Ord 1991-020 - Laserfiche WebLink

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Section 3.02. Date. Denomination. Maturities. Numbers and Interest. (a) The Bonds shall have the Original Issue Date of May 1, 1991, and 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 Bonds shall mature on August 1 in the years and in the principal amounts and interest rates set forth below, interest on each Bond 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 1 and August I of each year until maturity or prior redemption, commencing February I, 1992, as follows: Principal Interest Principal Interest Year Amount Rate Year Amount Rate 1993 $ 45,000 q.OO % 2000 $175,000 ~% 1994 75,000 ".eo % 2001 200,000 6 . "1..() % 1995 100,000 q.oo % 2002 200,000 ".3\\ % 1996 125,000 Ct.ða % 2003 200,000 ~.1rO % 1997 125,000 q.~ð % 2004 550,000 ~.GO % 1998 150,000 CII. eo % 2005 725,000 f:t. (,0 % 1999 175,000 " .00 % 2006 750,000 6.~ % Section 3.03. Medium. Method and Place of Pavment. (a) The principal of, premium, if any, and interest on the Bonds shall be paid in lawful money of the United States of America as provided in this Section. (b) Interest on the Bonds shall be payable to the Owner whose name appears in the Register at the close of business on the 15th day of the month preceding such Interest Payment Date (the "Record Date"); provided, howeve r, 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 (the "Special Record Date") will be established by the Paying Agent/Registrar (hereinafter defined and designated) 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 5 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 appean.ng on the books of the Paying Agent/Registrar at the close of business on the last business day preceding the date of mailing of such notice. 4177f -5-