Minutes 04/14/1987 - Laserfiche WebLink

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248 April 14, 1987 All transfers or exchanges of Bonds shall be made without expense to the holder of such Bonds, except as otherwise herein provided, and except that the Registrar shall require the payment by the holder of the Bond requesting such transfer or exchange of any tax or other governmental charges required to be paid with respect to such transfer or exchange. All Bonds surrendered for transfer or exchange shall be cancelled. - B. The full faith and credit of the Cify shall be and hereby is irrevocably pledged to the pa~ent of the principal o{ and interest on the Bonds as the same become due. tH each year while the Bonds, or any of them, are outstanding and unpaid, there shall be assessed, levied and collected, at the same time and in the same manner as other taxes in the City are assessed, levied and collected, upon all property within the City subjecn to ~taxation by the City, ad valorem taxes, without limitation of rate or aI~ount, sufficient to provide for the paymen~ of the principal 'of and inter~st on the 'Bonds :as the same become d~e. 4. The City covenants and agrees to comply with the provisions of Sections 103 and 141--~50 of the Internal Revenue Code of ~986, as amended,~and the Treasury Regulations promulgated thereunder throughout the term of the Bonds. 5. The Bonds shall be sold in conjunction with the sale of the Public Utility and Refunding Bonds, Series 1987, the Port Improvement Refunding Bonds, Series 1987, and the Port Improvement 'Refunding Bonds, 1987 Taxable Series, of the City, authorized for sale by the Council at the meeting at which this resolution is being adopted. 6. The Bonds shall be execute~, for and on behalf of the City, by the facsimile signatures of the Mayor and the Director of Finance of the City, and a facsimile of the corporate seat of the City shall be imprinted on the Bonds and attested by the facsimile signature of the City Clerk of the City. The Director of Finance shall direct the Registrar for the Bonds to authenticate such Bonds and no such Bond shall be valid or obligatory for any purpose unless and until the certificate of authentication endorsed on each Bond shall have been manually executed by an authorized Mignator of the Registrar. Upon the authentication of any Bonds the Registrar shall insert in the certificate of authennication the date as of which such Bonds are authen- ticated as follows: (i) if the Bond is authenticated prior to.the first i~ter~st pas~neht date~ the~ certificate shall be eared as of the d~te the !Bo~ ~e d~l~i~r~d to and paid for by t~e initial purchaser~ ~hereof; (ii) if the Bond is 'aRt{~ntic~ted upon an interest ~payment ~ate, the certificate shal~ be ~ated as of suc~ i~ter~s~ payment date; (iii) if the ~ond is ~uth~nticated! a~er the fifteenth (15th) day of the c~atendar month nex~ preceding an interest pennant date and prior to such interest payment date, the certificate shall be dated as of such interest payment date; and (iv) in all other instances the c~r~ificate shall be dated as of the interest payment date nex~ p~eceding the date upon 'which the Bond'is authenticated. ~ " The execution of the Bonds in the manner above se~ forth is adopted as a due and sufficient authentication o~ the Bonds. 7. CUSIP identification numbers may be printed o~ the Bonds, but neither the failure to Drin~ any such number on any Bond nor any error or omission with respect thereto shall constitute cause for failure or refusal by the Underwriters for the Bonds to accept delivery of and pay for the Bonds in accordance with the terms of the Bond Purchase Agreement. No such n~nber shall constitute~ or be deemed no be a part of any Bond or a part of the con~ract evidenced thereby and no liability shall attach to the City or any of its officers or agents because of or on account of any such number or any ~se made thereof. 2t1.1 expanses in relation to the printing of such numbers on the Bonds shall be paid by 'the City, ~ncluding the CUSIP Service Bureau charge for the assignment of such numbers.