37-95 Recreation Facilities Improve Bonds $41,000

Home Browse Search

(e) Pavment of Redeemed Bonds, Notice having been mailed in the manner provided in the preceding paragraph of this ordïnance J the bonds and portions thereof called for redemption shall become due and payable on the redemption date, and, upon presentation and, surrender thereof at the place or plàces specified in that notice, shall be paid at the redemption pri'ce, plus interest accrued to the redemption date. If moneys for the redemption of all of the bonds and portions thereof to be redeemed, together with interest accrued thereon to the redemption date, are held by~the Registrar on the redemption date, so as to b~ available therefor on that date and, if notice of redemption has been deposited in the mail as aforesaid, then from and after the redemption date those bonds and portions thereof called for redemption ßhall cease to bear interest and no longer shall be considered to be outstanding. If those moneys shall not be so available on the redemption date, or that notice shall not have been deposited in the mail as aforesaid, those bonds and portions thereof shall continue to bear interest, until they are paid, at the same rate as they would have borne had they not been called for redemption. All moneys held by the Registrar for the redemption of partiçular bonds shall bè held in trust for the account of the registered qwners thereof and shall be paid to them, respectively, upon presentation and surrender of those bonds. SECTION 4. PurSuant to Section 133.30(B), Ohio Revised Code, the Fiscal Officer may combine the Bonds with other bonds into a single consolidated issue of ,bonds for purposes of their sale as a single issue to be designated IIVarious Purpose General Obligation Bonds, Series 1995". Such bonds shall contain a summary statement of purposes encompassing the purpose for which the Bonds are issued; shall state that they are issued pursUant to this ordinance; shall be executed by the Mayor and by the Fiscal Officer, one or böth of whose signatures may be a facsimilè signa- ture; shall be issued only in fully registered form¡ and shall bè registered as to both principal and interest at the corpo~ate trust office of the Registrar. The Bonds shall be ïssued in the denominations and numbers as requested by the Original Purchaser (as hereinafter defined) and approved by the Fiscal Officer, and shall be numbered as determined by the Fiscal Officer. 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 ma~led to the person in whose name that Bond is registered (the IIHolderu) on the registration books of the City maintained by the Registrar and at the address appearing thereon at the close of business of the fifteenth day of the calendar month next preceding the Interest Payment Date (the I1Regular Record Daten). Arty interest not timely paid (the IIDefaulted 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 for the payment of such defaulted interest. Such Special Record Date (the IISpecial Record DateU) shall be fixed by the Council of the City whenever moneys become available for payment of the Defaulted Interest, and the Registrar 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 thereto to each Holder at his address as it appears on the registration books of the City maintained by the Registrar. The principal and interest on the Bonds is payable 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 appe'aring on the Bond shall have been duly endorsed by the Registrar. -4-