Ord 1987-112 - Laserfiche WebLink

Home Browse Search

the month next preceding such interest payment 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") wiU 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 shan be 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 Certificate appearing on the books of the Paying Agent/Registrar at the close of business on the last business day preceding the date of mailing such notice. Reference is hereby made to the further provisions of this Certificate set forth on the reverse side hereof, and such further provisions shan 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 Certificates 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 shan 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 Certificate is one of a series of fully registered certificates of obligation specified in the title hereof issued in the aggregate principal amount of $200,000 (herein referred to as the "Certificates") and issued pursuant to a certain Ordinance of the City Council of the City (the "Ordinance") for the purpose of paying contractual obligations to be incurred for construction and improvements to the City's municipal airport, and for payment of fees for professional services including engineers, attorneys and financial advisors. . The Certificates and the interest thereon are payable from the levy of a direct and continuing ad valorem tax against an taxable property in the City, within the limits prescribed by law, and by a pledge of and lien on the City's Net Revenues, all as defined and provided in the Ordinance. . The City reserves the right to issue additional obligations which may be payable from the same source, secured in the same manner, and placed on a parity with this Certificate and the series of which it is a part. . As provided in the Ordinance, and subject to certain limitations therein set forth, this Certificate is transferable upon surrender of this Certificate 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 Agent/Registrar, and, thereupon, one or more new funy registered Certificates of the same stated maturity, of authorized denominations, bearing the same rate of interest, and for the same aggregate principal amount wil1 be issued to the designated transferee or transferees. 0405s -15-