(1) Unless otherwise provided in the ordinance authorizing any loan, the bonds for City serial loan issues shall be substantially in the following form:
(a) Coupon Bonds.
$ $
No. No.
Series Series
UNITED STATES OF AMERICA
COMMONWEALTH OF PENNSYLVANIA
CITY OF PHILADELPHIA
$ _____ Loan of _____ , _____
Due _____ , _____ ,
The City of Philadelphia, Pennsylvania, for value received, hereby acknowledges itself indebted and promises to pay on the_____ day of __________, _____, to bearer, or if this bond be registered, then to the registered owner hereof, at __________, Philadelphia, Pennsylvania, the sum of __________ Dollars ($ _____), together with interest thereon from the date hereof at the rate of _____ percent (_____ %) per annum, semi-annually on the _____ days of __________ and __________ in each year until the maturity hereof, upon presentation and surrender of the respective coupons hereto attached as they severally mature.
[Note: Appropriate provisions to be inserted in case the first or final coupon represents interest other than for six months.]
The principal of and interest on this bond are payable in lawful money of the United States of America without deduction for any tax or taxes, except gift, succession or inheritance taxes, which the City of Philadelphia may be required to pay thereon or retain therefrom under or pursuant to any present or future law of the Commonwealth of Pennsylvania, all of which taxes, except as above provided, the City of Philadelphia assumes and agrees to pay.
This bond is one of an issue aggregating $ _____, all of like date, amount, and tenor, but differing as to maturity and interest rate, divided into __________ series maturing or becoming due at different dates as set forth in the ordinance authorizing the indebtedness represented by said issue of bonds. Said bonds are issued pursuant to an ordinance of the Council of the City of Philadelphia dated __________, and for the purposes therein stated authorizing the incurring (refunding) of indebtedness of the City of Philadelphia in the sum of $ _____, (with consent of the electors which was duly obtained at an election held __________; or: which was duly assumed by the electors at an election held __________).
[Note: Neither clause to be inserted in the case of a Councilmanic loan not assumed by the electors.]
This bond shall pass by delivery or may be registered as to principal only, upon the Bond Registry Book of the City of Philadelphia, to be kept at the office of its duly appointed Fiscal Agent, in the City of Philadelphia, and by endorsement on the back hereof by an officer of the said Fiscal Agent and the City Controller, after which no transfer shall be made except by the registered holder or holders in person or by his or their duly authorized attorney, and such transfer shall be noted upon said Bond Registry Book and upon the back hereof; Provided, however, that this bond may be transferred to bearer and negotiability thereby restored, and shall continue subject to successive registration or transfer to bearer at the option of the holder or holders for the time being, but no such registration of principal shall affect the negotiability of the coupons hereto attached, which shall continue to be transferable by delivery. Coupon bonds and fully registered bonds without coupons of this issue and series and of the same maturity date are interchangeable at the option of the bearer or registered holder in like principal amounts, aggregating one thousand dollars ($1,000), or authorized multiples thereof, upon presentation and surrender at the office of the Fiscal Agent.
[Note: This sentence to be omitted if no fully registered bonds are to be issued.]
It is hereby certified that an annual tax sufficient for the payment at maturity of the principal of the issue of bonds of which this bond is a part, together with the interest thereon, in accordance with the terms and conditions hereof, has been properly levied and assessed, and that said tax is not in excess of any legal limitation, and further that all acts, conditions and things required to be done or performed precedent to and in the issuance of this bond or in the creation of the debt of which this is evidence, have been done and performed in regular and due form and manner, as required by law, and that the debt represented by this bond is not in excess of any constitutional or statutory limitation, and for the prompt and full payment of all the obligations of this bond the entire faith, credit, and taxing power of the said City of Philadelphia are hereby irrevocably pledged.
IN WITNESS WHEREOF, The City of Philadelphia has caused this bond to be properly executed by its Fiscal Agent, __________, by two duly authorized officers thereof, and the facsimile of the seal of the City of Philadelphia to be imprinted or otherwise reproduced hereon, duly countersigned and attested by a facsimile signature of the City Controller, and has also caused the coupons hereto attached to be authenticated with the facsimile signature of the City Controller, as of the _____ day of __________, _____.
CITY OF PHILADELPHIA,
By
Fiscal Agent
_______________________
_______________________
Authorized Officers
Countersigned and Attested
By__________________
City Controller
(Form of Coupon.)
No._________________ $___________________
On the _____ day of __________, _____, the City of Philadelphia upon surrender of this coupon will pay to the bearer _____ Dollars ($_____), at __________, Philadelphia, Pennsylvania, in lawful money of the United States of America without deduction for taxes as specified in the below mentioned bond, being _____ months' interest then due on Bond No. _____, series _____, of the (Amount) loan of (date), issued (date)
_____________________
City Controller
(Form of Registration.)
