1996 Resolutions - Laserfiche WebLink

Home Browse Search

SECTION 6. (a) Both the principal of and interest on the Bonds shall be payable in such coin or currency of the United States of America as at the respective dates of payment thereof is legal tender for public and private debts. (b) Interest on the Bonds shall be payable by check or draft mailed by the registrar to the registered owners of such Bonds at their respective addresses as such addresses appear on the books of registry kept pursuant to the provisions of this Section 6. Principal of and premium, if any, on the Bonds shall be payable on presentation and surrender thereof at the office of the Registrar. (c) At all times during which any Bond of any series remains outstanding and unpaid, the Registrar for such series shall keep or cause to be kept at its principal office books of registry-for the registration, exchange and transfer of the Bonds. Upon presentation at the office of the Registrar for such purpose, the Registrar, under such reasonable regulations as it may prescribe, shall register, exchange or transfer, or cause to be registered, exchanged or transferred, on the books of registry the Bonds as herein set forth. (d) The books of registry shall at all times be open for inspection by the City or any duly authorized officer thereof. (e) Any Bond may be exchanged at the office of the Registrar for such series of Bonds for a like aggregate principal amount of such Bonds in other authorized principal amounts of the same series, interest rate and maturity. (f) Any Bond of a given series may, in accordance with its terms, be transferred upon the books of registry by the person in whose name it is registered, in person or by his duly authorized agent, upon surrender of such Bond to the Registrar for cancellation, accompanied by a written instrument of transfer duly executed by the registered owner in person or his duly authorized agent, in form satisfactory to the Registrar. (g) All transfers or exchanges pursuant to this Section 6 shall he made without expense to the registered owner of such Bonds, except as otherwise herein provided, and except that the Registrar shall require the payment by the registered owner of the Bond requesting such transfer or exchange of any tax or other governmental charges required to be paid with respect to such transfer or exchange. Ail Bonds surrendered pursuant to this Section 6 shall be cancelled. SECTION 7. (a) The full faith and credit of the City are hereby irrevocably pledged to the punctual payment of the principal of and interest on the Public Improvement Bonds as 9