Ord 1999-012 - Laserfiche WebLink

Home Browse Search

$2,500,000 for the purpose of paying contractual obligations to be incurred for renovating and improving streets, including purchase of necessary materials, supplies and equipment. Section 3.02. Date. Denomination. Maturities. Numbers and Interest. (a) The Certificates shall have the Original Issue Date of February 1, 1999, shall be in fully registered form, without coupons, in the denomination of $5,000 or any integral multiple thereof, and shall be numbered separately from one upward or such other designation acceptable to the City and the Paying Agent/Registrar. (b) The Certificates shall mature on February l5 in the years and in the principal amounts and interest rates set forth below, interest on each Certificate accruing from the Original Issue Date or the most recent Interest Payment Date to which interest has been paid or provided for at the per annum rates of interest, payable semiannually on February 15 and August 15 of each year until the principal amount shall have been paid or provision for such payment shall have been made, commencing February 15,2000, as follows: Year Principal Amount Interest Rate 2001 $ 80,000 3.600% 2002 215,000 3.600% 2003 290,000 3.700% 2004 350,000 3.800% 2005 385,000 3.90% 2006 460,000 4.000% 2007 720,000 4.050% Section 3.03. Medium. Method and Place of Payment. (a) The principal of, premium, if any, and interest on the Certificates shall be paid in lawful money of the United States of America as provided in this Section. (b) Interest on the Certificates shall be payable to the Owners whose names appear in the Register at the close of business on the Record 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 AgentJRegistrar 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 at least 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 Owner of a Certificate appearing on the books of the Paying Agent/Registrar at the close of business on the 15th day next preceding the date of mailing of such notice. R:ISANMARICO.99\DOCSIORDNCFN.WPD 5