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2001-58 PROVIDING FOR THE ISSUANCE OF A TAXABLE SUBORDINANTE LIEN PROMISSORY NOTE
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2001-58 PROVIDING FOR THE ISSUANCE OF A TAXABLE SUBORDINANTE LIEN PROMISSORY NOTE
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3/2/2016 10:50:10 AM
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3/2/2016 10:50:08 AM
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Resolution/Ordinance
Res Ord Num
2001-58
Res Ord Title
PROVIDING FOR THE ISSUANCE OF A NOT TO EXCEED $4,882,000 TAXABLE SUBORDINATE LIEN PROMISSORY NOTE (SOUTHEAST PLAZA PROJECT), SERIES 2001
Approved Date
8/6/2001
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! i ' � � <br /> signature shall nevertheless be valid and sufficient for all purposes, the same as if such officer <br /> had remained in office until delivery. <br /> In the event that the Note shall be signed by the duly authorized facsimile signatures of <br /> the Mayor and City Clerk, the Note shall also have thereon a manually signed certificate of <br /> authentication substantially in the form hereinafter set forth duly executed by the City Treasurer <br /> as authenticating agent of the City and showing the date of authentication, and the Note shall not <br /> be valid or obligatory for any purpose or be entitled to any security or benefit under this <br /> Ordinance unless and until such certificate of authentication shall have been duly executed by the <br /> City Treasurer by manual signature. Such certificate of authentication upon the Note shall be <br /> conclusive evidence that the Note has been authenticated and delivered under this Ordinance. <br /> Section 4. Mandatory Redemption; Prepayment. (a) Mandatory <br /> Redemption. The Note is issued as a term note and is subject to mandatory redemption, by <br /> operation of the Principal and Interest Account, the Limited Incremental Sales Tax Subaccount, <br /> or both, at a price of par plus accrued interest without premium, on any Regular Interest Payment <br /> Date and upon the terms as follows: Whenever as of any Accounting there is on deposit in the <br /> Principal and Interest Account, the Limited Incremental Sales Tax Subaccount, or both, an <br /> amount in excess of the amount required to pay all interest (all Deferred Accrued Interest and all <br /> Current Interest) on the Note through the succeeding Regular Interest Payment Date, the Paying <br /> Agent shall make provision for the redemption of the Note on such succeeding Regular Interest <br /> Payment Date to the fullest extent practicable from such excess, in amounts not less than $1,000 <br /> -11- <br />
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