674 - Laserfiche WebLink

Home Browse Search

The interest on the bonds shall be evidenced by interest coupons. The principal of the bonds, unless registered, and the in- terest shall be payable at the office of the paying agent. The prin- cipal, if registered as to principal, is payable upon presentation and surrender of the bond at the principal office of the Trustee. Payment shall be in any coin or currency which on the respective dates of payment of such principal and interest is legal tender for the pay- ment of debts due the United States of America. Section 203. The bonds shall be executed on behalf of the City by the Mayor and City Clerk thereof and shall have impressed thereon the seal of the City The coupons attached to the bonds shall be executed by the facsimile signature of the Mayor which facsimile signature shall have the same force and effect as if the Mayor had personally signed each of said coupons. The bonds, together with interest thereon, shall be payable from the "Bond Fund" as hereinafter set forth, and shall be a valid claim of the holders thereof only against such fund and the revenues pledged to such fund (but in addition shall be secured by a first mortgage on the project), which revenues are hereby pledged and mortgaged for the equal and ratable payment of the bonds and shall be used for no other purpose than to pay the principal of and interest on the bonds, and the paying agent's fees, except as may be otherwise expressly authorized in this Indenture. The bonds and interest thereon shall not constitute an indebtedness of the City _ within the meaning of any constitutional or statutory provision. In case any officer whose signature or facsimile of whose signature shall appear on the bonds or coupons shall cease to be such officer before the delivery of such bonds, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes, the same as if he had re- mained in office until delivery. Section 204. Only such bonds as shall have endorsed thereon•