Res85 10102 - Laserfiche WebLink

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proceedings upon the lien of any and all delinquent assessments and interest, pursuant to and as provided in the Act. Such foreclosure proceedings shall be commenced within 150 days following the date of such delinquency. Section 20. Transfer and Exchange of Bonds. Any duly authenticated Bond may, in accordance with its terms, be transferred upon the registry records required to be kept pursuant to Section 8 hereof by the registered holder or by attorney duly authorized in writing upon surrender of the Bond to be transferred at the named office of the Agent, duly endorsed or accompanied by a duly executed written instrument of transfer satisfactory to the Agent. The Agent shall forthwith cancel the Bond surrendered for transfer and the City shall execute and the Agent shall authenticate and issue in the name of the transferee one or more new fully registered Bonds of like maturity and of authorized denominations, aggregating the principal amount of the Bond surrendered for transfer. For any registration, transfer or exchange of Bonds (except initial registration of Bonds being delivered to the original purchaser thereof and the first transfer and exchange of each such Bond thereafter), the City or Agent may, as a condition precedent to the exercise of such privilege, require payment of a sum sufficient to cover any service charge, tax or other governmental charge and any other reasonable expenses that may be imposed in connection therewith. The City and the Agent may deem and treat the person in whose name any outstanding Bond shall be registered upon the registry records of the City maintained by the Agent as the absolute owner of such Bond, whether such Bond shall be overdue or not, for the purpose of receiving payment of, or on account of, the principal or redemption price, if any, and interest on such Bono and for all other purposes. All such payments so made to any such registered owner or upon the order of such owner shall be valid and effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid, and neither the City nor the Agent shall be affected by any notice to the contrary. The Agent shall not transfer or exchange has selected for redemption, provided that the of such selection, nor shall any transfer and required to be made between the 15th day next payment date and such interest payment date. any Bond which Agent has been exchange of a preceding an the City notified Bond be interest Each Bond delivered under this Resolution upon transfer of or in exchange for or in lieu of any other Bond shall carryall the rights to interest accrued and unpaid, and to accrue, which were carried by such other Bond and each such Bond shall bear interest from such date that neither gain nor loss in interest shall result from such transfer, exchange or substitution. Section 21. provisions hereof, Call a;ld Redemption of Bonds. Subject to each Bond outstanding may be redeemed and paid the in -11-