Resolution No. 4484 - Laserfiche WebLink

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13.7. The. Paying Agent shall note the date of authentication on each 1996 Series N Bond. The date of authentication shall be the date on which the 1996 Series N Bondowner's name is listed on the 1996 Series N Bond register. 13.8. For purposes of this section, 1996 Series N Bonds shall be considered submitted to the Paying Agent on the date the Paying Agent actually receives the materials described in Section 13.5. 13.9. The City may alter these provisions regarding registration and transfer by mailing notification of the altered provisions to all 1996 Series N Bondowners. The altered provisions shall take effect on the date stated in the notice, which shall not be earlier than 45 days after notice is mailed. The covenants contained in this Section 13 and any covenants in the closing documents for the 1996 Series N Bonds shall constitute contracts with the owners of the 1996 Series N Bonds, and shall be enforceable by them. Section 14. 1996 Series N Bonds Book-Entry-Only System. 14. 1. The 1996 Series N Bonds shall be initially issued as a book -entry-only security issue with no 1996 Series N Bonds being made available to the Bondowners, in accordance with the Blanket Letter of Representations between The Depository Trust Company and the City. Ownership of the 1996 Series N Bonds shall be recorded through entries on the books of banks and broker-dealer participants and correspondents that are related to entries on The Depository Trust Company book-entry-only system. The 1996 Series N Bonds shall be initially issued in the form of a separate single fully registered typewritten Bond for each maturity of the 1996 Series N Bonds (the "Global Bonds"). Each Global Bond shall be registered in the name of CEDE & CO. as nominee (the "Nominee") of The Depository Trust Company ("DTC") (DTC and any other qualified securities depository designated by the City as a successor to DTC, collectively the "Depository") as the "Registered Owner," and such Global Bonds shall be lodged with the Depository until early redemption or maturity of the 1996 Series N Bond issue. The Paying Agent shall remit payment for the maturing principal and interest on the 1996 Series N Bonds to the Registered Owner for distribution by the Nominee for the benefit of the owners (the "Beneficial Owner" or "Record Owner") by recorded entry on the books of the Depository participants and correspondents. While the 1996 Series N Bonds are in book-entry-only form, the 1996 Series N Bonds will be available in denominations of $5,000 or any integral multiple thereof 14.2. In the event the Depository determines not to continue to act as securities depository for the 1996 Series N Bonds, or the City determines that the Depository shall no longer so act, then the City will discontinue the book-entry-only system with the Depository. If the City fails to designate another qualified securities depository to replace the Depository or elects to discontinue use of a book-entry-only system, the 1996 Series N Bonds shall no longer be a book-entry-only issue but shall be registered in the registration books maintained by the Paying Agent in the name of the Owner as appearing on the 1996 Series N Bond Register and thereafter in the name or names of the Bondowners of the 1996 Series N Bonds transferring or exchanging Bonds. Page 9 - Resolution J :\HWR \CITIES\EUGENE\SAB96\SAB96RES.DOC