Ordinance 2557-01 - Laserfiche WebLink

registration of transfer thereof in respect of anything done or suffered by the City or the Registrar in pursuance thereof. Except as provided in Sections 5.03 and 7.08, the Registrar and the City may treat the Registered Owner of a Bond as the absolute owner thereof for all purposes, whether or not such Bond shall be overdue, and the Registrar and the City shall not be affected by any knowledge or notice to the contrary; and payment of the principal of and premium, if any, and interest on such Bond shall be made only to such Registered Owner, which payments shall satisfy and discharge the liability of the City with respect to such Bond to the extent of the sum or sums so paid. With respect to Bank Bonds, the Bank shall be entitled to and, where necessary, deemed to have been assigned all rights and privileges as if the Bank were the Registered Owner of those Bank Bonds, except to the extent such rights and privileges conflict with the Reimbursement Agreement, in which case the terms of the Reimbursement Agreement shall prevail. Section 2.09. Determination of Interest Rates. (a) Determination by Remarketing Agent. (1) The Interest Rate for the Bonds shall be determined by the Remarketing Agent as the rate of interest that, in the judgment of the Remarketing Agent, would cause the Bonds to have a market value as of the date of determination equal to the principal amount thereof (plus accrued interest), taking into account prevailing market conditions. The Interest Rate on any Bond may not exceed the Maximum Rate. The Remarketing Agreement shall include a covenant by the Remarketing Agent to comply with the limitations established by this ordinance. All Bonds (other than Bank Bonds) shall bear interest at the same Interest Rate, and all Bonds (other than Bank Bonds) shall be at all times in the same Mode. -24- P.\CMW\CMW4ZL 11/20/01