Ordinance 2870-05 - Laserfiche WebLink

(h) Place and Medium of Payment. Both principal of and interest on the Bonds shall be payable in lawful money of the United States of America. Interest on the Bonds shall be calculated on the basis of a year of 360 days and twelve 30 -day months. For so long as all Bonds are in fully immobilized form, payments of principal and interest thereon shall be made as provided in accordance with the operational arrangements of DTC referred to in the Letter of Representations. In the event that the Bonds are no longer in fully immobilized form, interest on the Bonds shall be paid by check or draft mailed to the Registered Owners at the addresses for such Registered Owners appearing on the Bond Register on the fifteenth day of the month preceding the interest payment date, or upon the written request of a Registered Owner of more than $1,000,000 of Bonds (received by the Bond Registrar at least 15 days prior to the applicable payment date), such payment shall be made by the Bond Registrar by wire transfer to the account within the continental United States designated by the Registered Owner. Principal of the Bonds shall be payable upon presentation and surrender of such Bonds by the Registered Owners at the principal office of the Bond Registrar. Section 5. Redemption; Purchase of Bonds. (a) Mandatory Redemption of Term Bonds and Optional Redemption, if any. The Bonds may be called for redemption at any time prior to scheduled maturity under terms approved by the Chief Financial Officer in the Bond Purchase Contract pursuant to Section 15 of this ordinance. (b) Purchase of Bonds for Retirement. The City further reserves the right to use at any time any surplus Revenue of the System available after providing for the payments required by paragraphs First, through Seventh of Section 6 of this ordinance, or other available funds, to purchase any of the Bonds that are offered to the City at any price deemed approriate -19- P:\CMW\CMW6WH 09/06/05