HomeMy Public PortalAbout2001-06 Sewage Works BondsORDINANCE NO. &
An Ordinance of the City of Greencastle authorizing the advance refunding by the
City of its Sewage Works Revenue Bonds of 1994; authorizing the issuance of
sewage works revenue bonds for the purpose of providing funds to pay the cost of
certain additions, extensions and improvements to the municipal sewage works of
said City; providing for the safeguarding of the interests of the owners of said bonds,
other matters connected therewith, including the issuance of notes in anticipation of
bonds, and repealing ordinances inconsistent herewith
WHEREAS, the City of Greencastle, Indiana (the "City ") has heretofore established,
constructed and financed a municipal sewage works and now owns and operates the sewage works
pursuant to IC 36 -9 -23, and other applicable laws; and
WHEREAS, the Common Council finds that certain hereinafter described outstanding bonds
of the sewage works should be refunded to obtain a reduction in interest payments and effect a
savings to the City; that the refunding of said outstanding bonds, together with redemption premium
• and accrued interest thereon and including all costs related to the refunding cannot be provided for
out of funds of the sewage works now on hand and the refunding should be accomplished by the
issuance of revenue bonds of the sewage works; and
WHEREAS, the Common Council finds that there are now outstanding bonds issued to
finance the construction of additions and improvements to the sewage works and payable out of the
revenues therefrom designated "Sewage Works Revenue Bonds of 1994," dated October 1, 1994
( "1994 Bonds "), originally issued in the amount of $1,640,000, now outstanding in the amount of
$1,330,000, and maturing annually over a period ending January 1, 2015, which 1994 Bonds
constitute a first charge upon the Net Revenues (as hereinafter defined) of the sewage works; and
0
837635.1
" W H E R E A S , t h e C o m m o n C o u n c i l f i n d s t h a t t h e 1 9 9 4 B o n d s ( ' R e f u n d e d B o n d s " ) s h o u l d
b e r e f u n d e d p u r s u a n t t o t h e p r o v i s i o n s o f I C 5 - 1 - 5 t o e n a b l e t h e C i t y t o o b t a i n a r e d u c t i o n i n i n t e r e s t
p a y m e n t s a n d e f f e c t a s a v i n g s t o t h e C i t y ; a n d
W H E R E A S , p u r s u a n t t o O r d i n a n c e N o . 2 0 0 0 - 6 ( " 2 0 0 0 O r d i n a n c e " ) , t h e C i t y i s s u e d i t s
" S e w a g e W o r k s R e v e n u e B o n d s , S e r i e s 2 0 0 0 " d a t e d J u n e 2 , 2 0 0 0 ( t h e " 2 0 0 0 B o n d s " ) u p o n f i n d i n g s
t h a t c e r t a i n i m p r o v e m e n t s a n d e x t e n s i o n s t o s a i d w o r k s w e r e n e c e s s a r y ; a n d t h a t p r e l i m i n a r y p l a n s ,
s p e c i f i c a t i o n s a n d e s t i m a t e s h a d b e e n p r e p a r e d a n d f i l e d b y t h e e n g i n e e r s e m p l o y e d b y t h e C i t y f o r
t h e c o n s t r u c t i o n o f s a i d i m p r o v e m e n t s a n d e x t e n s i o n s , a s m o r e f u l l y d e s c r i b e d o n E x h i b i t A a t t a c h e d
h e r e t o ( t h e " P r o j e c t " ) , w h i c h p r e l i m i n a r y p l a n s a n d s p e c i f i c a t i o n s a n d i n c o r p o r a t e d h e r e i n b y
r e f e r e n c e a n d o p e n f o r i n s p e c t i o n a t t h e o f f i c e o f t h e C l e r k - T r e a s u r e r a s r e q u i r e d b y l a w ; a n d
W H E R E A S , t h e C i t y a d v e r t i s e d f o r a n d r e c e i v e d b i d s f o r t h e c o n s t r u c t i o n o f t h e P r o j e c t a n d
" h a s b e g u n c o n s t r u c t i o n o f t h e P r o j e c t ; d u e t o a n i n c r e a s e i n c o n s t r u c t i o n c o s t s a n d t h e i n s u f f i c i e n c y
o f t h e c o n t i n g e n c i e s , t h e C i t y h a s d e t e r m i n e d t h a t t h e c o s t o f s a i d P r o j e c t , a s d e f i n e d i n I C 3 6 - 9 - 1 - 8 ,
i n c l u d i n g e s t i m a t e d i n c i d e n t a l e x p e n s e s , w i l l i n c l u d e a n a d d i t i o n a l $ 3 5 0 , 0 0 0 , a n d t h a t t h e e s t i m a t e d
m a x i m u m a m o u n t t o b e f i n a n c e d u n d e r t h i s O r d i n a n c e , i n c l u d i n g t h e r e f u n d i n g o f t h e R e f u n d e d
B o n d s , i s $ 2 , 1 7 9 , 4 5 6 ; a n d
W H E R E A S , t h e C o m m o n C o u n c i l n o w f i n d s t h a t t h e r e a r e f u n d s o n h a n d t o a p p l y t o t h e
r e f u n d i n g o f t h e R e f u n d e d B o n d s a n d t h e c o s t o f s a i d P r o j e c t i n t h e a m o u n t o f $ 1 7 9 , 4 5 6 , l e a v i n g a
b a l a n c e o f $ 2 , 0 0 0 , 0 0 0 t o b e f i n a n c e d b y t h e i s s u a n c e o f s e w a g e w o r k s r e v e n u e a n d r e f u n d i n g
r e v e n u e b o n d s i n a n a m o u n t n o t t o e x c e e d T w o M i l l i o n D o l l a r s ( $ 2 , 0 0 0 , 0 0 0 ) , a n d , i f n e c e s s a r y , b o n d
a n t i c i p a t i o n n o t e s ( t h e " B A N s " ) ; a n d
"
- 2 -
8 3 7 6 3 5 . 1
" W H E R E A S , t h e C o m m o n C o u n c i l f i n d s t h a t t h e 2 0 0 0 B o n d s a r e n o w o u t s t a n d i n g i n t h e
a m o u n t o f T w e l v e M i l l i o n D o l l a r s ( $ 1 2 , 0 0 0 , 0 0 0 ) , a n d m a t u r e a n n u a l l y o v e r a p e r i o d e n d i n g J a n u a r y
1 , 2 0 2 2 , w h i c h 2 0 0 0 B o n d s c o n s t i t u t e a f i r s t c h a r g e a g a i n s t t h e N e t R e v e n u e s ; a n d
W H E R E A S , t h e 2 0 0 0 B o n d s w e r e s o l d t o t h e I n d i a n a S t a t e R e v o l v i n g L o a n F u n d P r o g r a m
