Ord 1986-125 - Laserfiche WebLink

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SERIAL BONDS Maturity (November) Principal Amount Interest Rate 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 $190,000 200,000 210,000 225,000 240,000 250,000 270,000 290,000 305,000 330,000 355,000 375,000 5.00% 5.30% 5.60% 5.80% 6.00% 6.20% 6.40% 6.60% 6.70% 6.80% 6.90% 7.00% 2006 2016 TERM BONDS $3,565,000 9,550,000 7.25% 7.25% Section 3. INTEREST PAYMENT DATES. Interest on the Bonds, at the aforesaid per annum rates, shall be payable on May 1, 1987, and semiannually thereafter on each November 1 and May 1. Section 4. PAYMENT. Interest on any Bond shall be paid to the person in whose name that Bond (or one or more Predecessor Bonds) is registered at the close of business on the 15th day of the month next 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 shan 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 Bond 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. Principal of any Bond shan be paid to the person in whose name such Bond is registered at the maturity thereof, or upon redemption prior to maturity as applicable, upon surrender of such Bond to the Paying Agent/Registrar for cancella tion. 1037f -2-