4/24/12 - Barnegat Township School District

the records kept by the Board. Such notice shall be given in the name of the Board, shall
identify the Refunding Bond to be redeemed, shall specify the redemption date and the
redemption price, and shall state that on the redemption date the Refunding Bond will be
payable at the principal office of the Board and that from the date of redemption interest
will cease to accrue. The Board shall not be required to advertise said notice.
Section 4. (A) The principal of and the interest on the Refunding Bond will
be payable at the office of the Initial Purchaser by or on behalf of the Board on each
payment date, or at such other place as directed by the Registered Owner.
(B) The Business Administrator of the Board shall maintain and keep
books for the registration and transfer of the Refunding Bond. The Refunding Bond shall
be transferable only upon the books of the Board by the registered owner thereof in
person or by his attorney duly authorized in writing, upon surrender thereof together with
a written instrument of transfer satisfactory to the Board duly executed by the registered
owner or his duly authorized attorney. Upon the transfer of the Refunding Bond, the
Board shall issue in the name of the transferee a new registered bond or bonds of the
same aggregate principal amount and maturity as the surrendered Refunding Bond.
(C) The Board may deem and treat the person in whose name the
Refunding Bond shall be registered upon the books of the Board as the absolute owner of
the Bond, whether the Refunding Bond shall be overdue or not, for the purpose of
receiving payment of, or on account of, the principal of and interest on the Refunding
Bond and for all other purposes, and all such payments so made to any such registered
owner or upon his order shall be valid and effectual to satisfy and discharge the liability
upon the Refunding Bond to the extent of the sum or sums so paid.
Section 5. The Refunding Bond shall be in substantially the form attached hereto
as Exhibit A, with such changes as may be appropriate.
Section 6. The proceeds of the Refunding Bond shall be paid to or as directed by
the Board and applied for the purpose of paying the costs of the Energy Savings
Improvement Program and paying costs of issuance in connection with the Refunding
Bond.
Section 7. The Board hereby covenants with the holders from time to time of the
Refunding Bond that it will make no investment or other use of the proceeds of the
Refunding Bond or take any further action (or refrain from taking such action) which
would cause the Refunding Bond to be an “arbitrage bond” within the meaning of the
Internal Revenue Code of 1986, as amended, or under any similar statutory provision or
any rule or regulation promulgated thereunder (the “Code”), or would cause interest on
the Refunding Bond not to be excludable from gross income for federal income tax
purposes, and that it will comply with the requirements of the Code and said regulations
throughout the term of the Refunding Bond.
Barnegat Township Board of Education Meeting
April 24, 2012 17