( " S R F P r o g r a m " ) a n d a r e n o w o w n e d b y t h e I n d i a n a B o n d B a n k , b u t t h e S t a t e o f I n d i a n a , a c t i n g
t h r o u g h i t s B u d g e t A g e n c y ( " S t a t e " ) , h a s r i g h t s c o n c e r n i n g t h e 2 0 0 0 B o n d s a s i f t h e S t a t e w e r e t h e
o w n e r o f t h e 2 0 0 0 B o n d s ; a n d
W H E R E A S , t h e C i t y e n t e r e d i n t o a F i n a n c i a l A s s i s t a n c e A g r e e m e n t ( " F A A " ) p e r t a i n i n g t o
t h e P r o j e c t a n d t h e 2 0 0 0 B o n d s ; a n d
W H E R E A S , t h e 2 0 0 0 O r d i n a n c e , a s a m e n d e d h e r e i n i n S e c t i o n 2 0 , w i t h t h e c o n s e n t o f t h e
S t a t e , p e r m i t s t h e i s s u a n c e o f a d d i t i o n a l b o n d s r a n k i n g o n a p a r i t y w i t h s a i d 2 0 0 0 B o n d s p r o v i d e d
e c e r t a i n c o n d i t i o n s c a n b e m e t , a n d t h e C i t y f i n d s t h a t t h e f i n a n c e s o f s a i d s e w a g e w o r k s w i l l e n a b l e
t h e C i t y t o m e e t t h e c o n d i t i o n s f o r t h e i s s u a n c e o f a d d i t i o n a l p a r i t y b o n d s a n d t h a t , a c c o r d i n g l y , t h e
r e v e n u e b o n d s a u t h o r i z e d h e r e i n s h a l l b e o n a p a r i t y w i t h t h e n o w o u t s t a n d i n g 2 0 0 0 B o n d s ; a n d
W H E R E A S , t h e b o n d s t o b e i s s u e d p u r s u a n t t o t h i s o r d i n a n c e a r e t o b e i s s u e d s u b j e c t t o t h e
p r o v i s i o n s o f t h e l a w s o f t h e S t a t e o f I n d i a n a , i n c l u d i n g , w i t h o u t l i m i t a t i o n , I C 5 - 1 - 5 a n d I C 3 6 - 9 - 2 3 ,
e a c h a s i n e f f e c t o n t h e i s s u e d a t e o f t h e b o n d s i s s u e d h e r e u n d e r ( c o l l e c t i v e l y , t h e " A c t " ) , a n d t h e
t e r m s a n d r e s t r i c t i o n s o f t h i s o r d i n a n c e ; a n d
W H E R E A S , t h e C i t y d e s i r e s t o a u t h o r i z e t h e i s s u a n c e o f B A N S h e r e u n d e r , i f n e c e s s a r y ,
p a y a b l e s o l e l y f r o m t h e p r o c e e d s o f t h e s e w a g e w o r k s r e v e n u e b o n d s i s s u e d t o f i n a n c e t h e
a f o r e m e n t i o n e d c o s t s o f t h e P r o j e c t a n d t o a u t h o r i z e t h e r e f u n d i n g o f s a i d B A N S , i f i s s u e d ; a n d
"
- 3 -
8 3 7 6 3 5 . 1
" W H E R E A S , t h e C o m m o n C o u n c i l n o w f i n d s t h a t a l l c o n d i t i o n s p r e c e d e n t t o t h e a d o p t i o n
o f a n o r d i n a n c e a u t h o r i z i n g t h e i s s u a n c e o f r e v e n u e b o n d s a n d B A N s h a v e b e e n c o m p l i e d w i t h i n
a c c o r d a n c e w i t h t h e p r o v i s i o n s o f t h e A c t ;
N O W T H E R E F O R E , B E I T O R D A I N E D B Y T H E C O M M O N C O U N C I L O F T H E C I T Y
O F G R E E N C A S T L E , I N D I A N A , T H A T :
S e c . 1 . P r o j e c t a n d R e f u n d i n g A u t h o r i z a t i o n ( a ) T h e C i t y s h a l l c o n t i n u e w i t h t h e
c o n s t r u c t i o n o f t h e P r o j e c t i n a c c o r d a n c e w i t h t h e p l a n s a n d s p e c i f i c a t i o n s h e r e t o f o r e p r e p a r e d a n d
f i l e d b y H a n n u m , W a g l e & C l i n e , I n c . , t h e c o n s u l t i n g e n g i n e e r s e m p l o y e d b y t h e C i t y , w h i c h p l a n s
a n d s p e c i f i c a t i o n s a r e n o w o n f i l e i n t h e o f f i c e o f t h e C l e r k - T r e a s u r e r o f t h e C i t y , a n d h a v e b e e n
a d o p t e d a n d a p p r o v e d , a n d b y r e f e r e n c e m a d e a p a r t o f t h i s o r d i n a n c e a s f u l l y a s i f t h e s a m e w e r e
a t t a c h e d h e r e t o a n d i n c o r p o r a t e d h e r e i n . T w o c o p i e s o f t h e p l a n s a n d s p e c i f i c a t i o n s a n d t h e
" a d d i t i o n a l c o s t s e s t i m a t e s a r e o n f i l e a n d a r e o p e n f o r p u b l i c i n s p e c t i o n p u r s u a n t t o I C 3 6 - 1 - 5 - 4 . T h e
e s t i m a t e d c o s t o f r e f u n d i n g t h e R e f u n d e d B o n d s a n d t h e c o n s t r u c t i o n o f s a i d P r o j e c t s h a l l n o t e x c e e d
t h e s u m o f $ 2 , 1 7 9 , 4 5 6 , p l u s i n v e s t m e n t e a r n i n g s o n t h e b o n d a n d B A N p r o c e e d s , w i t h o u t f u r t h e r
a u t h o r i z a t i o n f r o m t h i s C o m m o n C o u n c i l . B a s e d u p o n a r e p o r t o f t h e C i t y ' s f i n a n c i a l a d v i s o r C r o w e
C h i z e k a n d C o m p a n y , L L P , t h e r e f u n d i n g w i l l a l l o w t h e C i t y t o o b t a i n a r e d u c t i o n i n i n t e r e s t
p a y m e n t s t o e f f e c t a s a v i n g s t o t h e C i t y . T h e t e r m s " s e w a g e w o r k s , " " s e w a g e w o r k s s y s t e m , "
" s y s t e m , " " w o r k s , " a n d o t h e r l i k e t e r m s w h e r e u s e d i n t h i s o r d i n a n c e s h a l l b e c o n s t r u e d t o m e a n a n d
i n c l u d e t h e e x i s t i n g s t r u c t u r e s a n d p r o p e r t y o f t h e T r e a t m e n t W o r k s , a s d e f i n e d i n t h e F A A , a n d a l l
e n l a r g e m e n t s , e x t e n s i o n s , a d d i t i o n s , a n d i m p r o v e m e n t s t h e r e t o a n d r e p l a c e m e n t s t h e r e o f n o w o r
s u b s e q u e n t l y c o n s t r u c t e d o r a c q u i r e d . T h e P r o j e c t s h a l l b e c o n s t r u c t e d i n a c c o r d a n c e w i t h t h e p l a n s
"
- 4 -
8 3 7 6 3 5 . 1
i and specifications heretofore mentioned. Said Project shall be constructed and the bonds herein
authorized shall be issued pursuant to and in accordance with the Act.
