Agenda - 02-01-1988 - Laserfiche WebLink

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7 221 the denomination of $500 or any multiple thereof and shall be numbered. The bonds shall bear interest at a rate or rates to be determined by the Local Government Commission of North Carolina at the time the bonds are sold, which interest to the respective maturities thereof shall be payable semiannually on June 1 and December 1 of each year; provided, however, that the interest on any bond awarded to the FYnHA to the respective maturities of the installments of the principal thereof shall be payable on June 1, 1988 and annually thereafter on the 1st day of June each year. Each bond shall bear interest from the interest payment date next preceding 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 the F7nHA, 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 -3- BROWN 9 WOOD.ONE WORLD TRADE CENTER.NEW YORK.N.Y 10048