Resolution - #81-191 - 11/25/1981

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The Note shall be dated the date of issuance and delivery, shall bear interest at the rate of thirteen percent (13%) per annum (subject to changes as provided in the Note) until its payment, such interest to the maturity being payable on the outstanding principal balance monthly on the first day of each month and shall be stated to mature on March 1, 1992 (subject to prior payment of principal), all as hereinafter provided and as provided in the Note. Section 203. Execution The Note shall be executed on behalf of the City by the signatures of its Mayor and City Clerk-Treasurer. In case any officer whose signature shall appear on the Note shall cease to be such officer before the delivery of the Note, such signature shall nevertheless be valid and sufficient for all purposes, the same as if such officer remained in office until delivery. The seal of the City, if any, shall be impressed upon the Note. Section 204. Payment of Principal and Interest Both the principal of and the interest on the Note shall be payable in any coin or currency of the United States of America which on tile respective dates of pa~nent thereof is legal tender for the payment of public and private debts. The principal of and interest on the Note shall be payable at the principal office of the Lender, or at such other place as the Lender may designate in writing, without presentation and surrender of the Note; provided, however, the_Lender shall maintain a payment record attached to the Note for the notation of payments of principal and interest. Section 205. Registration of Transfer The City will cause to be kept at the office of the City Clerk-Treasurer a Note Register in which, subject to such reason- able regulations as it may prescribe, the City shall provide for the registration of transfers of ownership of the Note. The Note. shall be transferable upon the Note Register by the Lender in person or by its attorney duly authorized in writing, upon surrender of the Note together with a written instrument of transfer satisfactory to the City Clerk-Treasurer, duly executed by the Lender or its duly authorized agent. Upon such transfer the City Clerk-Treasurer shall note the date of registration and the name and address of the new Lender in the Note Register and in the registration blank appearing on the Note. Section 206. Mutilated, Lost or Destroyed Note In case any Note issued hereunder shall become mutilated or be destroyed or lost, the City shall, if not then prohibited by law, cause to be executed and delivered a new Note of like outstanding principal amount, number and tenor in exchange and substitution for and upon cancellation of such mutilated Note or