Ordinance 99-86 - Laserfiche WebLink

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The City may prepay the Bond Anticipation Note in whole or in part, at any time or from time to time, without penalty or premium, by paying to the Bank all or part of the principal amount of the Bond Anticipation Note, 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 Bank not less than ten (10) business days prior thereto. If such prepayment shall be for only a portion of the unpaid principal balance of the Bond Anticipation Note, such prepayment shall be applied against the obligation of the City to pay future amortization installments on the Bond Anticipation Note 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 Bond Anticipation Note is to be paid, upon presentation and surrender of the Bond Anticipation Note 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 Bond Anticipation Note is to be paid, upon presentation of such Bond Anticipation Note 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 Bond Anticipation Note in the principal amount not redeemed. Notwithstanding the provisions of clause (ii) above, so long as the Bond Anticipation Note 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 Bond Anticipation Note. 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 Bond Anticipation Note 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 Bond Anticipation Note shall continue to bear interest until payment thereof. SECTION 2.3 EXECUTION OF THE BOND ANTICIPATION NOTE AND THE BOND. The Bond and the Bond Anticipation Note shall be executed in the name of the City by the signature of the Mayor of the City and its official seal shall be affixed thereto or imprinted or reproduced thereon and attested by the City Clerk. The signatures of the Mayor of the City and City Clerk on the Bond and the Bond Anticipation Note may be manual or facsimile signatures. In case anyone or more of the officers who shall have signed or sealed the Bond or the Bond Anticipation Note shall cease to be such officer of the City before the Bond or the Bond Anticipation Note so signed and sealed shall have been actually sold and delivered, such Bond or Bond Anticipation Note may nevertheless be sold and delivered as herein provided and may be issued as if the person who signed or sealed such Bond or Bond Anticipation Note had not ceased to hold such office. The Bond or Bond Anticipation Note may be signed and sealed on behalf of the City by such person who at the actual time of the execution of the Bond or the Bond Anticipation Note shall hold the proper office, although at the date the Bond or the Bond Anticipation Note shall be actually delivered such person may not have held such office or may not have been so authorized. 13