Ordinance 2562-01 - Laserfiche WebLink

Rate. Interest shall be calculated on the basis of a year of 365/366 days and actual days elapsed. Interest shall be due and payable monthly on the first day of each month, commencing on the first day of the month following the Delivery Date, with final payment of all outstanding principal of and interest on the Notes due on the Maturity Date. Section 4. Procedures for Drawings. Drawings on either Note may be made by the Finance Director on any business day of the Bank with one day's prior telephonic notice to the Bank (confirmed in writing, including by electronic means acceptable to the Bank); provided, however, the aggregate dollar amount of Drawings may not exceed $50,000 until January 2, 2002. The Finance Director will specify the Note being drawn upon (2002A (Operating) or 2002B (Capital)) and the total dollar amount being drawn. Drawings will be honored by the Bank by remitting the funds requested on the date requested (by electronic funds transfer) to the City's depository bank. Section 5. Application of Notes Proceeds. Money derived from Drawings will be deposited in the operating or capital fund of the City specified by the Finance Director. Section 6. Registration and Payments. The Finance Director shall act as authenticating agent, paying agent and registrar for the Notes (collectively, the "Note Registrar"). Both principal of and interest on the Notes shall be payable in lawful money of the United States of America. Interest on the Notes and prepayments of principal shall be paid by electronic funds transfer to the account specified by the Bank on the date due. If any date for the payment of the principal of and interest on the Notes is not a business day (on which the Bank is open for business), the payment of principal and interest may be made on the next succeeding business day of the Bank with the same effect as if the payment had been made on the due date. -5- P\CMW\CMW54B 01/11/20