(b) The City now finds it necessary to provide funds for refunding the Refunded Bonds thereby
reducing its interest payments and effecting a savings, as reported by the City's financial advisor,
Crowe Chizek & Company, LLP.
Sec. 2. Issuance of Bonds and BANS (a) The City shall issue, if necessary, its BANs for the
purpose of procuring interim financing to apply to the cost of said Project and refunding of the
Refunded Bonds. The City shall issue its BANS in an amount not to exceed Two Million Dollars
($2,000,000) to be designated "Sewage Works Bond Anticipation Notes." Said BANs shall be sold
at aprice not less than 99% of their par value, shall be numbered consecutively from 1 upward, shall
be in multiples of $1,000, as designated in the hereinafter defined Purchase Agreement, shall be
• dated as of the date of delivery thereof, and shall bear interest at a rate not to exceed 6.5% per annum
(the exact rate or rates to be negotiated with a financial institution or the Indiana Bond Bank) payable
upon maturity. The BANS will mature no later than two years after their date of delivery. The BANS
are subject to renewal or extension at an interest rate or rates not to exceed 6.5% per annum (the
exact rate or rates to be negotiated with a financial institution or the Indiana Bond Bank). The term
of the BANS and all renewal BANS may not exceed five years from the date of delivery of the initial
BANs. The BANS shall be registered in the name of the purchasers thereof.
The BANs shall be issued pursuant to IC 5- 1.5 -8 -6.1 if sold to the Indiana Bond Bank or
pursuant to IC 5- 1 -14 -5 if sold to a financial institution or any other purchaser. The principal of and
interest on the BANS shall be payable solely from the issuance of revenue bonds pursuant to and in
the manner prescribed by the Act. The revenue bonds will be payable solely out of and constitute
-5-
837635.1
e a first charge against the Net Revenues (defined in the 2000 Ordinance as gross revenues of the
sewage works of the City after deduction only for the payment of the expenses for Operation and
Maintenance (as defined in the FAA)) of the sewage works of the City, including all such Net
Revenues from the existing works, the Project and all additions and improvements thereto and
replacements thereof subsequently constructed or acquired, on a parity with the 2000 Bonds.
(b) The City shall issue its "Sewage Works Revenue and Refunding Revenue Bonds of
2001," (the 'Bonds ") in an aggregate principal amount not to exceed $2,000,000 for the purpose of
advance refunding the Refunded Bonds, procuring funds to be applied on the cost of the Project, the
payment of costs of issuance, including a premium for municipal bond insurance, refunding the
BANS, if issued, and all other costs related to the Project.
The Bonds shall be sold at a price not less than 99% of the par value thereof, shall be issued
• in the denomination of Five Thousand Dollars ($5,000) each or integral multiples thereof, numbered
consecutively from 1 upward, dated as of the first day of the month in which they are sold or the date
of delivery as determined by the Clerk- Treasurer with the advice of the City's financial advisor, and
shall bear interest at a rate or rates not exceeding 6.5% per annum (the exact rate or rates to be
determined by bidding or by negotiation) payable semiannually on January 1 and July 1 of each year,
commencing on January 1, 2002. The Bonds shall mature annually on January 1 of each year over
a period ending no later than January 1, 2021, and in such amounts as will result in as level annual
debt service as practicable with $5,000 denominations and taking into account the annual debt
service on the 2000 Bonds.
All or a portion of the Bonds may be issued as one or more term bonds, upon election of the
• successful bidder or the Underwriter, as hereinafter defined. Such term bonds shall have a stated
-6-
837635.1
maturity or maturities in the years or dates as determined by the successful bidder, but in no event
later than the final serial maturity date of the Bonds as hereafter determined in accordance with the
above paragraph. The term bonds shall be subject to mandatory sinking fund redemption and final
payment(s) at maturity at 100% of the principal amount thereof, plus accrued interest to the
redemption date, on principal payment dates which are hereinafter determined in accordance with
the above paragraph.
Sec. 3. Registrar and Paving Agent Book -Entry Provisions The Clerk- Treasurer is hereby
authorized to contract with a qualified financial institution to serve as Registrar and Paying Agent
for the Bonds (the 'Registrar" or "Paying Agent "). The Registrar is hereby charged with the
responsibility of authenticating the Bonds. The Clerk- Treasurer is hereby authorized to enter into
such agreements or understandings with the Registrar as will enable the institution to perform the
• services required of a registrar and paying agent. The Clerk- Treasurer is further authorized to pay
such fees as the Registrar may charge for the services it provides as Registrar and Paying Agent and
such fees may be paid from the Sewage Works Sinking Fund established to pay the principal of and
interest on the Bonds as fiscal agency charges. In the alternative, the Clerk - Treasurer of the City may
serve as Registrar and Paying Agent, as determined by the Mayor, the Clerk- Treasurer and the
successful bidder for the Bonds. As to the BANS, the Clerk- Treasurer shall serve as Registrar and
Paying Agent and is hereby charged with the duties of Registrar and Paying Agent.
The principal of the Bonds shall be payable at the principal corporate trust office of the
Paying Agent. All payments of interest on the Bonds shall be paid by check, mailed one business
day prior to the interest payment date to the registered owners thereof as the names appear as of the
• fifteenth day of the month preceding the interest payment date (the 'Record Date ") and at the
-7-
937635.1
" a d d r e s s e s a s t h e y a p p e a r o n t h e r e g i s t r a t i o n b o o k s k e p t b y t h e R e g i s t r a r o r a t s u c h o t h e r a d d r e s s a s
i s p r o v i d e d t o t h e P a y i n g A g e n t i n w r i t i n g b y s u c h r e g i s t e r e d o w n e r . I f p a y m e n t o f p r i n c i p a l o r
i n t e r e s t i s m a d e t o a d e p o s i t o r y , p a y m e n t s h a l l b e m a d e b y w i r e t r a n s f e r o n t h e p a y m e n t d a t e i n
s a m e - d a y f u n d s . I f t h e p a y m e n t d a t e o c c u r s o n a d a t e w h e n f i n a n c i a l i n s t i t u t i o n s a r e n o t o p e n f o r
b u s i n e s s , t h e w i r e t r a n s f e r s h a l l b e m a d e o n t h e n e x t s u c c e e d i n g b u s i n e s s d a y . T h e P a y i n g A g e n t
s h a l l b e i n s t r u c t e d t o w i r e t r a n s f e r p a y m e n t s b y 1 : 0 0 p . m . ( N e w Y o r k C i t y t i m e ) s o s u c h p a y m e n t s
a r e r e c e i v e d a t t h e d e p o s i t o r y b y 2 : 3 0 p . m . ( N e w Y o r k C i t y t i m e ) . A l l p a y m e n t s o n t h e B o n d s a n d
B A N s s h a l l b e m a d e i n a n y c o i n o r c u r r e n c y o f t h e U n i t e d S t a t e s o f A m e r i c a , w h i c h o n t h e d a t e o f
s u c h p a y m e n t , s h a l l b e l e g a l t e n d e r f o r t h e p a y m e n t o f p u b l i c a n d p r i v a t e d e b t s .