No Writing, on This Bond, Except by an Authorized Officer of __________ Fiscal Agent and by the City Controller of the City of Philadelphia.
Date of Registry | In Whose Name Registered | Signature of Officer of Fiscal Agent | Signature of City Controller |
(b) Fully Registered Bonds.
$ $
No. No.
Series Series
UNITED STATES OF AMERICA
COMMONWEALTH OF PENNSYLVANIA
CITY OF PHILADELPHIA
$ _____ Loan of__________, _____,
Due __________, _____,
The City of Philadelphia Pennsylvania, for value received, hereby acknowledges itself indebted and promises to pay on the _____ day of __________, _____, to __________, or registered assigns, at __________, Philadelphia, Pennsylvania, the sum of _____ Dollars ($ _____), together with interest thereon from the date specified hereon for that purpose at the rate of _____ percent (_____%) per annum, semi-annually on the _____ days of __________ and __________ in each year until the maturity hereof.
[Appropriate provisions to be inserted in case the first or final interest payments represent interest other than for six months.]
The principal of and interest on this bond are payable in lawful money of the United States of America without deduction for any tax or taxes, except gift, succession or inheritance taxes, which the City of Philadelphia may be required to pay thereon or retain therefrom under or pursuant to any present or future law of the Commonwealth of Pennsylvania, all of which taxes, except as above provided, the City of Philadelphia assumes and agrees to pay.
This bond is one of an issue aggregating $ _____, all of like date and tenor, but differing as to maturity, interest rate and denominations, divided into _____ series maturing or becoming due at different dates as set forth in the ordinance authorizing the indebtedness represented by said issue of bonds. Said bonds are issued pursuant to an ordinance of the Council of the City of Philadelphia dated __________, _____, and for the purposes therein stated, authorizing the incurring (refunding) of indebtedness of the City of Philadelphia in the sum of $_____, (with the consent of the electors which was duly obtained at an election held _______________; or: which was duly assumed by the electors at an election held _______________).
[Note: Neither clause to be inserted in the case of a Councilmanic Loan not assumed by the electors.]
This bond is transferable by the registered owner hereof in person or by attorney, duly authorized in writing, upon the Bond Registry Book of the City of Philadelphia, to be kept at the office of its duly appointed Fiscal Agent, in the City of Philadelphia, upon surrender and cancellation hereof and upon presentation of a written instrument of transfer duly executed, and thereupon the City of Philadelphia shall cause to be issued in the name of the transferee or transferees, a new registered bond or bonds of like form in authorized denominations, for a like aggregate principal amount; and this bond may, upon surrender hereof as aforesaid, be exchanged for a coupon bond or bonds of this issue and series in a like aggregate principal amount in the denomination of one thousand dollars ($1,000), or authorized multiples thereof, and with coupons representing interest from the date to which interest shall have been paid hereon.
It is hereby certified that an annual tax sufficient for the payment at maturity of the principal of the issue of bonds of which this bond is a part, together with the interest thereon, in accordance with the terms and conditions thereof, has been properly levied and assessed, and that said tax is not in excess of any legal limitation, and further that all acts, conditions and things required to be done or performed precedent to and in the issuance of this bond or in the creation of the debt of which this is evidence, have been done and performed in regular and due form and manner, as required by law, and that the debt represented by this bond is not in excess of any constitutional or statutory limitation, and for the prompt and full payment of all the obligations of this bond the entire faith, credit, and taxing power of the said City of Philadelphia are hereby irrevocably pledged.
IN WITNESS WHEREOF, the City of Philadelphia has caused this bond to be properly executed by its Fiscal Agent, __________, by two duly authorized officers thereof, and the facsimile of the seal of the City of Philadelphia to be imprinted or otherwise reproduced hereon, duly countersigned and attested by a facsimile signature of the City Controller, as of the _____ day of __________, _____.
CITY OF PHILADELPHIA,
By
Fiscal Agent
_____________________
_____________________
Authorized Officers
Date from which interest is payable:
_____________
Countersigned and Attested
By _______________
City Controller
(2) Unless otherwise provided in the ordinance authorizing the loan, the bonds for City term loan issues shall be substantially in the form of bonds for City serial loan issues as set forth in subsection 19-301(1), with such changes as are appropriate.
(3) The legal opinion with respect to any bond may be printed on the reverse side of the bond, at the expense of the City, if the majority of the Mayor, City Controller and City Solicitor so determine prior to offering the bonds for sale. 74
Notes
| 73 | Source: 1940 Ordinances, p. 91. |
| 74 | Amended, 1960 Ordinances, p. 746. |