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Section 3 - Authorization, Form and Details of the Note
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<br /> There is hereby authorized to be issued a general obligation note of the City in the
<br />aggregate principal mount of up to $2,000,000 for municipal purposes as described in Section 2
<br />above. The Note authorized herain shall be designated "Oeneml Obligation Note
<br />(Redevelopmerit and Public Property Improvemere Project), Series 1998," shall be issuable as a
<br />fully ragistered note, withem coupons, shall be dated the Closing Date, shall be numbered R-I,
<br />shall bear interest payable on the Maturity Date at a rate per annum of 3.95%, and the Note shall
<br />mature on the Maturity Date. The Note is subject to redemption prior to maturity at the option of
<br />the Council at any time after May 1, 1998, in whole or in part as limited by the terms of the Note,
<br />at a redemption price equal to 100% of the principal amount of the Note to be redeemed, plus
<br />interest accrued to the redemption date.
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<br /> The Note is hereby authorized to be issued under the City Charter and the Act. The Note
<br /> shall bear interast from the date on which it is authenticated. Interest on the Note shall be
<br /> computed on the basis of 30-day months and a 360-day year.
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<br /> Principal of, and interest nn, the Note shall be payable in lawful money of the United
<br /> StatesofAmerica. PrinciPal ofand interest on the Note shall bo payable at the principal office
<br /> of the Paying Agent upon presentation and surrender of the Note on the Maturity Datel
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<br /> The Note shall be printed, lithegraphed or typewritten and shall be substantially in the
<br />form herainbelow set forth, with such appropriate variations, omissions and insertions as are
<br />permitted or required by this Ordinance, including such variations, insertions and omissions as
<br />shall be necessary to issue the Note under a system of book-entry for recording the ownership
<br />and transfer of ownership of rights to receive payments of principal of and interest on the Note
<br />and may have endorsed thereon such legends or text as may be necessary or appropriate to
<br />conform to any applicable rules and regulations of any govemmental authority or any usage or
<br />requirement of taw with respect thereto.
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<br /> If any principal of, or interest on, the Note is not paid when due (whether at maturity, by
<br />acceleration or call for redemption, or otherwise), then, to the extent permitted by law, the
<br />overdue installments of principal shall bear interest until paid at the same rate as set forth in the
<br />Note.
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<br /> The Note shall be signed by the facsimile or manual signature of the Mayor. The
<br />facsimile of the Cit,fs seal shall be printed thereon or manually impressed thereon and attested
<br />by the facsimile or manual signature of the Clerk. h case any officer whose signature or
<br />facsimile of whose signature shall appear on the Note shall cease to be such officer before
<br />delivery of the Note, such signature or facsimile shall nevertheless be valid and sufficient for all
<br />purposesi the same as if he remained in office until such delivery. The Note may bear the
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<br />facsimile signature of or may be signed by such persons as at the actual time of the execution
<br />thereof shall be the proper officers to sign the Note although on the date of dellvery of the Note
<br />such persons may not have been such officers.
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<br /> The Note shall bear a certificate ofauthentication, in the form set forth below, duly
<br />executed by the Registrar. The Registrar shall authenticate the Note with the signature of an
<br />authorized officer of the Registrar. Only the authenticated Note shall be entitled to any right or
<br />benefit under this Ordinance, and such certificate on the Note issued hereunder shall be
<br />conclusive evidence that the Note has been duly issued and is secured by the provisions hereof.
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<br /> The Paying Agent shall act as Registrar and shall maintain Registration Books for the
<br />registratiou and the registration of transfer of the Note. The City Treasurer is hereby designated
<br />and authorized to act as Paying Agent and Registrar hereunder, The transfer of the Note may be
<br />registered only on the books kept for the registration and registration of transfer of the Note upon
<br />surrender thereof to the Registrar together with an assignment duly executed by the registered
<br />holder in person or by his duly authorized attorney or legal representative in such form as shall be
<br />satisfactory to the Registrar. Upon any such transfer, the City shall execute and the Registrar
<br />shall authenticate and deliver, in exchange of the Note, a new registered Note registered in the
<br />name of the transferee of the same series, maturity and interest rate as the Note so exchanged in
<br />any denomination or denominations authorized by this Ordinance.
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<br /> The Registrar shall not be required to make any such registration or registration of
<br />transfer during the thirty (30) days immediately preceding the Maturity Date or a redemption
<br />date.
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<br /> Prior to due presentment for registration of transfer for the Note, the Registrar shall treat
<br />the ragistered holder as the person exclusively emitled to paymere of principal of, pramiam, if
<br />any, and interest on, the Note and the exemise of all other rights and powers of the Holder.
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<br /> If the Note has been mmilated, lost or destroyed, the City shall execute and the Registrar
<br />shall authenticate and deliver a new Note of like date and tenor in exchange or substitution for,
<br />and upon cancellation of, such mutilated Note or in lieu of and in substitution for such lost or
<br />destroyed Note; provided, however, that the City and the Registrar shall execute, authenticate and
<br />deliver such Note only if the Holder has paid the reasonable expenses and charges of the City and
<br />the Registrar in connection therewith and, in the case of a lost or destroyed Note, has furnished to
<br />the City and the Registrar (a) evidence satisfactory to them that such Note was lost or destroyed
<br />and the Holder was the Owner thereof and (b) indemnity satisfactory to them. If the Note has
<br />matured, instead of issuing a new Note, the Registrar may pay the same without surrender thereof
<br />upon receipt of the aforesaid evidence and indemnity.
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<br /> If the Note has been paid (whether at maturity, by acceleration or otherwise) or delivered
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