E a c h B o n d s h a l l b e t r a n s f e r a b l e o r e x c h a n g e a b l e o n l y u p o n t h e b o o k s o f t h e C i t y k e p t f o r t h a t
p u r p o s e a t t h e p r i n c i p a l c o r p o r a t e t r u s t o f f i c e o f t h e R e g i s t r a r b y t h e r e g i s t e r e d o w n e r i n p e r s o n , o r
" b y i t s a t t o r n e y d u l y a u t h o r i z e d i n w r i t i n g , u p o n s u r r e n d e r o f s u c h B o n d t o g e t h e r w i t h a w r i t t e n
i n s t r u m e n t o f t r a n s f e r o r e x c h a n g e s a t i s f a c t o r y t o t h e R e g i s t r a r d u l y e x e c u t e d b y t h e r e g i s t e r e d
o w n e r , o r i t s a t t o r n e y d u l y a u t h o r i z e d i n w r i t i n g , a n d t h e r e u p o n a n e w f u l l y r e g i s t e r e d B o n d o r B o n d s
i n a n a u t h o r i z e d a g g r e g a t e p r i n c i p a l a m o u n t a n d o f t h e s a m e m a t u r i t y , s h a l l b e e x e c u t e d a n d
d e l i v e r e d i n t h e n a m e o f t h e t r a n s f e r e e o r t r a n s f e r e e s o r t h e r e g i s t e r e d o w n e r , a s t h e c a s e m a y b e , i n
e x c h a n g e t h e r e f o r . T h e c o s t s o f s u c h t r a n s f e r o r e x c h a n g e s h a l l b e h o m e b y t h e C i t y e x c e p t f o r a n y
t a x o r g o v e r n m e n t a l c h a r g e r e q u i r e d t o b e p a i d w i t h r e s p e c t t o t h e t r a n s f e r o r e x c h a n g e , w h i c h t a x e s
o r g o v e r n m e n t a l c h a r g e s a r e p a y a b l e b y t h e p e r s o n r e q u e s t i n g s u c h t r a n s f e r o r e x c h a n g e . T h e C i t y
a n d t h e R e g i s t r a r a n d P a y i n g A g e n t f o r t h e B o n d s m a y t r e a t a n d c o n s i d e r t h e p e r s o n i n w h o s e n a m e
s u c h B o n d s a r e r e g i s t e r e d a s t h e a b s o l u t e o w n e r t h e r e o f f o r a l l p u r p o s e s i n c l u d i n g f o r t h e p u r p o s e
" o f r e c e i v i n g p a y m e n t o f , o r o n a c c o u n t o f , t h e p r i n c i p a l t h e r e o f a n d i n t e r e s t d u e t h e r e o n .
- 8 -
8 3 7 6 3 5 . 1
" T h e R e g i s t r a r a n d P a y i n g A g e n t m a y a t a n y t i m e r e s i g n a s R e g i s t r a r a n d P a y i n g A g e n t u p o n
g i v i n g 3 0 d a y s ' n o t i c e i n w r i t i n g t o t h e C i t y a n d b y f i r s t c l a s s m a i l t o e a c h r e g i s t e r e d o w n e r o f t h e
B o n d s t h e n o u t s t a n d i n g , a n d s u c h r e s i g n a t i o n w i l l t a k e e f f e c t a t t h e e n d o f s u c h 3 0 d a y p e r i o d o r
u p o n t h e e a r l i e r a p p o i n t m e n t o f a s u c c e s s o r r e g i s t r a r a n d p a y i n g a g e n t b y t h e C i t y . A n y s u c h n o t i c e
t o t h e C i t y m a y b e s e r v e d p e r s o n a l l y o r s e n t b y r e g i s t e r e d m a i l . T h e R e g i s t r a r a n d P a y i n g A g e n t m a y
b e r e m o v e d a t a n y t i m e a s R e g i s t r a r a n d P a y i n g A g e n t b y t h e C i t y , i n w h i c h e v e n t t h e C i t y m a y
a p p o i n t a s u c c e s s o r r e g i s t r a r a n d p a y i n g a g e n t . T h e C i t y s h a l l n o t i f y e a c h r e g i s t e r e d o w n e r o f t h e
B o n d s t h e n o u t s t a n d i n g b y f i r s t c l a s s m a i l o f t h e r e m o v a l o f t h e R e g i s t r a r a n d P a y i n g A g e n t . N o t i c e s
t o t h e r e g i s t e r e d o w n e r s o f t h e B o n d s s h a l l b e d e e m e d t o b e g i v e n w h e n m a i l e d b y f i r s t c l a s s m a i l
t o t h e a d d r e s s e s o f s u c h r e g i s t e r e d o w n e r s a s t h e y a p p e a r o n t h e r e g i s t r a t i o n b o o k s k e p t b y t h e
R e g i s t r a r .
" U p o n t h e a p p o i n t m e n t o f a n y s u c c e s s o r r e g i s t r a r a n d p a y i n g a g e n t b y t h e C i t y , t h e C l e r k -
T r e a s u r e r i s a u t h o r i z e d a n d d i r e c t e d t o e n t e r i n t o s u c h a g r e e m e n t s a n d u n d e r s t a n d i n g s w i t h s u c h
s u c c e s s o r r e g i s t r a r a n d p a y i n g a g e n t a s w i l l e n a b l e t h e i n s t i t u t i o n t o p e r f o r m t h e s e r v i c e s r e q u i r e d
o f a r e g i s t r a r a n d p a y i n g a g e n t f o r t h e B o n d s . T h e C l e r k - T r e a s u r e r i s f u r t h e r a u t h o r i z e d t o p a y s u c h
f e e s a s t h e s u c c e s s o r r e g i s t r a r a n d p a y i n g a g e n t m a y c h a r g e f o r t h e s e r v i c e s i t p r o v i d e s a s r e g i s t r a r
a n d p a y i n g a g e n t a n d s u c h f e e s m a y b e p a i d f r o m t h e S e w a g e W o r k s S i n k i n g F u n d c o n t i n u e d i n
S e c t i o n 1 5 h e r e o f . A n y p r e d e c e s s o r r e g i s t r a r a n d p a y i n g a g e n t s h a l l d e l i v e r a l l o f t h e B o n d s a n d a n y
c a s h o r i n v e s t m e n t s i n i t s p o s s e s s i o n w i t h r e s p e c t t h e r e t o , t o g e t h e r w i t h t h e r e g i s t r a t i o n b o o k s , t o t h e
s u c c e s s o r r e g i s t r a r a n d p a y i n g a g e n t .
