RES 86164 - Laserfiche WebLink

National Trust and Savings Association, Corporate Agency Division, P.O. Box 37000, San Francisco, CA 9~137. Principal and interest shall be paid by check, draft or warrant mailed to the registered owner of each bond at the owner's address appearing on the register maintained by the registrar on the 15th day preceding the date of interest payment or maturity of each bond. Section 7. REREGISTRATION. Any bond may be registered to a new owner by completing the assignment certificate on the reverse of the bond and delivering the bond to the registrar. Upon reregistration, any bond may be replaced by one or more bonds of the same maturity and aggregate amount in denominations of $5000 or any integral multiple thereof. Section 8. COVENANTS. In the event of a default in the payment of any bond or any installment of interest thereon, bondholders shall have the remedies set forth in the Act. In addition, the City Council makes the following covenants, which shall constitute a ~ontract with the bondholders: Section 8.1. FORECLOSURE OF LIENS. If any installment of the principal or interest of any ~eassessment levied in Meyer Center Refunding District No. 1986-5 becomes delinquent, the City Council shall cause an action to be filed in the Superior Court of the County of Alameda to foreclose the lien of the delinquent reassessment under the authority of Section 8830 and following of the Streets and Highways Code of the State of California. This action shall be filed not later than one hundred fifty (150) days after the date of delinquency.