1987 Resolutions - Laserfiche WebLink

Home Browse Search

If any Bond or any portion of the principal amount thereof in installments of $5,000) shall be called for ~edemption, notice of the redemption thereof, specifying the date, number and maturity of such Bond, the date and place or places fixed for its redemption, the premium, if any, payable upon such redemption, and if less than the entire principal amount of such Bond is to be redeemed, that such Bond must be surrendered in exchange for the pr~inclpal amount thereof to be redeemed and a new-Bond or Bonds issued equalling in prIncipal amount that portion of the principal amount thereof not to be redeemed, shall be mailed not less than thirty (30) days prior to the date fixed for redemption by first class mail, postage prepaid, to the registered holder of such Bond at his address as it appears on the books of registry kept by the Registrar and Paying Agent for the Bonds to be hereinafter designated by the Council (the "Registrar"), as of the close of business on the forty-fifth (45th) day preceding the date fixed for redemption. If notice of the redemption of any Bond shall have been given as aforesaid, and payment of the principal amount of such Bond (or the portion of the principal amount thereof to be redeemed) and of the accrued interest and premium, if any, payable upon such redemption shall have been duly made or provided for, interest on such Bond shall cease to accrue from and after the date so specified for the redemption thereof. 2. The principal of and premium, if any, and interest on the Bonds shall be payable in such coin or currency of the United States of America as at the respec- tive dates of payment is legal tender for public and private debts. The principal of and premium, if any, on the Bonds shall be payable at the principal corporate trust office of the Registrar. The interest on the Bonds shall be paid by check mailed by the Registrar to the holders of record of the Bonds as of the fifteenth (15th)~ day df the calendar month next preceding each interest payment date. At all times during which any Bond remains outstanding and unpaid, the Registrar shall keep, or cause to be kept, at its principal corporate trust office books of registry for the registration, exchange and transfer of the Bonds. Upon presentation at its principal corporate trust office for such purpose, the Registrar, under such reason- able 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. The books of registry shall at all times be open for inspection by the City or any duly.authorized officer thereof.