Ordinance 1993-1130 - Laserfiche WebLink

Home Browse Search

is reissued upon transfer, exchange or other replacement shall bear interest from the most recent interest payment date to which interest has been paid, or if no interest has been paid, from the date of the Bonds. The Bonds shall bear interest at the rates designated below and shall mature serially on December 1 of each year and in the amounts as follows: Amounts Year Maturing Maturing Interest Rate The net effective interest rate on the 1993 Bonds IS effective interest rate authorized by the Council. % which is the maximum net Section 6. Pavment of Bonds - Pavin2 A2ent and Bond Re2istrar. (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 Paying Agent. 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 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 - 14 -