Laserfiche WebLink
C72 <br />Page 9 <br />on the bonds as they mature, and the paying agent's fees, to make <br />adequate provision for the depreciation of the System and for <br />the payment of proper and reasonable expenses of operation and <br />maintenance of the System. <br />There is a statutory mortgage lien upon the System, <br />which shall exist in favor of the holders of the bonds, and each <br />of them, and in favor of the holders of the coupons attached to <br />the bonds, and the System shall remain subject to such statutory <br />mortgage lien until payment in full of the principal of and interest <br />on the bonds. <br />This bond is expressly made negotiable under the laws <br />of the State of Arkansas and is issued with the intent that the <br />laws of the State of Arkansas shall govern the construction thereof. <br />The bonds of this issue shall be callable for payment <br />prior to maturity in inverse numerical order as follows: From <br />surplus revenues, as defined in the authorizing ordinance, on <br />any interest paying date at 102 1/2% and accrued interest; from <br />funds from any source on any interest paying date on and after <br />October 1, 1971, at par and accrued interest. Notice of the call <br />for redemption shall be published once a week for two weeks <br />before the date for such redemption in a newspaper published in <br />the City of Little Rock, Arkansas, and having a general circulation <br />throughout the State of Arkansas, giving the number and maturity <br />of each bond being called, the first publication to be at least <br />fifteen (15) days prior to the redemption date, and after the date <br />fixed for redemption, each bond so called shall cease to bear <br />interest, provided funds for its payment are on deposit with the <br />paying agent at that time. <br />