37-07 Advance Refund Outstanding Notes

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(3) Terms of Redemption The procedures for partial redemption, for notice of redemption, and for payment of redeemed Refund'mg Bonds must be as provided for in the Registrar Agreement. Interest Rates. The Refunding 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 Refunding Bonds, determined by taking into account the principal amounts of the Refunding Bonds and the terms to maturity or Mandatory Redexnption Dates of those principal amounts, may not exceed 9% per annum. Interest will be calculated ona 360-day year of twelve 30-day months. The Refund'mg Bonds will bear interest from the most recent date to which interest has been paid or provided for or, if no interest has been paid or provided for, from their date. Interest on the Refunding Bonds will be payable on the Interest Payment Dates until the principal amount has been paid or provided for. The Director of Finance may determine to pay Capitalized Interest on the Refunding Bonds from the proceeds of the Refunding Bonds The amount of Capitalized Interest may not exceed interest to become due on the Refunding Bonds through December 1. 2010. or any earlier date. The Director of Finenco must state in the Certificate of Award the amount of any Capitalized interest and the date to which interest has been capital/zed Form, NumberIng, and Denominations. The Refimding Bonds must be issued in fully-registered form. They must be issued in Authorized Denominations and 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 Refunffmg Bond from any other bond. 21~ey must express on their faces the purpose for which they are issued arid that they are issued in aceordence with this ordinance. The Refimding Bonds will be designated "Various Purpose General Obligation Refum[mg Bonds. Series 2007." unless otherwise designated in the Certificate of Award Section 3. Payment. The Debt Charges on the Refunding Bonds will be payable in lawSal money of the United States of America without deduction for the services of the Regislrar as paying agent. Pdnalpal and any premium on the Refunding Bonds will be payable when due upon presentation and surrender of the Refunding Bonds at the office of the Registrar. Interest on the Refunding Bonds v/all be paid on each interest Payment Date by check or draft mailed on the Interest Payment Date to the Holder as shown on the Register at the close of business on the i5th day of the month preceding the Interest Payment Date. Notwithstanding the foregoing, so long as the Refunding Bonds are issued in Book-Entry Form in a Book-Entry System, Debt Charges on the Refimding Bonds will be payable as provided in any agreement entered into by the City ~n couneel/un with the Book-Entry System. Section 4. Si?lng and Authentication of Bonds. The Refunding 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 signatures may be a fac~nnile. No Refunding Bond will be valid or obligatory for any purpose or will be entitled to any security or benefit under the Bond ProceerFmgs 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 Refianding Bond so authenticated has been duly issued, signed, and delivered under, end is entitled to the security and benefit of, the Bond Proceedings The certificate of anthenfication may be signed by any anthorized 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 not sign the certificate of authentication on all of the Refunding Bonds. Section 5. Registrafionl Transfer and Exchangel BookiEntrv System. (a) Registrar. So long as any of the Refimding Bonds remain outstanding, the Director of Finance must cause thc Registrar to maintain the Register The person in whose name a RefuncVmg Bond is registered on the Register will be regarded as the absolute