Ordinance 1505-88 - Laserfiche WebLink

sale at least once in a newspaper of general circulation within the City. Following the sale of the Bonds, the City shall cause defini- tive 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 $8, 250, 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 as the temporary Bond, if any, surrendered. Until so exchanged, the temporary Bond shall be in all respects entitled to the same benefit and security as definitive Bonds executed and issued pursuant to this ordinance. SECTION 17 . Approval of Official Statement. The Finance Director is hereby authorized and directed to review and approve on behalf of the City an official statement with respect to the Bonds to be prepared prior to such sale. SECTION 18. Severability. If any one or more of the cove- nants or agreements provided in this ordinance to be performed on the part of the City shall be declared by any court of competent jurisdiction to be contrary to law, then such covenant or cove- -21- KR257 88/07/06