Ord 2002-054 - Laserfiche WebLink

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Date," which shall be the 15th day of 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 (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 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 Bond 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. If a date for the payment of the principal of or interest on the Bonds 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 Bond is one of a series of fully registered bonds specified in the title hereof issued in the aggregate principal amount of $13,590,000 (herein referred to as the "Bonds"), issued pursuant to a certain Ordinance of the City Council of the City (the "Ordinance") for the purpose of providing funds for refunding certain outstanding obligations of the City secured by a pledge of ad valorem taxes on property located within the City. This Bond and all the bonds of the series of which it is a part constitute special obligations of the City and are payable as to both principal and interest from and equally secured by a first lien on and pledge of of the Pledged Revenues (which include the Net Revenues of the City's Electric Light and Power System) as defined in the Ordinance. Reference is hereby made to the Ordinance for a more complete statement of the covenants and provisions securing the payment of this Bond and the series of which it is one. The holder of this obligation is not entitled to demand payment of this obligation out of any money raised by taxation. The City has reserved the right, subject to the restrictions stated in the Ordinance, to issue additional parity revenue bonds and obligations, which also may be payable from and secured by a first lien on and pledge of the Pledged Revenues. The City has reserved the option to redeem the Bonds maturing on and after November 1,2013, before their respective scheduled maturity in whole or in part in integral multiples of$5,000 on November I, 2012, or on any date thereafter, at a price equal to the principal amount of the Bonds so called for redemption plus accrued interest to the redemption date. If less than all of the Bonds are to be redeemed, the City shall determine the amounts thereof to be redeemed and shall direct the Paying Agent/Registrar to call by lot Bonds, or portions thereofwithin such maturity or maturities and in such amounts, for redemption. Notice of such redemption or redemptions shall be sent by United States mail, first class postage prepaid, not less than 30 days before the date fixed for redemption, to the registered owner of each of the Bonds to be redeemed in whole or in part. Notice having been so given, the Bonds or portions thereof designated for redemption shall become due and payable on the redemption date specified in such notice, and from and after such date, notwithstanding that any of the Bonds or portions thereof so called for RISan Marcos\EUS Rfdg.02\DocsIOrdinance\Final.wpd 18