I n t e r e s t o n t h e B o n d s s h a l l b e p a y a b l e f r o m t h e i n t e r e s t p a y m e n t d a t e t o w h i c h i n t e r e s t h a s
b e e n p a i d n e x t p r e c e d i n g t h e a u t h e n t i c a t i o n d a t e o f t h e B o n d s u n l e s s t h e B o n d s a r e a u t h e n t i c a t e d
- 9 -
8 3 7 6 3 5 . 1
" a f t e r t h e R e c o r d D a t e a n d o n o r b e f o r e s u c h i n t e r e s t p a y m e n t d a t e i n w h i c h c a s e t h e y s h a l l b e a r
i n t e r e s t f r o m s u c h i n t e r e s t p a y m e n t d a t e , o r u n l e s s t h e B o n d s a r e a u t h e n t i c a t e d o n o r b e f o r e t h e
R e c o r d D a t e p r e c e d i n g t h e f i r s t i n t e r e s t p a y m e n t d a t e , i n w h i c h c a s e t h e y s h a l l b e a r i n t e r e s t f r o m t h e
o r i g i n a l d a t e u n t i l t h e p r i n c i p a l s h a l l b e f u l l y p a i d .
T h e C i t y h a s d e t e r m i n e d t h a t i t m a y b e b e n e f i c i a l t o t h e C i t y t o h a v e t h e B o n d s h e l d b y a
c e n t r a l d e p o s i t o r y s y s t e m p u r s u a n t t o a n a g r e e m e n t b e t w e e n t h e C i t y a n d T h e D e p o s i t o r y T r u s t
C o m p a n y , N e w Y o r k , N e w Y o r k ( ' D e p o s i t o r y T r u s t C o m p a n y " ) a n d h a v e t r a n s f e r s o f t h e B o n d s
e f f e c t e d b y b o o k - e n t r y o n t h e b o o k s o f t h e c e n t r a l d e p o s i t o r y s y s t e m ( B o o k E n t r y S y s t e m " ) . T h e
B o n d s m a y b e i n i t i a l l y i s s u e d i n t h e f o r m o f a s e p a r a t e s i n g l e a u t h e n t i c a t e d f u l l y r e g i s t e r e d B o n d f o r
t h e a g g r e g a t e p r i n c i p a l a m o u n t o f e a c h s e p a r a t e m a t u r i t y o f t h e B o n d s . I n s u c h c a s e , u p o n i n i t i a l
i s s u a n c e , t h e o w n e r s h i p o f s u c h B o n d s s h a l l b e r e g i s t e r e d i n t h e r e g i s t e r k e p t b y t h e R e g i s t r a r i n t h e
" n a m e o f C E D E & C O . , a s n o m i n e e o f t h e D e p o s i t o r y T r u s t C o m p a n y .
W i t h r e s p e c t t o t h e B o n d s r e g i s t e r e d i n t h e r e g i s t e r k e p t b y t h e R e g i s t r a r i n t h e n a m e o f
C E D E & C O . , a s n o m i n e e o f t h e D e p o s i t o r y T r u s t C o m p a n y , t h e C i t y a n d t h e P a y i n g A g e n t s h a l l
h a v e n o r e s p o n s i b i l i t y o r o b l i g a t i o n t o a n y o t h e r h o l d e r s o r o w n e r s ( i n c l u d i n g a n y b e n e f i c i a l o w n e r
( B e n e f i c i a l O w n e r " ) ) o f t h e B o n d s w i t h r e s p e c t t o ( i ) t h e a c c u r a c y o f t h e r e c o r d s o f t h e D e p o s i t o r y
T r u s t C o m p a n y , C E D E & C O . , o r a n y B e n e f i c i a l O w n e r w i t h r e s p e c t t o o w n e r s h i p q u e s t i o n s , ( i i )
t h e d e l i v e r y t o a n y b o n d h o l d e r ( i n c l u d i n g a n y B e n e f i c i a l O w n e r ) o r a n y o t h e r p e r s o n , o t h e r t h a n t h e
D e p o s i t o r y T r u s t C o m p a n y , o f a n y n o t i c e w i t h r e s p e c t t o t h e B o n d s i n c l u d i n g a n y n o t i c e o f
r e d e m p t i o n , o r ( i i i ) t h e p a y m e n t t o a n y b o n d h o l d e r ( i n c l u d i n g a n y B e n e f i c i a l O w n e r ) o r a n y o t h e r
p e r s o n , o t h e r t h a n t h e D e p o s i t o r y T r u s t C o m p a n y , o f a n y a m o u n t w i t h r e s p e c t t o t h e p r i n c i p a l o f , o r
p r e m i u m , i f a n y , o r i n t e r e s t o n t h e B o n d s e x c e p t a s o t h e r w i s e p r o v i d e d h e r e i n .
