Ord 1988-087 - Laserfiche WebLink

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ARTICLE XIII LAPSE OF PAYMENT Section 13.01. Lapse of Payment. (a) Unclaimed Payments shall be segregated in a special escrow account and held in trust, uninvested, for the account of the Owner of the Bonds to which the Unclaimed Payments pertain. (b) Subject to any escheat, abandoned property or similar law, Unclaimed Payments remaining unclaimed by the Owners entitled thereto for four years after the applicable payment or redemption date shall be applied to the next payment or payments on the Bonds thereafter coming due and, to the extent any such money remains after the retirement of all outstanding Bonds, shall be paid to the City to be used for any lawful purpose. Thereafter, neither the City, the Paying Agent/Registrar nor any other person shall be liable or responsible to any Holders of such Bonds for any further payment of such unclaimed moneys or on account of any such Bonds, subject to any applicable escheat law or similar law. ARTICLE XIV AWARDING SALE OF THE BONDS AND APPROVAL OF OFFICIAL STATEMENT Section 14.01. Awarding Sale of the Bonds. The Bonds are hereby officially sold and awarded to I'v\a.s-k(~"" ~ Cø 'N'~a,'^'-f , at a price of par, plus accrued interèst from the date of the Bonds to the Closing Date, and a premium of $ -0- . Section 14.02. Approval of Official Statement. The form and substance of the Official Statement for the Bonds and any addenda, supplement or amendment thereto (the "Official Statement"), are hereby in all respects approved and adopted by the City Council. Said Official Statement as thus approved, executed and delivered, with such appropriate variations as thus approved may be used by said purchasers in the public offering and sale of the Bonds. ARTICLE XV PUBLIC MEETING Section 15.01. Public Meeting. It is officially found, determined, and declared that the meeting at which this Ordinance has been adopted was open to the public and public notice of the time, 2906f -31-