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<br />value savings to the City due to the refunding of the Refunded <br />Bonds, taking into account all expenses related to that refunding and <br />the issuance of the Bonds. <br />(d) Pavment of Debt Charges. The debt charges on the Bonds <br />shall be payable in lawful money of the United States of America <br />without deduction for the services of the Bond Registrar as paying <br />agent. Principal of the Current Interest Bonds, and principal of and <br />interest on any Capital Appreciation Bonds, shall be payable when <br />due upon presentation and surrender of the Bonds at the designated <br />corporate trust office of the Bond Registrar. Interest on a Current <br />Interest Bond shall be paid on each Interest Payment Date by check <br />or draft mailed to the person in whose name the Bond was registered, <br />and to that person's address appearing, on the Bond Register at the <br />close of business on the 15th day of the calendar month next <br />preceding that Interest Payment Date. Notwithstanding the <br />foregoing, if and so long as the Bonds are issued in a book entry <br />system, principal of and interest on the Bonds shall be payable in the <br />manner provided in any agreement entered into by the Director of <br />Finance, in the name and on behalf of the City, in connection with <br />the book entry system. <br />The City reserves the right to order the Bond Registrar to return to <br />it any money held by the Bond Registrar for the payment of (i) <br />checks or drafts for the payment of interest on the Bonds or (ii) <br />principal of Bonds, which checks, drafts or Bonds have not been <br />presented for payment within four years following the date on which <br />payment of the interest or principal represented thereby came due. <br />Thereafter, the registered owners shall look only to the City for <br />payment of the interest and principal represented by those checks, <br />drafts and Bonds. <br />(e) Redemption Provisions. The Capital Appreciation Bonds, if <br />any, shall not be subject to redemption pnor to stated maturity. <br />Except as otherwise provided in the Certificate of Award <br />consistently with the determination by the Mayor and the Director of <br />Finance of the best interest of and financial advantages to the City, <br />the Current Interest Bonds shall be subject to redemption prior to <br />stated maturity as follows: <br />(i) Mandatorv Sinking Fund Redemption of Term Bonds. If <br />any of the Current Interest Bonds are issued as Term Bonds, the <br />Term Bonds shall be subject to mandatory redemption in part by lot <br />and be redeemed pursuant to mandatory sinking fund requirements, <br />at a redemption price of 100% of the principal amount redeemed, <br />plus accrued interest to the redemption date, on the applicable <br />Mandatory Redemption Dates and in the principal amounts payable <br />on those Dates, for which provision is made in the Certificate of <br />Award (such Dates and amounts, the Mandatory Sinking Fund <br />Redemption Requirements). <br />The aggregate of the moneys to be deposited with the Bond <br />Registrar for payment of principal of and interest on the Bonds on <br />-4-