Res85 10070 - Laserfiche WebLink

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Section II. Covenant to Foreclose. The City hereby covenants with the holders of the Series B Bonds that it will order and cause to be commenced and diligently prosecuted to completion, court foreclosure proceedings upon the lien of any and all delinquent assessments and interest, pursuant to and as provided in Part 14 of the Act. Such foreclosure proceedings shall be commenced within 150 days followinq the date of such delinquency. Section 12. Transfer and Exchange of Series B Bonds. Any duly authenticated fully registered Series B Bond may, in accordance with its terms, be transferred upon the registry books required to be kept pursuant to Section 8 hereof by the registered holder or by attorney duly authorized in writing upon surrender of the Series B 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 Series B 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 Series B Bonds of authorized denominations and of like maturity, aggregating the principal amount of the Series B Bond surrendered for transfer. For any registration, transfer or exchange of Series B Bonds (except initial registration of Series B Bonds being delivered to the original purchaser thereof and the first transfer or 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 Series B Bond shall be registered upon the registry books 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 Bond and for all other purposes. All such payments 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 any Series B Bond which the City has selected for redemption, provided that the Agent has been notified of such selection, nor shall any transfer or exchange of a Series B Bond be required to be made between the 15th day next preceding an interest payment date and such interest payment date. Each Series B Bond delivered under this Resolution upon transfer of or in exchange for or in lieu of any other Series B Bond shall carry all the rights to interest accrued and unpaid and to accrue, which are carried by such other Series B 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. -5-