Ordinance 2003-1426 - Laserfiche WebLink

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coming due on its maturity date and no individual Bond will be issued for more than one maturity). The Bonds shall be numbered in such manner as the Registrar shall determine and shall initially be registered in the name of Cede & Co., as nominee for The Depository Trust Company, as securities depository for the Bonds. The Bonds shall be dated as of October 1, 2003, and shall bear interest from their date until maturity, except that any Bond which is reissued upon transfer, exchange or other replacement shall bear interest from the most recent payment date to which interest has been paid, or if no interest has been paid, from the date of the Bonds. (b) The Bonds shall mature, bear interest from their dated date to maturity, and be sold, all as provided in the Sale Certificate, provided that: (i) the aggregate principal amount of the Bonds shall not exceed $4,025,000; (ii) the maximum net effective interest rate on the Bonds shall not exceed 4.0%; (iii) the Bonds shall mature no later than December 1, 2013; and (iv) the purchase price of the Bonds shall not be less than 99.5% of the original principal amount of the Bonds. Interest on the Bonds shall be calculated on the basis of a 360-day year of twelve 30-day months, payable semiannually on each June 1 and December 1, commencing on the date provided in the Sale Certificate. Section 6. Payment of Bonds - Paying Agent and Bond Registrar. (a) The principal of the Bonds shall be payable to the Owner thereof (initially, Cede & Co.) upon maturity thereof and upon presentation and surrender at the Paying Agent. If any Bond shall not be paid upon such presentation and surrender at or after maturity, it shall continue to draw interest at the interest rate borne by said Bond until the principal thereof is paid in full. Payment of interest on any Bond shall be made to the Owner thereof (initially, Cede & Co.) by check, draft or wire sent by the Paying Agent, on or before each interest payment date (or, if such interest payment date is not a Business Day, on or before the next succeeding Business Day), to the Owner thereof at his or her address as it last appears on the registration records kept by the Registrar on the Record Date; but any such interest not so timely paid shall cease to be payable to the person who is the Owner thereof at the close of business on the Record Date and shall be payable to the person who is the Owner thereof at the close of business on a Special Record Date for the payment of such defaulted interest. Such Special Record Date shall be fixed by the Registrar whenever moneys become available for payment of the defaulted interest, and notice of the Special Record Date shall be given to the Owners of the Bonds not less 10