01-92 Sanitary Sewer Bonds $6,500,000

Home Browse Search

Trust Company ("DTC") in connection with depository services for the Series 1992 Bonds, including holding the Series 1992 Bonds in Book-entry form and to enter into any agreements with DTC, the Fiscal Agent and Registrar and any other party necessary or appropriate for the engagement of such services. The principal of and any premium on Series 1992 Bonds shall be payable when due (whether at: maturity or by mandatory sinking fund redemption) (i) on any Series 1992 Bond held in a Boo~-entr~ system, registered in the name of a DepoSitory or its nominee, in next day or federal funds by check or wire transfer delivered or transmitted to the Depository or its authorized representative upon presentation and surrender of such Series 1992 Bond at the principal corporate trust office of the Fiscal Agent or at the office designated by the FiScal Agent, or any other Paying Agent, and (ii) on any Series 1992 Bond not in a Book-entry system to a Holder upon presentation and surrender of such Series 1992 Bond at the principal corporate trust office of the Fiscal Agent or at the office, designated by the Fiscal Agent, of any other Paying Agent. Interest on any Series 1992 Bond shall be paid on each Interest Payment Date (i) on any Series 1992 Bond held in a Book-entry system, registered in the name of a Depository or its nominee, in next day or federal funds by check or wire transfer delivered or transmitted to the DepoSitory or its nominee that was the Holder of such Series 1992 Bond (or of one or more predecessor Bonds) as of the close of business on the Regular Record Date applicable to such Interest Payment Date and (ii) on any Series 1992 Bond not held in a Book-entry system by check or draft mailed on such Interest Payment Date to the Holder of such Series 1992 Bond (or of one or more predecessor Series 1992 Bonds) as of the close of business on the Regular Record Date applicable to that Interest Payment Date and at the Holder's address as it appears on the registration books of the Issuer maintained by the Registrar. 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 Date shall be fixed by the Legislative Authority of the Issuer whenever monies become available for payment of the Defaulted Interest who 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 such Special Record Date to each Holder at his address as it appears on the registration books of the Issuer maintained by the Registrar. Bond[ Service Charges on Series 1992 Bonds are payable in lawful money of the United States of America without deduction for the services of the Fiscal Agent or Registrar. -7-