Ord 2008-037 - Laserfiche WebLink

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Section 4.04. Payment Upon Prepayment. (a) Before or on each prepayment date, the Paying Agent/Registrar shall make provision for the payment of the Certificate to be prepaid on such date by setting aside and holding in trust an amount from the Interest and Sinking Fund or otherwise received by the Paying Agent/Registrar from the City sufficient to pay the prepayment price of such Certificate. (b) Upon presentation and surrender of any Certificate called for prepayment at the Designated Payment/Transfer Office on or after the date fixed for prepayment, the Paying Agent/Registrar shall pay the prepayment price of such Certificate to the date of prepayment from the money set aside for such purpose. Section 4.05. Effect of Prepayment. (a) Notice of prepayment having been given as provided in Section 4.03, the Certificate or portions thereof called for prepayment shall become due and payable on the date fixed for prepayment and, unless the City defaults in the payment of the prepayment price thereof, such Certificate or portions thereof shall cease to bear interest from and after the date fixed for prepayment, whether or not such Certificate is presented and surrendered for payment on such date. (b) If any Certificate or portion thereof called for prepayment is not so paid upon presentation and surrender of such Certificate for prepayment, such Certificate or portion thereof shall continue to bear interest at the rate stated on the Certificate until paid or until due provision is made for the payment of same. Section 4.06. Conditional Notice of Prepayment. With respect to any optional prepayment ofthe Certificate, unless certain prerequisites to such prepayment required by this Ordinance have been met and the moneys sufficient to pay the principal of and premium, if any, and interest on the Certificate to be prepaid shall have been received by the Paying Agent/Registrar prior to the giving of such notice of prepayment, such notice shall state that said prepayment may, at the option of the City, be conditional upon the satisfaction of such prerequisites and receipt of such moneys by the Paying Agent/Registrar on or prior to the date fixed for such prepayment, or upon any prerequisite set forth in such notice of prepayment. If a conditional notice of prepayment is given and such prerequisites to the prepayment and sufficient moneys are not received, such notice shall be of no force and effect, the City shall not prepay such Certificate and the Paying Agent/Registrar shall give notice, in the manner in which the notice of prepayment was given, to the effect that the Certificate has not been prepaid. San Marcos CTRCO 2008A: Ordinance 13