Ord 1988-019 - Laserfiche WebLink

Home Browse Search

Reference is hereby made to the further provisions of this Bond set forth on the reverse side hereof, and such further provisions shall for all purposes have the same effect as if set forth on the face hereof. * If a date for the payment of the principal of or interest on the Bonds is a Saturday, Sunday, legal holiday, or a day on which banking institutions in the City in which the Paying Agent/Registrar is located are authorized by law or executive order to close, then the date for such payment shall be the next succeeding day which is not a Saturday, Sunday, legal holiday, or day on which such banking institutions are authorized to close; and payment on such date shall have the same force and effect as if made on the original date payment was due. * This Bond is one of a series of fully registered bonds specified in the title hereof issued in the aggregate principal amount of $1,660,000 (herein referred to as the "Bonds") and issued pursuant to a certain Ordinance of the City Council of the City (the "Ordinance") for the following purposes: $1,360,000 for constructing and improving streets in said City, providing drainage facilities in connection therewith, and purchasing land and interests in land and properties necessary therefor; and $300,000 for acquiring and equipping fire fighting equipment for said City (Fire Department Telesquirt). * The Bonds and the interest thereon are payable from the levy of a direct and continuing ad valorem tax, within the limit prescribed by law, against all taxable property in the City. * The City has reserved the option to redeem the Bonds maturing on or after August 1, 1999, before their respective scheduled maturities in whole or in part in integral multiples of $5,000 on August 1, 1998, or on any interest payment date thereafter, at a price equal to the principal amount of the Bonds so called for redemption plus accrued interest to the redemption date. If less than all of the Bonds are to be redeemed, the City shall determine the maturity or maturities and the amounts thereof to be redeemed and shall direct the Paying Agent/Registrar to call by lot Bonds, or portions thereof within such maturity or maturities and in such amounts, for redemption. * Notice of such redemption or redemptions shall be given by first class mail, postage prepaid, not less than 30 days before the date fixed for redemption, to the registered owner of each of the Bonds to be redeemed in whole or in part. Notice having been so given, the Bonds or portions thereof designated for redemption shall become due and payable on the redemption date specified in such notice, and from and after such date, notwithstanding that any of the Bonds or portions thereof so called for redemption shall not have been surrendered for payment, interest on such Bonds or portions thereof shall cease to accrue. * As provided in the Ordinance, and subject to certain limitations therein set forth, this Bond is transferable upon surrender of this Bond for transfer at the principal corporate trust office of the Paying Agent/Registrar with such endorsement or other evidence of transfer as is acceptable to the Paying 2383f -16-