Ordinance 2557-01 - Laserfiche WebLink

Section 2.07. Payments of Principal, Redemption Price, Purchase Price and Interest; Persons Entitled Thereto. (a) Payments of Principal, Interest, Purchase and Redemption Prices. The principal, Purchase Price or Redemption Price of each Bond shall be payable upon surrender or delivery of such Bond to the Registrar in New York, New York. For so long as DTC is the Registered Owner, interest, Purchase Price and principal shall be paid and delivery shall be made as described in the operational arrangements referred to in the Letter of Representations and pursuant to DTC's standard procedures. (b) Accrual of Interest. Subject to the further provisions of Article III hereof, each Bond shall accrue interest and be payable as to interest as follows: (1) On each Interest Payment Date, the Registered Owner of each Bond as of the Record Date shall be paid the amount of unpaid interest that accrues during the Interest Accrual Period. (2) The interest due on any Bond on any Interest Payment Date shall be paid to the Registered Owner of such Bond as shown on the Bond Register as of the Record Date. The amount of interest so payable on any Interest Payment Date shall be computed (A) on the basis of a 365- or 366-day year for the number of days actually elapsed during the Weekly Mode, and (B) on the basis of a 360-day year of twelve 30-day months during the Fixed Mode. (3) If the Bonds are no longer held by a Securities Depository, during the Fixed Mode, the principal or Redemption Price of the Bonds shall be payable by check, provided that any Registered Owner of$1,000,000 or more in aggregate principal amount of the Bonds, upon written request given to the Registrar at least five Business Days prior to the Maturity Date or Redemption Date designating an account in a domestic bank, may be paid by -22- P\CMW\CMW4ZL 11/20/01