Ordinance 1994-1170 - Laserfiche WebLink

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Amounts Year Maturing Maturing Interest Rate $180,000 1995 4.60% 190,000 1996 5.10 200,000 1997 5.30 210,000 1998 5.40 220,000 1999 5.50 240,000 2000 5.70 245,000 2001 5.80 265,000 2002 5.90 285,000 2003 6.00 The net effective interest rate on the Bonds is 6.194138% which is less than the maximum net effective interest rate authorized by the Council. Section 6. Payment of Bonds - Paying Agent and Registrar. (a) The principal of and premium, if any, on the Bonds shall be payable to the Registered Owner of each Bond upon maturity thereof or redemption prior to maturity and upon presentation and surrender at the principal operations office of the Paying Agent (currently located at First Trust National Association, St. Paul, Minnesota). If any Bond shall not be paid upon such presentation and surrender at or after maturity or prior redemption, 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 Registered Owner thereof by check or draft mailed by the principal operations office of 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 Registered 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 Registered Owner thereof at the close of business on the Record Date and shall be payable to the person who is the Registered Owner thereof at the close of business on a Special Record Date for the payment of such defaulted interest. Such Special Record Date and the date for the payment of such interest shall be fixed by the Registrar whenever moneys become available for payment of the defaulted interest. Notice of the Special Record Date and the date for the payment of such interest shall be given to the Registered Owners of the Bonds not less than ten days prior to the Special Record Date by first-class -16-