Ord 1993-038 - Laserfiche WebLink

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)3oc)( Section 4.05. Payment Upon Redemption. (a) Before or on each redemption date, the Paying Agent/Registrar shall make provision for the payment of the Bonds to be redeemed on such date by setting aside and holding in trust an amount from the Interest and Sinking Fund or otherwise received by the Paying Agent/Registrar from the City sufficient to pay the principal of, premium, if any, and accrued interest on ,such Bonds. (b) Upon presentation and surrender of any Bond called for redemption at the Designated Payment/Transfer Office on or after the date fixed for redemption, the Paying Agent/Registrar shall pay the principal of, premium, if any, and accrued interest on such Bond to the date of redemption from the money set aside for such purpose. Section 4.06. Effect of Redemption. (a) Notice of redemption having been given as provided in Section 4.04 of this Ordinance, the Bonds or portions thereof called for redemption shall become due and payable on the date fixed for redemption and, unless the City defaults in the payment of the principal thereof, premium, if any, or accrued interest thereon, such Bonds or portions thereof shall cease to bear interest from and after the date fixed for redemption, whether or not such Bonds are presented and surrendered for payment on such date. .. (b) If any Bond or.portion thereof called for redemption is not so paid upon presentation and surrender of such Bond for redemption, such Bond or portion thereof shall continue to bear interest at the rate stated on the Bond until paid or until due provision is made for the payment of same. Section 8.01. Deposit and Application of Proceeds. (a) All amounts received on the Closing Date as accrued interest on the Bonds from the Original Issue Date to the Closing Date pIus an amount equal to $88.32 received in connection with the sale of the Bonds shall be deposited to the Interest and Sinking Fund. (b) The sum of $15,404,890.73 proceeds of the Bonds shall be deposited to the Escrow Fund, which sum shall be applied as provided in the Escrow Agreement. (c) The sum of $225,000.00 shall be deposited and disbursed as directed by the Mayor and used to pay the costs and expenses pertaining to the issuance of the Bonds. To the extent any of such sums is not used for such purposes, such excess shall be deposited to the Interest and Sinking Fund. (d) To the extent necessary to accomplish fully the purposes of this Ordinance, the Mayor is authorized to reallocate the funds among the purposes specified above.