Ordinance 1994-1145 - Laserfiche WebLink

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Maturity Principal Amount Interest Rate The maxunum net effective interest rate authorized for the Bonds is _ % per annum, and the actual net effective interest rate of the Bonds does not exceed such maximum rate. Section 5. Payment of Bonds: Pavinl! Agent and Bond Rel!istrar. The principal of and premium, if any, on the Bonds are payable in lawful money of the United States of America to the Owner of each Bond upon maturity or prior redemption and presentation at the principal office of the Paying Agent. Notwithstanding anything contained in this Ordinance to the contrary, interest on any Bond is payable to the person in whose name such Bond is registered, at his address as it appears on the registration books maintained by or on behalf of the City by the Bond Registrar, at the close of business on the fifteenth (15th) day of the calendar month next preceding each interest payment date (the "Record Date"), irrespective of any transfer or exchange of such Bond subsequent to such Record Date and prior to such interest payment date. Such payment shall be paid by check or draft of the Paying Agent mailed on or before the interest payment date to such Owner., Upon the occurrence of an Event of Default or other event which would require the Bond Insurer with respect to the Bonds to make payments under the Bond Insurance Policy, such Bond Insurer and its designated agent shall be provided access to the registration books with respect to the Bonds. If the date for making any payment or performing any action hereunder shall be a legal holiday or a day on which the principal office of the Paying Agent or Bond Registrar is authorized or required by law to remain closed, such payment may be made or act performed on the next succeeding day which is not a legal holiday or a day on which the -11-