Minutes 04/14/1987 - Laserfiche WebLink

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256 April 14, 1~87 Bonds shall mature on May 1 or ~ovember 1, or on both May 1 and November 1, of such years and an such principal amounts as shall be determined by the City Manager and shall be subject to optional and mandatory redemption by the City os suck dates and at such prices as shall be determined by the City Manager at the time of the sale thereof. In connection with the sale qf the Bonds, the City Manager is authorized to execute on behalf of the City and to deliver to the Underwriters a Bond Purchase Agreement setting forth the terms and conditions upon which the Bonds shall be sold to the Underwriters. Anything herein to the contrary notwithscandin~, no Bonds shall be issued and sold to provide for the refunding in advance of their stated maturities the 1982 Refunded Publi~ Utility Bonds or the 1985 Refunded Public Utility Bonds unless, as required by Section l(c) of the aforementioned resolution adopted by the State Council on March 27, ~987, ac the time of the sale thereo~ such Bonds qualify as refunding bonds issued to accomplish a Type A Refunding meeting the criteria of Parn II.A. of the Guidelines. If any Bund (or any portion of the principal amount thereof in installments Df $5,000) shall be called for redemption, sotice of the redemption thereof, specifying the date, number and maturity of such Bond, the date and place or places fixed for its redemption, the premiem, if any, payable upon such redemption, and if less than the entire principal ~ount of such Bond is to be redeemed, that- such Bond must be surrendered in exchange for the principal 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 tess than thirty (30) ~days prior to the date ~ixed for redemption by first class mail, postage prepaid, to the registered holder of such Bond at his address as it ~ppears on the books of registry kept by the Registrar and Paying Agen~ 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 sach Bond (or ~he 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 ~rom and after the date so specified for the redemption thereof. 2. The principal of and premi.lm, if sny, 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 de, ts, The ~rincipgl of aed-premiua%, if any, on the Bonds shall be payable at the princiDal corporate trust office of ' the Regi~trar~ Th~ ~nte~ 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 of the calendar mon~c~ ~ex~ preceding ~ach interea~ ~ayfaent 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 ~ust office for such purpose, the Registrar, unde~ such reason- able regulations as it may prescribe, shall register, exchange or transfer, or cause to he registered, exchanged or transferred, on the books of registry the Bonds as hereis set forth. The books of registry shall an all times be open for inspection by the City or any duly authorized officer thereof~ Any Bond may be exchanged at the principal corporate trust office of the Registrar for a like aggregate principal amoun~ of such Bonds in other authorized principal amounts of the same interest rane and maturity.