- 1 0 -
8 3 7 6 3 5 . 1
" N o p e r s o n o t h e r t h a n t h e D e p o s i t o r y T r u s t C o m p a n y s h a l l r e c e i v e a n a u t h e n t i c a t e d B o n d
e v i d e n c i n g a n o b l i g a t i o n o f t h e C i t y t o m a k e p a y m e n t s o f t h e p r i n c i p a l o f a n d p r e m i u m , i f a n y , a n d
i n t e r e s t o n t h e B o n d s p u r s u a n t t o t h i s o r d i n a n c e . T h e C i t y a n d t h e R e g i s t r a r a n d P a y i n g A g e n t m a y
t r e a t a s a n d d e e m t h e D e p o s i t o r y T r u s t C o m p a n y o r C E D E & C O . t o b e t h e a b s o l u t e b o n d h o l d e r o f
e a c h o f t h e B o n d s f o r t h e p u r p o s e o f ( i ) p a y m e n t o f t h e p r i n c i p a l o f a n d p r e m i u m , i f a n y , a n d i n t e r e s t
o n s u c h B o n d s ; ( i i ) g i v i n g n o t i c e s o f r e d e m p t i o n a n d o t h e r n o t i c e s p e r m i t t e d t o b e g i v e n t o
b o n d h o l d e r s w i t h r e s p e c t t o s u c h B o n d s ; ( i i i ) r e g i s t e r i n g t r a n s f e r s w i t h r e s p e c t t o s u c h B o n d s ; ( i v )
o b t a i n i n g a n y c o n s e n t o r o t h e r a c t i o n r e q u i r e d o r p e r m i t t e d t o b e t a k e n o f o r b y b o n d h o l d e r s ; ( v )
v o t i n g ; a n d ( v i ) f o r a l l o t h e r p u r p o s e s w h a t s o e v e r . T h e P a y i n g A g e n t s h a l l p a y a l l p r i n c i p a l o f a n d
p r e m i u m , i f a n y , a n d i n t e r e s t o n t h e B o n d s o n l y t o o r u p o n t h e o r d e r o f t h e D e p o s i t o r y T r u s t
C o m p a n y , a n d a l l s u c h p a y m e n t s s h a l l b e v a l i d a n d e f f e c t i v e f u l l y t o s a t i s f y a n d d i s c h a r g e t h e C i t y ' s
" a n d t h e P a y i n g A g e n t ' s o b l i g a t i o n s w i t h r e s p e c t t o p r i n c i p a l o f a n d p r e m i u m , i f a n y , a n d i n t e r e s t o n
t h e B o n d s t o t h e e x t e n t o f t h e s u m o r s u m s s o p a i d . U p o n d e l i v e r y b y t h e D e p o s i t o r y T r u s t C o m p a n y
t o t h e C i t y o f w r i t t e n n o t i c e t o t h e e f f e c t t h a t t h e D e p o s i t o r y T r u s t C o m p a n y h a s d e t e r m i n e d t o
s u b s t i t u t e a n e w n o m i n e e i n p l a c e o f C E D E & C O . , a n d s u b j e c t t o t h e p r o v i s i o n s h e r e i n w i t h r e s p e c t
t o c o n s e n t s , t h e w o r d s " C E D E & C O . " i n t h i s o r d i n a n c e s h a l l r e f e r t o s u c h n e w n o m i n e e o f t h e
D e p o s i t o r y T r u s t C o m p a n y . N o t w i t h s t a n d i n g a n y o t h e r p r o v i s i o n h e r e o f t o t h e c o n t r a r y , s o l o n g a s
a n y B o n d i s r e g i s t e r e d i n t h e n a m e o f C E D E & C O . , a s n o m i n e e o f t h e D e p o s i t o r y T r u s t C o m p a n y ,
a l l p a y m e n t s w i t h r e s p e c t t o t h e p r i n c i p a l o f a n d p r e m i u m , i f a n y , a n d i n t e r e s t o n s u c h B o n d s a n d
a l l n o t i c e s w i t h r e s p e c t t o s u c h B o n d s s h a l l b e m a d e a n d g i v e n , r e s p e c t i v e l y , t o t h e D e p o s i t o r y T r u s t
C o m p a n y a s p r o v i d e d i n a r e p r e s e n t a t i o n l e t t e r f r o m t h e C i t y t o t h e D e p o s i t o r y T r u s t C o m p a n y .
1 1
- 1 1 -
8 3 7 6 3 5 . 1
" U p o n r e c e i p t b y t h e C i t y o f w r i t t e n n o t i c e f r o m t h e D e p o s i t o r y T r u s t C o m p a n y t o t h e e f f e c t
t h a t t h e D e p o s i t o r y T r u s t C o m p a n y i s u n a b l e o r u n w i l l i n g t o d i s c h a r g e i t s r e s p o n s i b i l i t i e s a n d n o
s u b s t i t u t e d e p o s i t o r y w i l l i n g t o u n d e r t a k e t h e f u n c t i o n s o f t h e D e p o s i t o r y T r u s t C o m p a n y h e r e u n d e r
c a n b e f o u n d w h i c h i s w i l l i n g a n d a b l e t o u n d e r t a k e s u c h f u n c t i o n s u p o n r e a s o n a b l e a n d c u s t o m a r y
t e r m s , t h e n t h e B o n d s s h a l l n o l o n g e r b e r e s t r i c t e d t o b e i n g r e g i s t e r e d i n t h e r e g i s t e r o f t h e C i t y k e p t
b y t h e R e g i s t r a r i n t h e n a m e o f C E D E & C O . , a s n o m i n e e o f t h e D e p o s i t o r y T r u s t C o m p a n y , b u t m a y
b e r e g i s t e r e d i n w h a t e v e r n a m e o r n a m e s t h e b o n d h o l d e r s t r a n s f e r r i n g o r e x c h a n g i n g t h e B o n d s s h a l l
d e s i g n a t e , i n a c c o r d a n c e w i t h t h e p r o v i s i o n s o f t h i s o r d i n a n c e .
I f t h e C i t y d e t e r m i n e s t h a t i t i s i n t h e b e s t i n t e r e s t o f t h e b o n d h o l d e r s t h a t t h e y b e a b l e t o
o b t a i n c e r t i f i c a t e s f o r t h e f u l l y r e g i s t e r e d B o n d s , t h e C i t y m a y n o t i f y t h e D e p o s i t o r y T r u s t C o m p a n y
a n d t h e R e g i s t r a r , w h e r e u p o n t h e D e p o s i t o r y T r u s t C o m p a n y w i l l n o t i f y t h e B e n e f i c i a l O w n e r s o f
" t h e a v a i l a b i l i t y t h r o u g h t h e D e p o s i t o r y T r u s t C o m p a n y o f c e r t i f i c a t e s f o r t h e B o n d s . I n s u c h e v e n t ,
t h e R e g i s t r a r s h a l l p r e p a r e , a u t h e n t i c a t e , t r a n s f e r a n d e x c h a n g e c e r t i f i c a t e s f o r t h e B o n d s a s r e q u e s t e d
b y t h e D e p o s i t o r y T r u s t C o m p a n y a n d a n y B e n e f i c i a l O w n e r s i n a p p r o p r i a t e a m o u n t s , a n d w h e n e v e r
t h e D e p o s i t o r y T r u s t C o m p a n y r e q u e s t s t h e C i t y a n d t h e R e g i s t r a r t o d o s o , t h e R e g i s t r a r a n d t h e C i t y
w i l l c o o p e r a t e w i t h t h e D e p o s i t o r y T r u s t C o m p a n y b y t a k i n g a p p r o p r i a t e a c t i o n a f t e r r e a s o n a b l e
n o t i c e ( i ) t o m a k e a v a i l a b l e o n e o r m o r e s e p a r a t e c e r t i f i c a t e s e v i d e n c i n g t h e f u l l y r e g i s t e r e d B o n d s
o f a n y B e n e f i c i a l O w n e r ' s D e p o s i t o r y T r u s t C o m p a n y a c c o u n t o r ( i i ) t o a r r a n g e f o r a n o t h e r s e c u r i t i e s
d e p o s i t o r y t o m a i n t a i n c u s t o d y o f c e r t i f i c a t e s f o r a n d e v i d e n c i n g t h e B o n d s .
