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The bonds shall bear interest which, unless registered at issuance, shall be represented by coupons numbered consecutively, bearing corresponding bond numbers, payable on January 1st and July 1st of each year, or on such other dates as the Board deems appropriate, the first and the form of which shall be fixed and prescribed by the Board.
(Added by Ord. 225-81, App. 5/5/81)
If upon presentation at maturity, or if redeemable and duly called for redemption, payment of the bonds or any interest coupons thereof is not made in full accordance with the indenture of issuance, said bonds or coupons, or both, shall continue to bear interest at the rate stated in the bonds until paid in full.
(Added by Ord. 225-81, App. 5/5/81)
Said bonds may be made subject to call and redemption prior to their fixed dates of maturity with or without a premium, all as shall be prescribed by the Board; provided, that no bond shall be subject to prior call unless it shall so state on its face.
(Added by Ord. 225-81, App. 5/5/81)
The bonds shall be signed by the Mayor by facsimile signature printed, lithographed or engraved thereon. The bonds shall be manually countersigned by the Clerk who shall affix or cause a facsimile of the City seal to be printed, lithographed or engraved thereon.
(Added by Ord. 225-81, App. 5/5/81)
The interest coupons shall be executed by the Treasurer by printed, lithographed or engraved facsimile signature impressed thereon. The interest for any interest period may be divided as to time or rate and represented by two or more coupons.
(Added by Ord. 225-81, App. 5/5/81)
The proceeds of the bonds shall be deposited in a construction fund which shall be created and maintained for each project. The monies in said fund shall be used solely for the acquisition and construction of the improvements and rights described in said proceedings, and the expenses incidental to said proceedings and the financing thereof, including, but not limited to, legal or other fees incidental to or connected with the authorization, issuance and sale of the bonds and the cost of printing the bonds. Such expenses may include interest on the bonds during the estimated period of acquisition and construction.
(Added by Ord. 225-81, App. 5/5/81)
All monies which shall have been pledged or contributed to the payment of the bonds and the interest thereon, and all annual assessments levied therefor, shall be deposited in the redemption fund for such issue, shall constitute a trust fund therefor, and shall not be expended for any other purpose; provided that if any monies remain in the redemption fund after the payment of all the bonds and the interest thereon they shall be transferred to the City general fund, unless a maintenance, improvement or a service facilities district has been created for the improvements acquired and/or constructed from the proceeds of said bonds, in which event they shall be transferred to such fund, and be used for the objects and purposes thereof.
(Added by Ord. 225-81, App. 5/5/81)
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