Resolution 2006-015 - Laserfiche WebLink

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The Obligations shall be issuable only in fully registered form. The interest thereon and, upon surrender of each Obligation. at the principal office of the Registrar "described herein, the. principal amount thereof, shall be payable by check or draft issued by the Registrar described herein. Upon the initial delivery of the Obligations pursuant to Section 2.07, and upon any subsequent transfer or exchange pursuant to Section 2.06, the date of authentication shall be noted on each Obligation so delivered, exchanged or transferred. 2.03. Bates and Interest Payment Dates. Interest on the Obligations shall be payable on each Tune 1 and December 1, commencing December 1, 2006, to the owners of record thereof as of the close of business on the fifteenth day of the immediately preceding month, whether or not such day is a business day. interest shall be computed on the basis of a 360 -day year composed of twelve thirty -day months. 2.04. Redemption. Obligations maturing in 2015 shall be subject to redemption and prepayment at the option of the City, in whole or in part, in such order of maturity dates as the City may select and, within a maturity, by lot as selected by the Registrar on December 1, 2013, and on any date thereafter, at a price equal to the principal amount thereof and accrued interest to the date of redemption. The City Manager shall cause notice of the call for redemption thereof to be published if and as required by law, and at least thirty (30) and not more than sixty (60) days prior to the designated redemption date, shall cause notice of call for redemption to be mailed, by first class mail, to the registered holders of any Obligations to be redeemed at their addresses as they appear on the bond register described in Section 2.06 hereof, but no defect in or failure to give such mailed notice of redemption shall affect the validity of proceedings for the redemption of any Obligation not affected by such defect or failure. Official notice of redemption having been given as aforesaid, the Obligations or portions of Obligations so to be redeemed shall, on the redemption date, become due and payable at the redemption price therein specified and from and after such date (unless the City shall default in the payment of the redemption price) such Obligations or portions of Obligations shall cease to bear interest. Upon partial redemption of any Obligation, a new Obligation or Obligations will be delivered to the owner without charge, representing the remaining principal amount. outstanding. Obligations maturing on December 1 in the years 2008, 2011 and 2015 (the Term Obligations) shall be subject to mandatory redemption prior to maturity pursuant to the sinking fund requirements of this Section 2.04 at a redemption price equal to the stated principal amount thereof plus interest accrued thereon to the redemption date, without premium. The Registrar shall select for redemption, by lot or other manner deemed fair, on December I in each of the following years the following stated principal amounts of such Obligations: Term Obligations Maturing December 1. 2008 Year Princinal Amount 2006 $40,000 2007 39,000 The remaining $40,000 stated principal amount of such Obligations shall be paid at maturity on December 1, 2008.