Ord 1974-037 - Laserfiche WebLink

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, . 15-b I of $200,000 for the purpose of paying all or part of the con- tractual obligation and indebtedness of said City to be incurred in the constructing of a city hall for said City and for legal services and other related expenses in connection therewith. Section 2. That said certificates shall be delivered to and accepted by claimants or their assignees in settlement of the contractual obligations and indebtedness due them after claims have been duly approved by the City Council of said City. Section 3. That said Certificates shall be numbered from 1 to 40, inclusive, and shall be in the denomination of Five Thousand Dollars ($5,000) each, aggregating Two Hundred Thousand Dollars ($200,000); provided, however, that such Certificates shall only be delivered in exchange for claims for a like total principal amount of such Certificates with any amount in excess II of the principal amount of the Certificates delivered at any one time may be paid in cash or carried forward to a subsequent exchange of claims for Certificates, and when all claims have been paid in full or satisfactory settlement has been made for same, the remaining Certificates, if any, may be cancelled and destroyed. Section 4. That the Certificates shall be dated by the Registrar of the Certificates on the records of registration of said City and on the Registration Legend on or attached to the Certificates and shall bear interest from said date until paid at the rate of seven per cent (7%) per annum, with interest payable on June 1, 1975, and semi-annually thereafter on I December 1 and June 1 in each year. Section 5. That the Certificates shall mature on June 1 in each of the years as follows: 1975 to 1979 1980 to 1989 1990 to 1994 AMOUNTS (per Year) $ 5,000 10,000 15,000 MATURITY DATES (Inclusive)