Sec. 104.207. - Bonds required to be issued in registered form; book-entry systems.

All bonds issued by the City after June 30, 1983 shall be issued in registered form, except the types or classes of bonds as are exempt from this requirement by federal law. Registration shall be as to both principal and interest and must be effected (after the initial issuance to the first holder) only by: (a) The surrender of the old instrument, and (b) Either: (1) The reissuance of the old instrument to the new holder, or (2) The issuance of a new instrument to the new holder. In lieu of the physical surrender and reissuance of an instrument, the Director of Finance and Administration may approve the use of a book-entry system that will reflect the ownership of an interest in the obligation, whether or not physical securities are issued; provided, that the book-entry system is compatible with and acceptable under the regulations issued by the Secretary of the Treasury concerning book-entry systems for municipal securities. The Director shall determine, for each bond issue, whether the City will maintain registration books or utilize a book-entry system and, in either case, whether the City will authorize a transfer agent to do so; and the determination of the Director will be incorporated into the bond instrument, notwithstanding that this is not required by the ordinance authorizing the bond issue. Where deemed necessary by the Director in order to facilitate the registration and reregistration of bonds, a number of preprinted, blank bond forms for each bond issue may be ordered and kept under adequate security or the Director may provide for the use of additional registration sheets to be attached to an instrument whenever the registration blanks on the instrument are filled. If preprinted, blank bond forms are used, they shall be executed in advance by the proper officials of the City in accordance with the ordinance authorizing the bond issue (including the use of facsimile signatures where authorized) but shall not be effective as evidence of a debt obligation of the City until manually endorsed by the Bond Registrar, a Deputy Bond Registrar or a transfer agent; and the signatures affixed at the time of execution of the preprinted, blank bond forms shall be deemed to be the signatures of the proper City officials even though at the time the bond form is endorsed by the Bond Registrar, a Deputy Bond Registrar or a transfer agent and becomes an effective debt obligation, a person who affixed his signature is no longer an official of the City. (Ord. 83-591-400, § 1; Ord. 2016-140-E , § 16) Editor's note— The Tax Equity and Fiscal Responsibility Act of 1982 [P.L. 97-248] requires all bonds issued by a municipality after June 30, 1983 to be issued in registered form (with certain exceptions) in order to be tax-exempt under the Internal Revenue Code. Editor's note— Ordinance 2007-839-E, § 18, authorized updated department/division names pursuant to reorganization.