Laserfiche WebLink
provisions of this Section 18 shall be limited to a right to obtain specific enforcement of the City's <br /> obligations hereunder, and any failure by the City to comply with the provisions of this section <br /> shall not be an event of default with respect to the Bonds under this ordinance. For purposes of <br /> this Section 18, "Beneficial Owner" means any person who has the power, directly or indirectly, <br /> to vote or consent with respect to, or to dispose of ownership of, any Bonds, including persons <br /> holding Bonds through nominees or depositories. <br /> Section 19. Temporary Bond. Until the definitive Bonds are prepared, the City may <br /> execute a temporary bond which shall be typewritten, and which shall be delivered to the <br /> purchaser or purchasers of such Bonds in lieu of definitive Bonds, but subject to the same <br /> provisions, limitations and conditions. The temporary Bond shall be dated as of the date of the <br /> Bonds, shall be fully registered, shall be numbered T-1, shall be substantially of the tenor of such <br /> definitive Bonds, but with such omissions, insertions and variations as may be appropriate to <br /> temporary bonds and shall be signed by the Mayor and City Clerk. <br /> Upon surrender to the City of any such temporary Bond, the City without charge to the <br /> registered owner shall execute and deliver to the registered owner of the temporary Bond in <br /> exchange therefor definitive Bonds of the same maturities, interest rates, redemption provisions <br /> and aggregate principal amount as the temporary Bond, if any, surrendered. Until so exchanged, <br /> the temporary Bond shall be in all respects entitled to the same benefit and security as definitive <br /> Bonds executed and issued pursuant to this ordinance. <br /> Section 20. Bond Insurance. In accordance with the offer of the Underwriter to <br /> purchase the Bonds, the Council hereby approves the commitment of Financial Guaranty <br /> Insurance Company (the "Bond Insurer") to provide a policy of municipal bond insurance <br /> guaranteeing the payment when due of principal of and interest on the Bonds (the "Policy"). The <br /> Mayor or his designee is hereby authorized to execute such commitment on behalf of the City. <br /> The Council further authorizes and directs all proper officers, agents, attorneys and employees of <br /> the City to cooperate with the Bond Insurer in preparing such additional agreements, certificates, <br /> -41- FWWOBU.DOC 97/03/04 <br />