I f t h e B o n d s s h a l l n o l o n g e r b e r e s t r i c t e d t o b e i n g r e g i s t e r e d i n t h e n a m e o f a D e p o s i t o r y
T r u s t C o m p a n y , t h e R e g i s t r a r s h a l l c a u s e s a i d B o n d s t o b e p r i n t e d i n b l a n k i n s u c h n u m b e r a s t h e
" R e g i s t r a r s h a l l d e t e r m i n e t o b e n e c e s s a r y o r c u s t o m a r y ; p r o v i d e d , h o w e v e r , t h a t t h e R e g i s t r a r s h a l l
- 1 2 -
8 3 7 6 3 5 . 1
" n o t b e r e q u i r e d t o h a v e s u c h B o n d s p r i n t e d u n t i l i t s h a l l h a v e r e c e i v e d f r o m t h e C i t y i n d e m n i f i c a t i o n
f o r a l l c o s t s a n d e x p e n s e s a s s o c i a t e d w i t h s u c h p r i n t i n g .
I n c o n n e c t i o n w i t h a n y n o t i c e o r o t h e r c o m m u n i c a t i o n t o b e p r o v i d e d t o b o n d h o l d e r s b y t h e
C i t y o r t h e R e g i s t r a r w i t h r e s p e c t t o a n y c o n s e n t o r o t h e r a c t i o n t o b e t a k e n b y b o n d h o l d e r s , t h e C i t y
o r t h e R e g i s t r a r , a s t h e c a s e m a y b e , s h a l l e s t a b l i s h a r e c o r d d a t e f o r s u c h c o n s e n t o r o t h e r a c t i o n a n d
g i v e t h e D e p o s i t o r y T r u s t C o m p a n y n o t i c e o f s u c h r e c o r d d a t e n o t l e s s t h a n f i f t e e n ( 1 5 ) c a l e n d a r
d a y s i n a d v a n c e o f s u c h r e c o r d d a t e t o t h e e x t e n t p o s s i b l e .
S o l o n g a s s a i d B o n d s a r e r e g i s t e r e d i n t h e n a m e o f t h e D e p o s i t o r y T r u s t C o m p a n y o r C E D E
& C O . o r a n y s u b s t i t u t e n o m i n e e , t h e C i t y a n d t h e R e g i s t r a r a n d P a y i n g A g e n t s h a l l b e e n t i t l e d t o
r e q u e s t a n d t o r e l y u p o n a c e r t i f i c a t e o r o t h e r w r i t t e n r e p r e s e n t a t i o n f r o m t h e B e n e f i c i a l O w n e r s o f
t h e B o n d s o r f r o m t h e D e p o s i t o r y T r u s t C o m p a n y o n b e h a l f o f s u c h B e n e f i c i a l O w n e r s s t a t i n g t h e
" a m o u n t o f t h e i r r e s p e c t i v e b e n e f i c i a l o w n e r s h i p i n t e r e s t s i n t h e B o n d s a n d s e t t i n g f o r t h t h e c o n s e n t ,
a d v i c e , d i r e c t i o n , d e m a n d o r v o t e o f t h e B e n e f i c i a l O w n e r s a s o f a r e c o r d d a t e s e l e c t e d b y t h e
R e g i s t r a r a n d t h e D e p o s i t o r y T r u s t C o m p a n y , t o t h e s a m e e x t e n t a s i f s u c h c o n s e n t , a d v i c e , d i r e c t i o n ,
d e m a n d o r v o t e w e r e m a d e b y t h e b o n d h o l d e r s f o r p u r p o s e s o f t h i s o r d i n a n c e a n d t h e C i t y a n d t h e
R e g i s t r a r a n d P a y i n g A g e n t s h a l l f o r s u c h p u r p o s e s t r e a t t h e B e n e f i c i a l O w n e r s a s t h e b o n d h o l d e r s .
A l o n g w i t h a n y s u c h c e r t i f i c a t e o r r e p r e s e n t a t i o n , t h e R e g i s t r a r m a y r e q u e s t t h e D e p o s i t o r y T r u s t
C o m p a n y t o d e l i v e r , o r c a u s e t o b e d e l i v e r e d , t o t h e R e g i s t r a r a l i s t o f a l l B e n e f i c i a l O w n e r s o f t h e
B o n d s , t o g e t h e r w i t h t h e d o l l a r a m o u n t o f e a c h B e n e f i c i a l O w n e r ' s i n t e r e s t i n t h e B o n d s a n d t h e
c u r r e n t a d d r e s s e s o f s u c h B e n e f i c i a l O w n e r s .
S e c . 4 . R e d e m p t i o n o f B A N s a n d B o n d s ( a ) T h e B A N S a r e p r e p a y a b l e b y t h e C i t y , i n
" w h o l e o r i n p a r t , a t a n y t i m e u p o n 7 d a y s ' n o t i c e t o t h e o w n e r o f t h e B A N S w i t h o u t a n y p r e m i u m .
- 1 3 -
8 3 7 6 3 5 . 1
" ( b ) T h e B o n d s o f t h i s i s s u e a r e r e d e e m a b l e a t t h e o p t i o n o f t h e C i t y , b u t n o e a r l i e r t h a n
J a n u a r y 1 , 2 0 1 1 , a n d o n a n y d a t e t h e r e a f t e r , o n t h i r t y ( 3 0 ) d a y s ' n o t i c e , i n w h o l e o r i n p a r t , i n t h e
o r d e r o f m a t u r i t y a s d e t e r m i n e d b y t h e C i t y a n d b y l o t w i t h i n a m a t u r i t y , a t f a c e v a l u e , w i t h a
p r e m i u m n o t t o e x c e e d 2 % , p l u s i n e a c h c a s e a c c r u e d i n t e r e s t t o t h e d a t e f i x e d f o r r e d e m p t i o n . T h e
e x a c t r e d e m p t i o n d a t e s a n d p r e m i u m s , i f a n y , w i l l b e e s t a b l i s h e d b y t h e M a y o r , w i t h t h e a d v i c e o f
t h e C i t y ' s f i n a n c i a l a d v i s o r , p r i o r t o t h e s a l e o f t h e B o n d s .
