01-10-1996 Council Agenda - Laserfiche WebLink

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1.9. Records, Statements, Payment of Interest and Principal. The Agent shall: (a) keep true and accurate accounts of the outstanding principal balance of the Bonds; (b) not less than thirty (30) days before the due date of any principal of or interest on the Bonds, send a statement to the Issuer of the amount which will be required to pay the principal of an interest on the Bonds on such date; (c) pay such of the interest on the Bonds as is due on each stated interest payment date, with the funds received from the Issuer, by check or draft mailed, no later than the interest payment date, to the registered owners of the Bonds as of the close of business on the 15th day (whether or not a business day) of the preceding month, at their addresses as they appear on the Bond Register; if the Issuer provides the Agent with sufficient funds to make such payment prior to any interest payment date, the Agent shall mail such checks or drafts at the close of business on the last business day preceding such interest payment date; (d) pay such of the principal of the Bonds as is due on the stated payment dates, with the funds received by the Issuer, upon presentation of the Bonds for payment; (e) forthwith upon presentation and payment of the bonds cancel the same and retain and dispose of the same in the manner set forth in Section 1.4 hereof; and The Agent shall not be required to pay interest on any funds of the Issuer for any period during which such funds are held by the Agent awaiting the presentation of the Bonds for payment. Any funds remaining in the possession of the Agent for payment of the Bonds three (3) years after the date for the payment thereof has expired shall, subject to any applicable escheat law, be returned to the Issuer upon demand. 1.10. Instructions from Issuer. The Agent in respect to any matter arising in connection with said agency, may apply to, and act under the instructions of, the of the Issuer, and, in respect to any legal question arising in connection with said agency, may apply to, and act under the instructions of the 1.11. Delivery of Records to Issuer; Retention. The Agent may, from time to time at its discretion, deliver to the Issuer, for safekeeping or disposition by the Issuer in accordance with law, such records accumulated in the performance of its duties as it may deem expedient, and the Issuer assumes all responsibility for any failure thereafter to produce any paper, record or document so returned, if and when required. (P/Agency/33345980:4) Page 49