36-07 Retire Outstanding Notes - Laserfiche WebLink

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(~) Term~ of Redemption. The procedures for partial redemption, for notice of redemption, and for payment of redeemed Bonds must be as provided for iu the Registrar Agreement. Interest Rates. The Bonds will bear interest at the rate or rates determined in the Certificate of Award. The weighted average of the rates of interest on the Bonds, determined by taking into account the principal amounts of the Bonds and the terms to maturity or Mandatory Redemption Dates of those principal amounts, may not exceed 9% per annum, interest will be calculated nn a 360-day year of twelve 30- day months. The Bonds will bear interest fi.om the most recent date to ~vhich interest has been paid or provided for or, if no interest has been paid or provided for, fi.om their date. Interest on the Bonds will be payable on the Interest Payment Dates until the principal am0nnt has been paid or provided for. The Director of Finance may det6rmine to pay Capitalized Interest on the Bonds fi'om the proceeds of the Bonds. The amount of Capital/zed Interest may not exc~Vaxl interest to become due on the Bonds through December 1, 2010, or any earlier date. The Director of Finance must state in the Certificate of Award the amount of any Capitalized Interest and the date to which interest has be~n capitalized. Form~ Numbering, and Denominations. The Bonds must be issued in fully registered form. They must be issued in Authorized Denominations s~ad in such numbers, as requested by the Underwriter and approved by the Director of Finance. They must be numbered as determined by the Director of Finance in a manner to distinguish each Bond from any other Bond. They must express on their faces the purpose for which they are issued and that they are issued in accordance with this ordinance. The Bonds will be designated "Various Purpose General Obligation Bonds, Series 2007," unless otherwise designated in the Certificate of Award. Section 3. Payment. The Debt Charges on the Bonds will be payable in lawful money of the United States of America without deduction for the services of the Registrar as paying agent, Principal and any premium on the Bonds will be payable when due upon presentation and surrender of the Bonds at the office of the Registrar' Intereat on the Bonds will be paid on each Interest Payment Date by cheek or dmfi mailed on the Interest Payment Date to the Holder as shown on the Register at the close of business on the 15th day of the month preceding the Interest Payment Date. Notwithstanding the foregoing, so long as the Bonds are issued in book-entry form in a book-enhcy system, Debt Charges on the Bonds will be payable as provided in any agreement entered into by the City in connection with the book-entry system. Section 4, Signing and Authentication of Bonds. The Bonds will be signed by the Mayor and the Director of Finance, in the name of the City and in their official capacities. Either or both of those aignatures may be a facsimile. No Bond will be valid or obligatory for any purpose or will be entitled to any secmity or benefit under the Bond Proceedings unless and until the certificate of authentication printed on the Bond is signed by the Registrar as authenticating agent. Authentication by the Registrar will be conclusive evidence that the Bond so authenticated has been duly issued, signed, and delivered under, and is entitled to the security and benefit of, the Bond Proceedings. The certificate of authentication may be signed by any authorized officer or employee of the Registrar or by any other person acting as an agent of the Registrar and approved by the Director of Finance on behalf of the City~ The same person need nQt sign the certificate of authentication on all of the Bonds. Section 5. Registrati0nl Transfer and Exchange; Book-Entry System. Reglslrar; So long as any of the Bonds remain outstanding, the Director of Finance must cause the Registrar to maintain the Register. The person in whose name a Bond is registered on the Register will be regarded as the a~osolute Holder of that Bond for all purposes of the Bond Proceedings. Payment of the Debt Charges on any Bond will be made only to or upon the order of that person. Neither the City nor the Registrar will be affected by any notice to the contrary, but the registration may be changed as provided in ttfis Section. All such payments will be valid and