Ord 1993-037 - Laserfiche WebLink

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) J-q,4 ~ ARTICLE XIII LAPSE OF PAYMENT Section 13.01. Lapse of Payment. (a) Unclaimed Payments shall be segregated in a special escrow account and held in trust, uninvested, by the Paying Agent/Registrar for the account of the Owner of the Bonds to which the Unclaimed Payments pertain. (b) Subject to any applicable escheat, abandoned property or similar law, Unclaimed Payments remaining unclaimed by the Owners entitled thereto for three years after the applicable payment or redemption date shall be applied to the next payment or payments on the Bonds thereafter coming due, and, to the extent any such money remains after the retirement of all outstanding Bonds, shal1 be paid to the City to be used for any lawful purpose. Thereafter, neither the City, the Paying Agent/Registrar nor any other person shall be liable or responsible to any Owners of such Bonds for any further payment of such unclaimed moneys or on account of any such Bonds, subject to any applicable escheat law or similar law. .. ARTICLE XIV REDEMPTION OF REFUNDED BONDS Section 14.01. Redemption of Refunded Bonds. (a) The Series 1985 Refunded Bonds are hereby called for redemption prior to maturi ty on August 1, 1995, at a redemption price equal to the principal amount thereof so redeemed plus accrued interest to the date of redemption. Interest on the Series 1985 Refunded Bonds shall cease to accrue on the date of redemption thereof. ¡ (b) The Series 1988 Refunded Bonds are hereby called for redemption prior to maturity on August 1, 1998, at a redemption price equal to the principal amount thereof so redeemed plus accrued interest to the date of redemption. Interest on the Series 1988 Refunded Certificates shall cease to accrue on the date of redemption thereof. Section 14.02. Notices of Redemption. No.tices of redemption of the Refunded Obligations shal1 be given in the manner and wi thin the times required by the respective ordinances authorizing the issuance thereof. 4579f -33-