( c ) I f a n y B o n d i s i s s u e d a s a t e r m b o n d , t h e P a y i n g A g e n t s h a l l c r e d i t a g a i n s t t h e m a n d a t o r y
s i n k i n g f u n d r e q u i r e m e n t f o r t h e B o n d s m a t u r i n g a s t e r m b o n d s , a n d c o r r e s p o n d i n g m a n d a t o r y
r e d e m p t i o n o b l i g a t i o n , i n t h e o r d e r d e t e r m i n e d b y t h e C i t y , a n y B o n d s m a t u r i n g a s t e r m b o n d s w h i c h
h a v e p r e v i o u s l y b e e n r e d e e m e d ( o t h e r w i s e t h a n a s a r e s u l t o f a p r e v i o u s m a n d a t o r y r e d e m p t i o n
r e q u i r e m e n t ) o r d e l i v e r e d t o t h e R e g i s t r a r f o r c a n c e l l a t i o n o r p u r c h a s e d f o r c a n c e l l a t i o n b y t h e
" P a y i n g A g e n t a n d n o t t h e r e t o f o r e a p p l i e d a s a c r e d i t a g a i n s t a n y r e d e m p t i o n o b l i g a t i o n . E a c h B o n d
m a t u r i n g a s a t e r m b o n d s o d e l i v e r e d o r c a n c e l e d s h a l l b e c r e d i t e d b y t h e P a y i n g A g e n t a t 1 0 0 % o f
t h e p r i n c i p a l a m o u n t t h e r e o f a g a i n s t t h e m a n d a t o r y s i n k i n g f u n d o b l i g a t i o n o n s u c h m a n d a t o r y
s i n k i n g f u n d d a t e , a n d a n y e x c e s s o f s u c h a m o u n t s h a l l b e c r e d i t e d o n f u t u r e r e d e m p t i o n o b l i g a t i o n s ,
a n d t h e p r i n c i p a l a m o u n t o f t h e B o n d s t o b e r e d e e m e d b y o p e r a t i o n o f t h e m a n d a t o r y s i n k i n g f u n d
r e q u i r e m e n t s h a l l b e a c c o r d i n g l y r e d u c e d ; p r o v i d e d , h o w e v e r , t h e P a y i n g A g e n t s h a l l c r e d i t o n l y
s u c h B o n d s m a t u r i n g a s t e r m b o n d s t o t h e e x t e n t r e c e i v e d o n o r b e f o r e f o r t y - f i v e ( 4 5 ) d a y s p r e c e d i n g
t h e a p p l i c a b l e m a n d a t o r y r e d e m p t i o n d a t e a s s t a t e d a b o v e .
E a c h F i v e T h o u s a n d D o l l a r s ( $ 5 , 0 0 0 ) p r i n c i p a l a m o u n t s h a l l b e c o n s i d e r e d a s e p a r a t e b o n d
f o r p u r p o s e s o f o p t i o n a l a n d m a n d a t o r y r e d e m p t i o n . I f l e s s t h a n a n e n t i r e m a t u r i t y i s c a l l e d f o r
r e d e m p t i o n , t h e B o n d s t o b e c a l l e d s h a l l b e s e l e c t e d b y l o t b y t h e R e g i s t r a r . I f s o m e B o n d s a r e t o
"
- 1 4 -
8 3 7 6 3 5 . 1
" b e r e d e e m e d b y o p t i o n a l r e d e m p t i o n a n d m a n d a t o r y s i n k i n g f u n d r e d e m p t i o n o n t h e s a m e d a t e , t h e
R e g i s t r a r s h a l l s e l e c t b y l o t t h e B o n d s f o r o p t i o n a l r e d e m p t i o n b e f o r e s e l e c t i n g t h e B o n d s b y l o t f o r
t h e m a n d a t o r y s i n k i n g f u n d r e d e m p t i o n .
( d ) I n e i t h e r c a s e , n o t i c e o f s u c h r e d e m p t i o n s h a l l b e g i v e n a t l e a s t t h i r t y ( 3 0 ) d a y s p r i o r t o
t h e d a t e f i x e d f o r r e d e m p t i o n b y m a i l u n l e s s t h e n o t i c e i s w a i v e d b y t h e r e g i s t e r e d o w n e r o f a B o n d .
S u c h n o t i c e s h a l l b e m a i l e d t o t h e a d d r e s s o f t h e r e g i s t e r e d o w n e r s a s s h o w n o n t h e r e g i s t r a t i o n
r e c o r d s o f t h e C i t y a s o f t h e d a t e w h i c h i s f o r t y - f i v e ( 4 5 ) d a y s p r i o r t o s u c h r e d e m p t i o n d a t e . T h e
n o t i c e s h a l l s p e c i f y t h e d a t e a n d p l a c e o f r e d e m p t i o n a n d s u f f i c i e n t i d e n t i f i c a t i o n o f t h e B o n d s c a l l e d
f o r r e d e m p t i o n . T h e p l a c e o f r e d e m p t i o n s h a l l b e d e t e r m i n e d b y t h e C i t y . I n t e r e s t o n t h e B o n d s s o
c a l l e d f o r r e d e m p t i o n s h a l l c e a s e o n t h e r e d e m p t i o n d a t e f i x e d i n s u c h n o t i c e i f s u f f i c i e n t f u n d s a r e
a v a i l a b l e a t t h e p r i n c i p a l o f f i c e o f t h e P a y i n g A g e n t t o p a y t h e r e d e m p t i o n p r i c e o n t h e d a t e s o
" n a m e d . C o i n c i d e n t a l l y w i t h t h e p a y m e n t o f t h e r e d e m p t i o n p r i c e , t h e B o n d s s o c a l l e d f o r r e d e m p t i o n
s h a l l b e s u r r e n d e r e d f o r c a n c e l l a t i o n .
S e c . 5 . E x e c u t i o n a n d N e g o t i a b i l i t y E a c h o f t h e B A N S a n d B o n d s s h a l l b e e x e c u t e d i n t h e
n a m e o f t h e C i t y b y t h e m a n u a l o r f a c s i m i l e s i g n a t u r e o f t h e M a y o r a n d a t t e s t e d b y t h e m a n u a l o r
f a c s i m i l e s i g n a t u r e o f i t s C l e r k - T r e a s u r e r , a n d t h e s e a l o f t h e C i t y s h a l l b e a f f i x e d , i m p r i n t e d o r
i m p r e s s e d t o o r o n e a c h o f t h e B A N S a n d B o n d s m a n u a l l y , b y f a c s i m i l e o r a n y o t h e r m e a n s ; a n d
t h e s e o f f i c i a l s , b y t h e e x e c u t i o n o f a S i g n a t u r e a n d N o L i t i g a t i o n C e r t i f i c a t e , s h a l l a d o p t a s a n d f o r
t h e i r o w n p r o p e r s i g n a t u r e s t h e f a c s i m i l e s i g n a t u r e s a p p e a r i n g o n t h e B o n d s o r B A N S . I n c a s e a n y
o f f i c e r w h o s e s i g n a t u r e o r f a c s i m i l e s i g n a t u r e a p p e a r s o n t h e B o n d s o r B A N S s h a l l c e a s e t o b e s u c h
o f f i c e r b e f o r e t h e d e l i v e r y o f t h e B o n d s o r B A N S , t h e s i g n a t u r e o f s u c h o f f i c e r s h a l l n e v e r t h e l e s s b e
"
- 1 5 -
8 3 7 6 3 5 . 1