72-88 Amend 51-88 Water System Improvement BAN

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shall be, and hereby is, amended to read as follows: "Section 2. Said Bonds shall be dated October 1, 1988; shall be numbered from 1 upwards; shall be of the denomination of $5,000 or integral multiples thereof; and shall bear interest from their respective dates at the rate of seven per centum (7%) per annum, payable semiannually on the first day of June and the first day of December of each year (the "Interest Payment Dates"), beginning December 1, 1988, until the principal sum is paid; provided, however, that if the Bonds are sold bearing a different rate of interest than herein specified, such Bomds shall bear such rate of interest as may be provided in the ordinance of Council approving the award thereof. Such Bonds shall mature as follows: $120,000 on December 1, in each of the years from 1989 to 1998 inclusive, which maturities are hereby determined to be in substantially equal annual installments." Section 2. Section 3 of Ordinance No. 51-88 passed by this Council on June 20, 1988, which reads: "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 "1988 Water System Improvement Bonds"; shall be executed by the Mayor and by the Director of Finance, both of whose signatures may be facsimile signatures; shall bear the corporate seal of the City or 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, presently Ameritrust Company National Association, 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 regis- tered (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 busine~s 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 avail- able for payment of the Defaulted Interest, and shall cause notice of the proposed payment of such. Defaulted Interest and the Special Record Date therefor to be mailed first class postage prepaid, not less than ten (10) days prior to each Holder at his address as it appears on the registration books of the City maintained -2-