01-25-1995 Council Agenda - Laserfiche WebLink

Home Browse Search

JAN 19 '95 84 :21PM EHLERS & ASSOCIATES P.18/28 11. Rights Upon Transfer or Exchange. 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. 12. Interest Payment; Record Date. 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 (15th) 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 ten (10) days prior to the Special Record Date. 13. Treatment of Registered Ownet. The City and 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 (subject to the payment provisions in paragraph 12 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. 14. Delivery; Application of Proc eds. The Bonds when so prepared and executed shall be delivered by the Administrator to the Purchaser upon receipt of the purchase price, and the Purchaser shall not be obliged to see to the proper application thereof. 15. Fund and Accounts. Pursuant to a resolution adopted by the City Council on December 21, 1994 (the "Prior Resolution ") the City has heretofore established the Revolving Fund (the "Fund "), which Fund is held and administered by the Administrator separate and apart from all other funds of the City. The Fund shall continue to be maintained in the manner heretofore specified in the Prior Resolution and as herein and hereafter specified until all of the Bonds and any other obligations made payable from the Fund (the "Additional Bonds ") and the interest thereon and all improvements to be paid from the Fund (the "Revolving Fund Improvements "), inoluding the Bond Funded Improvements, have been fully paid. The Prior Resolution created one (1) account in the Fund, the "Construction Account ". 281035.1 19 Page 33