Res85 10102 - Laserfiche WebLink

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earliest maturity may be of a different denomination, as necessary), and mature in the principal amounts and on the dates set forth in Exhibit "B" attached hereto and by this reference made a part hereof. Section 3. Interest. The Bonds shall bear interest at the rate or rates determined by the Council at the time of award of sale thereof, not to exceed twelve percent (12%) per annum, payable commencing on March 2, 1987, and thereafter semiannually on March 2 and September 2 in each year. Bonds originally issued shall bear interest from their date. Bonds issued on transfers or exchanges of Bonds shall bear interest from the interest payment date next preceding the date of authentication and registration thereof, unless authenticated and registered on an interest payment date, in which event from such interest payment date, or unless authenticated and registered prior to March 2, 1987, in which event from their date. Each Bond will continue to bear interest after maturity at the rate stated therein, provided it is presented at maturity and pa~nent thereof is refused upon the sole ground that there are not sufficient moneys in the Redemption Fund with which to pay same. If it is not presented at maturity, interest thereon will run only until maturity. Section 4. Bonds Payable. The principal of the Bonos and any redemption premium shall be payable in lawful money of the United States of America at the principal corporate trust office of Bank of America National Trust and Savings Association, San Francisco, California, or its successor, as Registrar, Transfer Agent and Paying Agent (the "Agent"), upon surrender of the Bonds at said office of the Agent. Interest shall be payable by check or draft mailed to the holder of record at the address of said holder as it appears in the registry records maintained by the Agent, or to such address as may have been filed with the Agent for that purpose, as of the close of business of the 15th day next preceding an interest payment date. Section 5. Form of Bonds. The Bonds shall be substantially in the form set forth in Exhibit "C" attached hereto and by this refer~nce made a part hereof, the blank spaces therein to be filled-in to conform to the provisions of this Resolution. Any portion of the text of any Bond may be set forth on the reverse thereof with an appropriate reference thereto on the face of the Bond. Section 6. Execution of Bonds. The Bonds shall be executed on behalf of the City by the engraved, printed or lithographed facsimile signatures of the Treasurer and City Clerk and a facsimile of the corporate seal of the City shall be affixed to the Bonds in like manner, provided that the signatures of said officers and the seal of the City on any temporary Bond may be manually affixed thereto. Only Bonds authenticated and registered by the endorsement thereon of a certificate SL~ ~antial1y in the form set forth in Exhibit "C" hereof and executed by an authorized officer of the Agent shall be valid and become obligatory for any purpose under and be entitled to -2-