Res85 10102 - Laserfiche WebLink

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The City shall be liable for the Agent's reasonable charges, if any, with respect to providing the information referred to herein. Section 22. Mutilated, Destroyed or Lost Bonds. In case any Bond shall become mutilated or defaced in respect of the body of such Bond so as to impair its value to the registered holder, or shall be believed by the City and Agent to have been destroyed or lost, upon clear and unequivocable proof of ownership satisfactory to the City and Agent and upon the surrender at the named office of the Agent of such mutilated or defaced Bond sufficiently identifiable by number and description, or upon the receipt of evidence satisfactory to the City and Agent of such destruction or loss, and upon payment of all expenses incurred by the City and Agent in the premises and after compliance with such other reasonable regulations as the City and Agent may prescribe, and, in the case of a Bond claimed to have been destroyed or lost, upon receipt of indemnity satisfactory to the City and Agent, and in the absence of notice to the City or Agent that such Bond has been acquired by a bona fide purchaser, the City shall execute and the Agent shall authenticate and deliver at the named office of the Agent a new Bond of like maturity and principal amount, bearing a number not contemporaneously outstanding, in exchange and substitution for and upon cancellation of the mutilated or defaced Bond, or in lieu of and in substitution for the Bond so destroyed or lost. If any such destroyed or lost Bond has become or is about to become due and payable, payment of the amount due thereon may, in the discretion of the City, be made by the Agent upon receipt of like proof, indemnity and payment of expenses without surrender of such Bond. Any such replacement Bond issued pursuant to this section shall be entitled to equal and proportionate benefits with all other Bonds issued hereunder. The City and the Agent shall not be required to treat both the original Bond and any replacement Bond as being outstanding, but both the original and replacement Bond shall be treated as one and the same. Section 23. Refunding Bonds. The Bonds may be refunded upon determination of the Council that the public interest or necessity requires the refunding of the Bonds and the levy of reassessments as security for the refunding bonds. Such refunding may be undertaken by the Council when, in its opinion, relief may be provided to the owners of the property assessed from extraordinarily high interest rates on the Bonds to be refunded. Said refunding bonds shall bear interest at the rate of not to exceed the rate set forth in the resolution of intention to refund the Bonds, the last installment of which said refunding bonds shall mature not to exceed twenty-four (24) years from the second day of September next succeeding twelve (12) months from their date. Any adjustments to assessments resulting from such refunding shall be done on a pro rata basis. Section 24. Resolution Effective. This Resolution shall become effective immediately upon th'~ occurrence of all of the following: -13-