Ord64 1128 - Laserfiche WebLink

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CHAPTER 12 Sections 1204 Where Paid. The bonds shall be payable in lawful money of the United States at the office of the treasurer or at such office of such depositary, paying agent or fiscal agent within or without the State of California as may be designated by the council. 1205 Interest Rate. The bonds shall bear interest at a rate not exceeding six per cent (6 %) per annum, payable semiannually in like lawful money, except the first year or portion thereof which may be for all or such portion of a year. 1206 Split Coupons. Interest for any period may be split as to time or amount and be represented by two coupons, both of which shall be attached or one of which may be detached at the time of their issuance. 1207 Term. The term of any issue of bonds or of any series of any issue shall not exceed forty (40) years from the date of the bonds of such issue or the date of the bonds of such series. 1208 Execution. Each bond shall be signed by the mayor and countersigned by the clerk. Each coupon shall be signed by the clerk. The bonds shall bear the manual signature of the mayor or the clerk and the other signature on the bonds and the signature of the clerk on the coupons may be printed , lithographed or engraved and such shall constitute due exe- cution. The bonds shall have affixed thereto the official seal of the city, which may be printed, lithographed, engraved or otherwise placed in facsimile thereon.