Ordinance 98-39 - Laserfiche WebLink

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payments on the 1998 Bond payable during each year that the 1998 Bond shall remain outstanding; (ii) the Bondholder shall be given a written copy of such altered schedule of payments not less than 30 days before it shall take effect; (ill) the City shall provide the Bondholder with a replacement 1998 Bond reflecting such altered schedule of payments (and the Bondholder shall be obligated to return to the City for cancellation the 1998 Bond that it shall be holding at the time of such replacement); and (iv) the City shall provide the Bank, at the City's sole cost and expense, an opinion of Bond Counsel to the effect that the imposition of such altered schedule of payments shall not have an adverse effect on the exclusion of interest on the 1998 Bond from the gross income of the Bondholder for federal income tax purposes. Principal and interest on the 1998 Bond shall be payable at the office of the Paying Agent (the designated corporate trust office of the Paying Agent if the City's Finance Department is not the Paying Agent). The 1998 Bond shall be numbered in such manner as may be prescribed by the Registrar. The 1998 Bond shall be payable, with respect to interest and principal, in any coin or currency of the United States of America which at the time of payment is legal tender for the payment of public and private debts. The City may prepay the 1998 Bond in whole or in part, at any time or from time to time, without penalty or premium, by paying to the registered holder all or part of the principal amount of the 1998 Bond, together with the unpaid interest accrued on the amount of principal so prepaid to the date of such prepayment. Each prepayment shall be made on such date and in such principal amount as shall be specified by the City in a written notice delivered to the registered owner not less than ten (1O) business days prior thereto. If such prepayment shall be for only a portion of the unpaid principal balance of the 1998 Bond, such prepayment shall be applied against the obligation of the City to pay future amortization installments on the 1998 Bond in the inverse order in which such amortization installments shall become due. Notice having been given as aforesaid, the principal amount stated in such notice shall become due and payable on the prepayment date stated in such notice; and the amount of principal shall be paid (i) in case the entire unpaid balance of the principal of the 1998 Bond is to be paid, upon presentation and surrender of the 1998 Bond to the office of the Paying Agent (the designated corporate trust office, if the Paying Agent is not the City's Finance Department), and (ii) in case only part of the unpaid balance of principal of the 1998 Bond is to be paid, upon presentation of such 1998 Bond at the office of the Paying Agent (the designated corporate trust office, if the Paying Agent is not the City's Finance Department) for notation thereon of the amount of principal then paid or for issuance of a replacement 1998 Bond in the principal amount not redeemed. Notwithstanding the provisions of clause (ii) above, so long as the 1998 Bond shall be registered in the name of the Bank, a partial prepayment may be effected by payment to the Bank of the principal without surrender of the 1998 Bond. If: on the prepayment date, funds for the payment of the principal amount to be prepaid shall have been provided to the Paying Agent, as above provided, then from and after the prepayment date interest on such principal amount of the 1998 Bond shall cease to accrue. If said funds shall not have been so paid on the prepayment date with respect to principal and on the next succeeding Payment Date with respect to interest, the principal amount of the 1998 Bond shall continue to bear interest until payment thereof SECTION 2.3 EXECUTION OF THE 1998 BOND, The 1998 Bond shall be executed in the name of the City by the signature of the Mayor of the City and its official seal shall be 7