Res 1991-052 - Laserfiche WebLink

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satisfactory to the Paying Agent/Registrar. New Bonds registered and delivered in an exchange or transfer shall be in any integral multiple of $5,000 for anyone maturity and for a like aggregate principal amount as the Bond or Bonds surrendered for exchange or transfer. Limitation on Transfer of Bonds Called for Redemption Neither the City nor the Paying Agent/Registrar shall be required to transfer or exchange to an assignee of the owner of the Bonds any Bond called for redemption, in whole or in part, within 45 days of the date fixed for redemption; provided, however, such limitation of transfer shall not be applicable to an exchange by the registered owner of the uncalled balance of a Bond. Record Date for Interest Payment The 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 Special Record Date by United States mail, first class postage prepaid, to the address of each Holder of a Bond appearing on the registration books of the Paying Agent/Registrar at the close of business on the last business day next preceding the date of mailing of such notice. Use of Bond Proceeds The Bond proceeds will be used for (1) the construction and equipping of a City pollce facility, (2) the design and construction of a library, (3) the purchase of flrefighting equipment, (4) making various City park improvements, and (5) paying for the costs of issuance of the Bonds. Sources and Uses of Funds The construction program will be funded approximately as follows: Sources: Proceeds from Sale of Bonds $3.595.000 Uses: Cost of Police Building $2,960,000 Cost of Firefighting Equipment 370,000 Cost of Library Design 175,000 Cost of Park Improvements 50,000 Cost of Issuance 40 000 Total Uses of Funds $3,595:000 -6-