Ord 2009-037 - Laserfiche WebLink

Home Browse Search

Section 3.02. Date Denomination Maturities Numbers and Interest. (a) The Bonds shall have the Original Issue Date of June 15, 2009, 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, excepting the initial Bond, which shall be numbered R-1, as hereinafter provided, or such other designation acceptable to the City and the Paying Agent/Registrar. (b) The Bonds shall mature on August 15 in the years and in the principal amounts and interest rates set forth below, interest on each Bond accruing on the basis of a 360-day year of twelve 30-day months 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 15 and August 15 of each year until the principal amount shall have been paid or provision for such payment shall have been made, commencing August 15, 2009, as follows: Year Principal Amount Interest Rate Year Principal Amount Interest Rate 2010 $655,000 3.000% 2016 $1,400,000 4.000% 2011 685,000 3.000% 2017 2,265,000 5.000% 2012 1,090,000 4.000% 2018 685,000 4.000% 2013 1,275,000 3.000% 2019 795,000 4.000% 2014 1,310,000 4.000% 2020 505,000 4.125% 2015 1,355,000 4.000% Section 3.03. Medium, Method and Place of Payment. (a) The principal of, premium, if any, and interest on the Bonds shall be paid in lawful money of the United States of America as provided in this Section. (b) Interest on the Bonds shall be payable to the Owners whose names appear in the Register at the close of business on 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 (a "Special Record Date") will be established by the Paying Agent/Registrar 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 five business days prior to the Special Record Date by United States mail, first class postage prepaid, to the address of each Owner of a Bond appearing on the books of the Paying Agent/Registrar at the close of business on the last business day next preceding the date of mailing of such notice. San Marcos Tax & Rev Rfdg 2009 Ordinance