Laserfiche WebLink
Page 14 <br />Section 9. That the bonds of this issue shall be <br />callable for payment prior to maturity in accordance with the <br />terms set out in the face of the bond form in Section 5 of <br />this Ordinance. <br />Section 10. That the Treasurer of the City is hereby <br />ordered and directed to place on deposit with the paying agent <br />at least five (5) days before the maturity or redemption date <br />of any bond or interest coupon issued hereunder, an amount <br />from the funds herein appropriated equal to the amount of such <br />bonds or coupons for the sole purpose of paying the same, <br />together with the customary paying agent's fees. Such deposit <br />shall be at the risk of the City and shall not operate as a <br />payment of the bonds or coupons until so applied. This in- <br />struction to the Treasurer is irrevocable and may be enforced <br />by mandamus. <br />Section 11. That Union National Bank of Little Rock, <br />Little Rock, Arkansas, is designated as paying agent. The holders <br />of a majority in value of the outstanding bonds at any time may <br />by an instrument duly executed and recorded in the office of the <br />City Clerk appoint a new paying agent, who shall have all the <br />powers of the paying agent originally named, and the paying agent <br />herein named may resign at any time upon ten (10) days' notice in <br />writing mailed to the City Clerk. In the event of a vacancy in <br />