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516174
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<br /> Section 5. Description o! Bonds. Said bonds shall be in the principal sum of $1,950,000. The
<br />bonds may be initially issued in the form of bearer bonds in the denomination of $5,000 each, or in fully
<br />registered form in denominations of $5,000 each or any multiple thereof. The bearer bonds shall be
<br />numbered C1 to C390, inclusive. Said bonds shall be designated 1962 WATER REVENUE BONDS,
<br />SERIES C, shall be dated July 1, 1974, and shall be payable in consecutive numerical order on July
<br />1 in each year of maturity in the amounts for each of the several years as follows:
<br />
<br /> Principal Principal
<br /> Year Amount Year Amount
<br />
<br />1975 .................................... $ 40,000
<br />1976 .................................... 40,000
<br />1977 .................................... 40,000
<br />1978 .................................... 40,000
<br />1979 ................................... 40,000
<br />1980 ................................... 40,000
<br />1981 ................................... 40,000
<br />1982 .................................. 40,000
<br />
<br />1983 .................................... $ 40,000
<br />1984 .................................... 40,000
<br />1985 ................................. 40,000
<br />1986 .................................... 50,000
<br />1987 .................................... 50,000
<br />1988 .................................... 50,000
<br />1989 ................................... 50,000
<br />
<br />1999 .......................... 1,310,000
<br />
<br /> The bonds maturing in the years 1975 to 1989, inclusive, are herein sometimes referred to as
<br />"serial bonds". The bonds maturing in the year 1999 are herein sometimes referred to as "term bonds".
<br />
<br /> Section 6. Interest, Said bonds shall bear interest at a rate or rates to be hereafter fixed by
<br />resolution or resolutions, but not to exceed seven per cent (7%) per annum, payable semiannually on the
<br />1st days of January and July of each year. Each bond shall bear interest until the principal sum thereof
<br />has been paid, provided, however, that if at the maturity date of any bond, or if the same is redeemable
<br />and has been duly called for redemption, funds are available for the payment or redemption thereof in
<br />full accordance with the terms of this resolution, said bonds shall then cease to bear interest. Said bonds
<br />and the interest thereon shall be payable in lawful money of the United States of America at the office
<br />of the Director of Finance of the City of Santa Aha, in said city, or, at the option of the holder, at any
<br />paying agent of the City in Los Angeles or San Francisco, California, Chicago, Illinois, or New York,
<br />New York.
<br />
<br /> Section 7. Execution of Bonds. The Mayor of the City and the Director of Finance of the City
<br />are hereby authorized and directed to sign all of said bonds by their printed, lithographed or engraved
<br />facsimile signatures, and the Clerk of the Council is hereby authorized and directed to countersign said
<br />bonds and to affix thereto the corporate seal of the city, and the Director of Finance of the city is hereby
<br />authorized and directed to sign the interest coupons of said bonds by his printed, llthographed or engraved
<br />facsimile signature.
<br />
<br /> Section 8. Registration. Bearer bonds may be registered ouly by exchange for fully registered
<br />bonds of the same interest rate and maturity. Fully registered bonds may be exchanged in whole for
<br />bearer bonds or in part for bearer bonds and in part for fully registered bonds. Transfer of ownemhip of
<br />fully registered bonds shall be made by exchanging the same for new fully registered bonds. All of such
<br />exchanges shall be made in such manner and upon such reasonable terms and conditions as may from
<br />time to time be determined and prescribed by the City; provided, however, no such exchange shall be made
<br />between the fifteenth day preceding any interest payment date and such interest payment date. Such
<br />exchanges shall be free of any costs or charges to the person, firm or corporation requesting such exchange,
<br />except for any tax or governmental charge that may be imposed thereon.
<br />
<br /> The Director of Finance will keep sufficient books for the registration and transfer of the bonds, as
<br />hereinbefore provided.
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