Ord 1988-017 - Laserfiche WebLink

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Section 3.02. Date. Denomination. Maturities. Numbers and Interest. (a) The Certificates shall have the Original Issue Date of February 1, 1988, and shall be in fully registered form, without coupons, in the denomination of $5,000 or any integral multiple thereof and shall be numbered separately from one upward or such other designation acceptable to the City and the Paying Agent/Registrar. (b) The Certificates shall mature on August 1 in the years and in the principal amounts and interest rates set forth below, interest on each Certificate accruing from the Original Issue Date or the most recent Interest Payment Date to which interest has been paid or provided for at the per annum rates of interest, payable semiannually on February 1 and August 1 of each year until maturity or prior redemption, commencing February 1,1989, as follows: Principal Interest Principal Interest Year Amount Rate Year Amount Rate 1990 $40,000 9.30 % 1997 $100,000 ~.,j'O % 1991 50,000 r.3tJ % 1998 100,000 tÝ,?O % 1992 75,000 9.¿?O % 1999 100,000 6.90 % 1993 75,000 '1'30 % 2000 125,000 7.1J{) % 1994 75,000 8.75% 2001 125,000 7. tJO % 1995 75,000 ~ .,30 % 2002 150,000 í.()O % 1996 100,000 &.7'1) % 2003 150,000 6.375 % Section 3.03. Medium. Method and Place of Payment. (a) The principal of, premium, if any, and interest on the Certificates shall be paid in lawful money of the United States of America as provided in this Section. (b) Interest on the Certificates shall be payable to the Owner whose name appears in the Register at the close of business on the 15th calendar day of the month preceding such Interest Payment Date (the "Record Date"); provided, however, that in the event of nonpayment of interest on a scheduled interest payment date, and for 30 days thereafter, a new record date for such interest payment (the "Special Record Date") will be established by the Paying Agent/Registrar (hereinafter defined and designated) if and when funds for the payment of such interest have been received from the City. Notice of the Special Record Date and of the scheduled payment date of the past due interest (the "Special Payment Date", which shall be at least 15 days after the Special Record Date) shall be sent at least 5 business days prior to the Special Record Date by United States mail, first class postage prepaid, to the address of each holder of a Certificate appearing on the books of the Paying Agent/Registrar at the close of business on the last business day preceding the date of mailing of such notice. 2389f -5-