Ordinance 1462-88 - Laserfiche WebLink

redemption from the proceeds of refunding bonds prior to April 1, 1993 . Bonds shall be called for redemption prior to their maturity by mailing, not less than 20 nor more than 30 days prior to the date fixed for redemption, notice of such redemp- tion by first class mail , postage prepaid, to the registered owner of any Bond to be redeemed at the address appearing on the Bond Register at the time the Bond Registrar prepares the notice, and the requirements of this sentence shall be deemed to be complied with when notice is mailed as herein provided whether or not it is actually received by the owner of any Bond. Interest on Bonds called for redemption shall cease to accrue on the date fixed for redemption unless the Bond or Bonds called are not redeemed when presented pursuant to the call . If any Bond is not redeemed when properly presented at its maturity or call date, the City shall be obligated to pay inter- est on that Bond at the same rate provided in the Bond from and after its maturity or call date until that Bond, both principal and interest, is paid in full or until sufficient money for its payment in full is on deposit in the Bond Fund and the Bond has been called for payment by giving notice of that call to the registered owner of each of those unpaid Bonds . Section 7 . The Bonds shall be printed, lithographed or typed on good bond paper in a form consistent with the provi- sions of this ordinance and State law, shall be signed by the Mayor and the City Clerk, both of whose signatures shall be in - 6 -