§ 19.004. Bond details.

Sec. 4. Said bonds shall be designated CITY OF ST. CLAIR SHORES RECREATIONAL FACILITY REVENUE BONDS, and shall be not general obligations of the City, but revenue bonds, payable out of the net revenues of the swimming pool after provision has been made for payment of expenses of operation and maintenance and shall consist of either two hundred ten (210) bonds of the denomination of $1,000.00 each or forty-two (42) bonds of the denomination of $5,000.00 each, dated March 1, 1966, numbered in direct order of maturity from 1 upwards, and payable serially as follows:

$5,000.00 January 1st of each year from 1968 to 1973, inclusive;

$10,000.00 January 1st of each year from 1974 to 1982, inclusive;

$15,000.00 January 1st of each year from 1983 to 1988, inclusive;

Said bonds shall bear interest at a rate or rates not exceeding five per cent (5%) per annum, payable on January 1, 1967, and semi-annually thereafter on July 1st and January 1st of each year, both principal and interest to be payable at a bank or trust company qualified to act as paying agent to be designated by the purchaser of the bonds.

Outstanding bonds of this issue shall be subject to prior redemption in inverse numerical order, at the option of the City, of any interest payment date on or after January 1, 1976, at par and accrued interest to the date fixed for redemption.

Thirty days notice of the call of any bonds for redemption shall be given by publication of such notice in a newspaper or publication circulated in the State of Michigan. Bonds so called for redemption shall not bear interest after the date fixed for redemption, provided funds are on hand with the paying agent to redeem said bonds.

Said bonds shall be signed by the Mayor and countersigned by the City Clerk, shall have the City seal impressed thereon, and shall have interest coupons attached bearing the facsimile signatures of said Mayor and City Clerk, and said officials, by the execution of said bonds, shall adopt as and for their own proper signatures their respective facsimile signatures on said coupons.

(chap. 25.2 eff. Dec. 3, 1968)