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91-58 PROVIDING FOR THE ISSUE OF GENERAL OBLIGATION BONDS, SERIES 1991
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91-58 PROVIDING FOR THE ISSUE OF GENERAL OBLIGATION BONDS, SERIES 1991
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Last modified
8/22/2016 2:16:19 PM
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8/22/2016 2:16:16 PM
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Resolution/Ordinance
Res Ord Num
91-58
Res Ord Title
PROVIDING FOR THE ISSUE OF GENERAL OBLIGATION BONDS, SERIES 1991,...AND FOR THE LEVY AND COLLECTION OF A DIRECTION ANNUAL TAX SUFFICIENT TO PAY THE COMPOUND ACCRETED VALUE OF, PRINCIPAL OF AND INTEREST ON SAID BONDS...
Approved Date
8/19/1991
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. ' I�I <br /> Compound Accreted Value of, principal of, and interest due and to I� <br /> become due thereon at the times and in the manner stipulated �I <br /> therein, and there is paid or caused to be paid to the Bond <br /> Registrar, all sums of money due and to become due according to <br /> the provisions hereof, then these presents and the estate and <br /> rights hereby granted shall cease, determine and be void except <br /> for purposes of registration, transfer and exchange of Bonds and <br /> any such payment from such moneys or obligations. Any Bond shall <br /> be deemed to be paid within the meaning of this Section when <br /> payment of the Compound Accreted Value of any such Capital <br /> Appreciation Bond or the principal of any such Current Interest <br /> Bond, and interest thereon to the due date thereof (whether such <br /> due date be by reason of maturity or upon redemption as provided <br /> in this Ordinance or otherwise) , either (a) shall have been made <br /> or caused to have been made in accordance with the terms thereof, <br /> or (b) shall have been provided for by irrevocably depositing <br /> with the Bond Registrar in trust and exclusively for such <br /> payment, ( 1) moneys sufficient to make such payment or (2) (A) <br /> direct obligations of the United States of America; (B) obliga- <br /> � tions of agencies of the United States of America, the timely <br /> payment of principal of and interest on which are guaranteed by <br /> the United States of America; or (C) instruments evidencing an <br /> ownership interest in obligations described in the preceding <br /> clauses (A) and (B) , or (3) a combination of the investments <br /> described in clauses (1) and (2) above, such amounts so deposited <br /> _39_ . <br />
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