Ord 1985-121 - Laserfiche WebLink

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with said interest to be payable on August 1, 1986, and semiannually thereafter on each February 1 and August 1. section 3. 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 thirty 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 pavnent date of the past due interest (the "Special Payment Date", WhlCh shall be at least fifteen days after the Special Record Date) shall be sent at least five 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 appearin~ on the books of the Paying Agent/Registrar at the close of buslness on the last business day preceding the date of mailing of such notice. Principal of any Bond shall be paid to the person in whose name such Bond is registered at the maturity thereof, as applicable, upon surrender of such Bond to the Paying Agent/Registrar for cancellation. All payments of principal of, premium, if any, and interest on the Bonds shall be in lawful money of the United States of America, and shall be paid by check or draft mailed by the Paying Agent/Registrar on or prior to the appropriate date of payment to the person entitled to such payment, by united States mail, first class postage prepaid, at the address of such person as same appears in the Reglstration Books (hereinafter defined) or by such other customary banking arrangements acceptable to the Paying Agent/Registrar and the person to whom such payment is to be made; provided, however, that such person shall bear all risk and expense of such customary banking arrangements. If a date for payment of principal of or interest on the Bonds is a Saturday, Sunday, legal hollday, or a day on which the 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 da¥ which is not such Saturday, Sunday, legal holiday, or day on WhlCh 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 such payment was due. section 4. PAYING AGENT/REGISTRAR; REGISTRATION BOOKS. (a) Paying Agent/Registrar. (i) The selection of MBank Austin, N.A., -2-