O-2000-2390 - Laserfiche WebLink

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e e (b) Application and Indemnitv. Application for exchange and substitution of lost, stolen, destroyed, damaged, or mutilated Certificates shall be made to the City. In every case the applicant for a substitute Certificate shall furnish to the City such deposit for fees and costs as may be required by the City to save it and the Paying AgentlRegistrar harmless from liability. In every case of loss, theft, or destruction of a Certificate, the applicant shall also furnish to the City indemnity to the City's satisfaction and shall file with the City evidence to the City's satisfaction of the loss, theft, or destruction and of the ownership of such Certificate. In every case of damage or mutilation of a Certificate, the applicant shaH surrender the Certificate so damaged or mutilated to the Paying AgentlRegistrar. (c) Matured Certificates. Notwithstanding the foregoing provisions of this Section, in the event any such Certificate shall have matured, and no default has occurred which is then continuing in payment of the principal of or interest on the Certificates, the City may authorize the payment of the same (without surrender thereof except in the case ofa damaged or mutilated Certificate) instead of issuing a substitute Certificate, ifany, provided security or indemnity is furnished as above provided in this Section. (d) Expenses of Issuance. Upon the issuance of any substitute Certificate, the City may charge the owner of such Certificate with all fees and costs incurred in connection therewith. Every substitute Certificate issued pursuant to the provisions of this Section by virtue of the fact that any Certificate is lost, stolen, destroyed, damaged, or mutilated shall constitute a contractual obligation of the City, whether or not the lost, stolen, destroyed, damaged, or mutilated Certificate shall be found at any time, or be enforceable by anyone, and shall be entitled to all the benefits of this Ordinance equally and proportionately with any and all other Certificates duly issued under this Ordinance. (e) Authority to Issue Substitute Certificates. This Ordinance shall constitute sufficient authority for the issuance of any such substitute Certificate without necessity of further action by the City or any other body or person, and the issuance of such substitute Certificates is hereby authorized, notwithstanding any other provisions of this Ordinance. (f) Destruction of Paid Certificates. At any time subsequent to the payment thereof, the Paying AgentlRegistrar is authorized to cancel and destroy any Certificates duly paid, and promptly after any such destruction, the Paying AgentlRegistrar shall furnish to the City a certificate evidencing such destruction. SECTION 15. REDEMPTION. The Certificates are subject to optional redemption as described in the FORM OF CERTIFICATES in Section 3 of this Ordinance. SECTION 16. DEFEASANCE. Any Certificate shall be deemed to be paid and shall no longer be considered to be a "Certificate" within the meaning of this Ordinance when payment of the principal of and the premium, if any, on such Certificate, plus interest thereon to the due date thereof (whether such due date be by reason of maturity or otherwise) either (i) shall have been made or caused to be made in accordance with the terms thereof or (ii) shall have been provided for by depositing with an escrow agent (the "Escrow Agent"), for such payment, (a) money sufficient to make such payment or (b) Governmental Obligations certified by an independent public accounting firm of national reputation to be of such maturities and interest payment dates and to bear such interest as will, without further investment or reinvestment of either the principal amount thereof or the interest earning therefrom (likewise to be held in trust and committed, except as hereinafter provided), be sufficient to make such payment or (c) a combination of money and Governmental Obligations together so certified to be sufficient; provided, however, that all the expenses pertaining to the Certificates with respect to which such deposit is made shall have been paid or the payment thereof provided for to the satisfaction of the Escrow Agent. Notwithstanding anything herein to the contrary, no such deposit shall have the effect described in this Section if made during the subsistence of a default in the payment of any Certificate unless made with respect to all of the Certificates then outstanding. Any money and Governmental Obligations deposited for such purpose shall be held by the Escrow Agent in a segregated account in trust or escrow for the Owners with respect to which such deposit is made and, together with any investment income therefrom, shall be disbursed solely to pay the principal of and interest on such Certificates when due. No money or Governmental Obligations so deposited shall be invested or reinvested unless in Governmental Obligations and unless such money and Governmental Obligations not invested and such new 14