Ord 1993-037 - Laserfiche WebLink

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I J.-q~ D - Record Date for Interest Payment Thè record date ("Record Date") for the interest payable on any interest payment date means the close of business on the 15th day of the preceding month. In the event of a non-payment of interest on a scheduled 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 ("Special Payment Date", which shall be 15 days after the Special Record Date) shall be sent at least five business days prior to the Spècial Record Date by Unitèd States mail, first-class, postagè prepaid, to the address of each Holder of a Bond appearing on the registr.ation :'ooks of the Paying Agent/Registrar at the close of business on the last business day next preceding the date of mailing of such notice. Bondholders' Remedies Although a bondholdèr could presumably obtain a judgment against the City if a default occurred in the payment of principal of or interest on any such Bonds, such judgment could not be satisfied by execution against any property of the City. The bondholder's only practical remedy, if i default occurs, is a mandamus or mandatory injunction proceeding to compel the City Council to levy, aSSèSS and collect an annual ad valorem tax within the tax ratè limitation sufficient to pay principal of and interest on the Bonds as it becomes due. The bondholdèr could be required to enforce such remedy on a periodic basis. Thè <::nforcement or claim for payment of principal of or intèrèst on the Bonds, including the remèdy of mandamus, and the validity of the pledge of taxes, would be subject to the applicable provisions of the fedèral bankruptcy laws and to other laws affecting the rights of creditors of political subdivisions generally. " , 11