Ord 2008-037 - Laserfiche WebLink

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of the past due interest (the "Special Payment Date", which shall be 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 registered owner 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. The initial Paying Agent/Registrar is Bank of America, N.A. If a date for the payment of the principal of or interest on the Certificate is a Saturday, Sunday, legal holiday, or a day on which banking institutions in the city in which the Designated Payment/Transfer Office is located are authorized by law or executive order to close, then the date for such payment shall 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 a fully registered certificate of obligation specified in the title hereof issued in the total principal amount of $7,600,000 (herein referred to as the "Certificate"), issued pursuant to a certain Ordinance of the City Council of the City (the "Ordinance"), for the following purposes: paying contractual obligations incurred or to be incurred for: (1) widening and improving McCarty Lane from a two-lane roadway to a five- and four-lane roadway from IH-35 to a point 6,149 feet east, which includes widening McCarty Lane from IH-35 to a point 5,237 feet east into a five-lane roadway with storm sewer and sidewalk, narrowing McCarty lane from the end of the five-lane section into a four-lane section for a distance of 912 feet, including installation of 6,149 feet of 16- inch water line and 3,700 feet of 12-inch wastewater line, payment of engineering, right-of-way acquisition, utility relocation and other related costs; and (2) the payment of professional services in connection therewith including legal, fiscal and engineering fees and the costs of issuing the certificates of obligation. The Certificate and the interest thereon are payable from the levy of a direct and continuing ad valorem tax, within the limit prescribed by law, against all taxable property in the City and by a limited pledge of certain Surplus Revenues of the City's waterworks and sewer system, all as provided in the Ordinance. The City has reserved the option to prepay the Certificates. The Certificate may be prepaid at any time prior to its scheduled maturity, at the option of the City with funds derived from any available and lawful source, as a whole, or from time to time in part, and, if in part, the particular principal installments or portions thereof to be prepaid shall be selected and designated by the City. The Certificate may be prepaid in whole, or in part, on any date, with three (3) days prior written notice to the Owner of the Certificate, by payment in an amount equal to the principal amount to be prepaid plus accrued interest thereon to the date of prepayment plus the Prepayment Fee. For purposes hereof, the Prepayment Fee will be the sum of fees calculated separately for each Prepaid Installment, as follows: (i) The Owner of the Certificate will first determine the amount of interest which would have accrued each month at the Taxable Equivalent Rate for the Prepaid Installment had it remained San Marcos CTRCO 2008A: Ordinance 18