City are hereby authorized and directed to execute the Bonds, to affix the seal of the City thereto, and to deliver the Bonds to the purchaser thereof upon payment of the purchase price. The City Manager or the Clerk, or both, may execute and affix the seal, as applicable, by facsimile, -6-