BC 1988 05 23 - Laserfiche WebLink

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371 in the Award Certificate; provided, however, that in accordance with G.S. 159-122(a) and as determined by the Local Government Commission, the last maturity or installment of principal of the Bonds shall mature not later than forty (40) years from the date of such Bonds. In the event that a determina- tion is made to issue the Bonds as term Bonds or as a combination of term and serial Bonds, the amortization requirements for the retirement of the principal component of any such term Bonds, the method of adjusting such amortization requirements in the event of the retirement of the principal of such term Bonds on a basis less than or greater than the amortization require- ments initially established, the method of paying such amortization require- ments and all other provisions pertinent to the issuance of term Bonds shall be established in the Award Certificate, subject to the approval of the Local Government Commission. The Bonds shall be issuable in fully registered form in such denomina- tions as shall be determined in the Award Certificate; provided, however, that the Bonds shall be issued initially as a single registered bond, registered in the name of the Bank Purchaser or its designee, as shall be determined in the Award Certificate. Subject to the limitations of Section 7 hereof, the Bonds shall bear interest at a rate or rates (fixed or variable as hereinafter provided) to be determined by the Local Government Commission in the Bond Purchase Agreement and approved by the Designated Representative in the Award Certificate, which interest to the respective maturities thereof or of the installments of principal thereof shall be payable at such times as shall be determined in the Award Certificate. Each Bond shall bear interest from the interest payment date next preced- ing the date on which it is authenticated unless it is (a) authenticated upon an interest payment date in which event it shall bear interest from such interest payment date or (b) authenticated prior to the first interest payment date in which event it shall bear interest from its date; provided, however, that if at the time of authentication interest is in default, such Bond shall bear interest from the date to which interest has been paid. The principal of and the interest and any redemption premium on the Bonds shall be payable in any coin or currency of the United States of America which is legal tender for the payment of public and private debts on the respective dates of payment thereof. The principal of and any redemption premium on each Bond, other than a Bond registered in the name of a Bank Purchaser or its designee, shall be payable to the registered owner thereof or his registered assigns or legal representative at the corporate trust office of the Bond Registrar mentioned hereinafter upon the presentation and surrender thereof as the same shall become due and payable. Payment of the interest on each Bond shall be made by the Bond Registrar on each interest payment date to the person appearing on the registration books of the Issuer hereinafter provided for as the registered owner of such Bond (or the previous Bond or Bonds evidencing the same debt as that evidenced by such Bond) at the close of business on the record date for such interest, which shall be the 15th day (whether or not a business day) of the calendar month next preceding such interest payment date, by check mailed to such person at his address as it appears on such registration books or, in the case of a Bond registered in the name of a Bank Purchaser or its designee, as hereinafter provided. If a Bank Purchaser or its designee is the registered owner of the Bonds, payment of the installments of principal and interest with respect thereto shall be made at such place and in such manner as the Bank Purchaser shall designate without presentation or surrender thereof. Section 4. Redemption Provisions. The Bonds shall be subject to redemp- tion as determined in the Award Certificate, but no redemption premium payable by the Issuer shall exceed two percent (2%) of the principal amount of the Bonds being redeemed. If less than all of the Bonds of any one maturity shall be called for redemption, the particular Bonds or portions of Bonds of such maturity to be redeemed shall be selected by lot by the Issuer in such manner as the Issuer in its discretion may determine; provided, however, that the portion of any bond to be redeemed shall be in the lowest denomination of the Bonds or some multiple thereof and that, in selecting Bonds for redemption, the Bond Regis- trar shall treat each Bond as representing that number of Bonds which is obtained by dividing the principal amount of such Bond by the lowest