12-11-1995 Council Packet - Laserfiche WebLink

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preparing each new Bond upon e«:h exchange or transfer, and any other expenses of the City or the Bond Registrar incurred in connection therewith (except any applicable tax, fee or other governmental charge) shall be paid by the City The City and the Bond Registrar shall not be obligated to make any such exchange or transfer of Bonds during the fifteen (15) days next preceding the date of redemption in the case of a proposed redemption of Bonds or to make any transfer during the fifteen (15) days next preceding amy February 1 or August 1 interest payment date. 9. Interest on any Bond which is payable, and is punctually paid or duly provided for, on an>' interest payment date shall be paid to the person in whose name that Bond (or one or more Bonds for w hich such Bond was exchanged) is registered at the close of business on the 15th day of the month preceding such interest pay ment date Any interest on anv Bond which is payable, but is not punctually patd or duly provided for, on any interest payment date shall forthw ith cease to be payable to the registered holder on the relevant regular record date solely by virtue of such holder having been such holder, and such defaulted interest may be paid by the City in any lawful manner, if, after notice given by the City to the Bond Registriir of the proposed payment pursuant to this paragraph, such pay ment shall be deemed practicable by the Bond Registrar Subject to the foregoing provisions of this paragraph, each Bond delivered under this Resolution upon transfer of or in exchange for or in lieu of any other Bond shall cany all the rights to interest accrued and unpaid, and to accrue, which were carried by such other Bond and each such Bond shall bear interest from such date such that neither gain nor loss in interest shall result from such transfer, exchange or substitution 10 As to any Bond, the City and the Bond Registrar and their respective successors, each in its discretion, may deem and treat the person in whose name the same for the time being shall be legistered as the absolute owner thereof for all purposes and neither the City nor the Bond Registrar nor their respective successors shall be affected by any notice to the contrary Payment of or on account of the principal of any such Bond shall be made only to or upon the order of the registered owner thereof, but such registration may be changed as above provided All such payments shall be valid and effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid If lit) 1 he proceeds of the Bonds herein authorized, together with amounts on deposit in the debt service accounts for the Prior Bonds, arc hereby appropriated and shall be applied to the redemption of the Series 1989 Bonds on February 1, 1990 and the Series 1985 Bonds on January I, 1996 All tuture collections of special assessments for Improvement Project No 85-1 (the “lmpro\ement”) are hereby irrevocably appropriated and pledged to the payment of principal of and interest on the Bonds herein authorized and shall be deposited when collected m the Water and Sewer Bond Account described below- -11-