84-83 Bonds for breakwall concrete mods, fill & end returns

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principal sum is paid; provided, however, that if the Bonds are sold bearing a different rate of interest than herein specified, such Bonds shall bear such rate of interest as may be provided in the resolution of Council approving the award thereof. Such Bonds shall mature as follows: $15,000 on December 1 in each of the years from 1985 to 1993, inclusive; and $20,000 on December 1, 1994; which maturities are hereby determined to be in substantially equal annual installments. Section 3. Said Bonds shall express upon their faces the purpose for which they are issued and that they are issued pursuant to this ordinance; shall be designated 'Waterford Breakwall Bonds"; shall be executed by the Mayor and by the Director of Finance, one of whose signatures may be a facsimile signature; shall bear the cor- porate seal of the City or a facsimile thereof; shall be issued in fully registered form; and shall be registered as to both principal and interest at the corporate ~rust office of the City's registrar, presently AmeriTrust Company, Cleveland, Ohio (the "Registrar"). The principal on the Bonds shall be payable upon presentation and surrender to the Registrar. Interest on any Bond shall be paid on each Interest Payment Date by check or draft mailed to the person in whose name that Bond is registered (the "Holder") on the registration books of the City maintained by the Registrar and at the address appearing thereon at the close of business on the fifteenth day of the calendar month next pre- ceding the Interest Payment Date (the "Regular Record Date"). Any interest not timely paid shall cease to be payable to the person who is the Holder as of the RegularRecord Date and shall be payable to the person who is the Holder at the close of business on a Special Record Date for the payment of such defaulted interest. Such Special Record Date shall be fixed by the Council of the City whenever moneys become available for payment of the defaulted interest, and notice of the Special Record Date shall be given to Holders not less than ten (10) days prior thereto. The principal and interest on the Bonds is payable in lawful money of the United States of America without deduc- tion for the services of the Registrar. Section 4. Said Bonds shall be first offered at par and accrued interest to the Director of Finance, as officer in charge of the Bond Retirement Fund, and if said officer refuses to take any or all of said Bonds, then said Bonds not so taken shall be advertised for public sale and sold in the manner provided by law, but not for less than their par value and accrued interest. The proceeds from the sale of said Bonds, except the premium and accrued interest thereon, shall be used for the purpose aforesaid and for no other purpose. The premium and accrued interest shall be paid into the Bond Retirement Fund to be applied to the payment of the principal and interest of said Bonds in the manner provided by law. Section 5. For the purpose of providing the necessary funds to pay the interest on the foregoing issue of Bonds promptly when and as the same falls due, and also to provide a fund sufficient to dis- charge the said serial Bonds at maturity, there shall be and is hereby levied on all taxable property in the City of Lakewood, in addition to all other taxes, a direct tax annually during the period said Bonds are to run in an amount sufficient to provide funds to pay the interest upon said Bonds as and when the same fall due, and also to provide a fund for the discharge of the principal of said serial Bonds at maturity, -2-