CCRes_84-39 - Laserfiche WebLink

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~' 12. Each Bond delivered upon transfer of or in exchange for or in lieu of any other Bond shall carry all the rights to interest accrued and unpaid, and to accrue, which • were carried by such other Bond. 13. The City shall transmit to the Bond Registrar on or before February 1 or August 1 in each of the years 1985 _ through 2005 sufficient monies so that the Bond Registrar can pay the interest and/or principal coming due on such February 1 or August 1. Interest on any Bond shall be paid on each interest payment date by check or draft mailed to the person in whose name the Bond is registered (the "Holder") on the registration books of the City maintained by the Bond Registrar and at the address appearing thereon at the close of business on the fifteenth day of the calendar month next preceding such interest payment date (the "Regular Record Date"). Any such interest not so timely paid shall cease to be payable to the person who is the Holder thereof as of the Regular Record Date, and shall be payable to the person who is the Holder thereof-at the close of business on a date (the "Special Record Date") fixed by the Bond Registrar whenever money becomes available for payment of the defaulted interest. Notice of the Special Record Date shall be given by the Bond Registrar to the Holders not less than 10 days prior to the Special Record Date. 14. The City and the Bond Registrar may treat the person in whose name any Bond is registered as the owner of such Bond for the purpose of receiving payment of principal of • and premium, if any, and interest on (subject to the payment provisions in paragraph 13 above), on, such Bond and for all other purposes whatsoever whether or not such Bond shall be overdue, and neither the City nor the Bond Registrar shall be affected by notice to the contrary. 15. The Bonds when so prepared and executed shall be delivered by the Treasurer to the Purchaser upon receipt of the purchase price, and the Purchaser shall not be obliged to see to the proper application thereof. 16. There is hereby created a special fund to be designated "General Obligation Tax Increment Bonds of 1984, Series B Fund" (the "Fund") to be held and administered by the Treasurer separate and apart from all other funds of the City. The Fund shall be maintained in the manner herein specified until all of the Bonds and any general obligation tax increment bonds hereinafter issued and made payable from the Fund and the interest thereon have been fully paid. There shall be 14 •