96-83 Bonds for breakwall - Laserfiche WebLink

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i....·'" !' to 1990, inclusive, $12,000 on December I, 1991 and $13,000 on December 1, in each of the years from 1992 to 1994, inclusive; 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 "Crane-Sessions Breakwall Bonds"; shall be executed by the Mayor and by the Ditector of Finance, both of whose signatures may be facsimile signatures; shall bear the corporate seal of the City at a facsimile thereof; shall be issued only in fully registered form; and shall be registered as to both principal and interest at the corporate trust office of the City's registrar, present~ ly AmeriTrust Company, Cleveland, Ohio (the "Registrar"). The principal on the Bonds shall be payable upon presentation and surrender thereof 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 at the address appearing thereon at the close of business on the fifteenth day of the calendar month next preceding the Interest Payment Date (the "Regular-Record Date"). Any interest not timely paid (the "Defaulted Interest") shall cease to be payable to the person who is the Holder as of the Regular Record Date and shall be payable to the person who is the Holder at the close of business on a special record date (the "Special Record Date") for the payment of such Defaulted Interest. Such Special Record shall be fixed by the Council of the City whenever moneys become available for payment of the Defaulted Interest, and shall cause notice of the proposed payment of such. Defaulted Interest and the Special Record Date there- fat to be mailed fitst class postage prepaid, not less than ten (10) days prior to each Holder at his address as it appears on the registra- tion hooks of the City maintained by the Registrar. The principal and interest on the Bonds is p~yable in lawful money of the United States of America without deduction for the services of the Registrar. No Bond shall be valid or become obligatory for any purpose unless and until an authentication certificate appearing on the Bond shall have been duly endorsed by the Registrar. Each Bond shall bear intetest from its date and shall be dated as of October 1, 1983, if authenticated prior to June 1; 1984, and otherwise shall be dated as of the Interest Payment Date next preceding the date of its authentication, unless authenticated upon an Interest Payment Date, in which case it shall be dated as of the date of its authentication; provided, however, that if at the time of authentication interest is in default, such Bond shall be dated as of the date to which interest has been paid. Any Bond, upon surrender thereof at the principal corporate trust office of the , Registrar, together with an assignment duly executed by the Holder or his duly authorized attorney in such form as shall be satisfactory to the Registrar, at the option of the Holder thereof, may be exchanged for Bonds of any authorized denomination or denominations in an aggregate principal amount not exceeding the principal amount of the Bond so exchanged, and bearing interest at the same rate and matur- ing on the same date. -2-