Ordinance 1739-90 - Laserfiche WebLink

/i �, , • i The Council shall approve the terms of the Bonds and accept a bid for the Bonds by resolution adopted on the same day as the bond sale, provided that the Council reserves the right to reject any and all bids for the Bonds. The Finance Director of the City is hereby authorized and directed to do or cause to be done everything necessary for the preparation and approval of an official statement for the sale of the Bonds, and, upon such sale, for the prompt printing, issuance, execution and delivery of the Bonds to the purchasers thereof and for the proper use and application of the proceeds of such sale. SECTION 17 . Temporary Bonds. Following the sale of the Bonds, the City shall cause definitive Bonds to be prepared, executed and delivered, which Bonds shall be lithographed or printed with engraved or lithographed borders. Until the definitive Bonds are prepared, the City may execute a temporary bond which shall be typewritten, and which shall be delivered to the purchaser or purchasers of the Bonds in lieu of definitive Bonds, but subject to the same provisions, limitations and conditions. The temporary Bond shall be dated as of the date of the Bonds, shall be fully registered, shall be in the denomination of $5, 384, 000 shall be numbered T-1, shall be substantially of the tenor of such definitive Bonds, but with such omissions, insertions and variations as may be appropriate to temporary bonds, and shall be signed by the Mayor and City Clerk. Upon surrender to the City of any such temporary Bond, the City without charge to the registered owner shall execute and deliver to the registered owner of the temporary Bond in exchange therefore definitive Bonds of the same series, maturities, inter- est rates, redemption provisions and aggregate principal amount -24- KR112 90/09/17