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2013-71 PROVIDING FOR THE ISSUANCE OF A PROMISSORY NOTE, SERIES 2013
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2013-71 PROVIDING FOR THE ISSUANCE OF A PROMISSORY NOTE, SERIES 2013
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Last modified
2/27/2017 9:07:47 AM
Creation date
8/6/2015 2:08:44 PM
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Resolution/Ordinance
Res Ord Num
2013-71
Res Ord Title
PROVIDING FOR THE ISSUANCE OF A NOT TO EXCEED $17,250,000 PROMISSORY NOTE TO PAY THE COSTS OF CERTAIN IMPROVEMENTS TO THE WATERWORKS SYSTEM
Department
Finance
Approved Date
8/5/2013
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conclusive evidence that the Note has been authenticated and delivered and r this Ordinance. <br /> The certificate of authentication on the Note shall be deemed to have beer executed by it if <br /> signed by an authorized officer of the Note Registrar. <br /> Section 6. Optional Prepayment. The Note shall not be subject to prepayment until <br /> August 15, 2018. From August 15, 2018, to and including August 14, 2026, the Note shallon.an <br /> annual basis, I% of the original.prfnc' at amount of the Note shall be subje t to prepayment at <br /> the option of the City, from_an_y_.available. funds, at a prepayment price o' par plus_accrued <br /> interest to the prepayment date_(the "Prepayable, .4rnount"). From Augus _1.5,?01.8, to, and <br /> including August 14,2026,the Note shall also be subject to prepayment at the option of the City, <br /> on any, date, from any available funds, in °' of the eFigginal <br /> prineipal amount of the Note, ,whole or in- vast.with_the_amount pre aid whic_li exceeds_ <br /> thePrepayable Amountbeing-prepayable at a prepayment price of 103% cf par plus accrued <br /> interest to the prepayment date. After August 14, 2026, the Note shall be subject to prepayment <br /> at the option of the City on any date, from any available funds, in whole or in part, at a <br /> prepayment price of par plus accrued interest to the prepayment date. <br /> Section 7. Prepayment Procedure. Unless waived by the Note Registrar, the City <br /> shall, at least 15 days prior to the prepayment date (unless a shorter ti a period shall be <br /> satisfactory to the Note Registrar), notify the Note Registrar of such prepayment date and of the <br /> principal amount of the Note to be prepaid. Unless waived by the registered owner of the Note, <br /> official notice of any such prepayment shall be given by the Note Registrar on behalf of the City <br /> by mailing the prepayment notice by first class mail not less than five days and not more than 30 <br /> days prior to the prepayment date to the registered owner of the Note at thea dress shown on the <br /> - foto Register-or at such other address-as-is-furnished-in writing by the registered owner-to the- <br /> Note Registrar. All official notices of prepayment shall include at least the information as <br /> follows: <br /> -7- <br />
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