Authorization of Bond; Form of Bond. There is hereby authorized by the City to be issued hereunder and secured hereby a bond in the principal amount of $9,000,000, designated as “City of Rapid City, South Dakota, Health Care Facilities Revenue Bond (The Evangelical Lutheran Good Samaritan Society Project), Series 2001.” The Bond shall be issuable as a fully registered Bond numbered “1,” shall be dated as of November 1, 2001, and shall bear interest at 4.50% per annum on the unpaid principal balance from the Closing Date through maturity or earlier redemption, as determined in the next paragraph; provided, that if an Event of Taxability shall have occurred, the Bond shall bear interest at an annual rate of 8.00%, beginning on the first day of the month following the date the Registered Owner gives written notice of the Event of Taxability to the Society. The total principal amount of the Bond that may be issued hereunder is expressly limited to $9,000,000 (except as provided in subsection (c) of this Section). Authorized denominations for the Bond are $100,000 and any integral multiple of $5,000 above $100,000. The final maturity of the Bond is November 1, 2006. Accrued interest on the Bond shall be payable in arrears on the first day of each May and November, commencing May 1, 2002, and upon maturity of the Bond (the “Interest Payment Date”). Interest on the Bond shall be calculated on the basis of a 360- day year consisting of twelve 30-day months, for the actual days elapsed. The principal of the Bond shall be repaid in four (4) annual installments, due each November 1 during the term of the Note, commencing November 1, 2003, in accordance with the following schedule: Date Principal November 1, 2003 $215,000 November 1, 2004 225,000 November 1, 2005 235,000 with a final payment of all unpaid principal and accrued interest due November 1, 2006. The payment of the principal of and the interest on the Bond shall be made to the Registered Owner in immediately available funds at its address as it last appears on the registration book kept by Xxxxx Fargo as provided in subsection (b) of this Section. All such payments shall be made in lawful money of the United States of America. The final payment of principal of and interest on the Bond shall be made only upon presentation and surrender of the Bond to the City for cancellation. The Bond shall be a special, limited obligation of the City payable solely out of the revenues and other security pledged hereby. The City shall not in any event be liabl...
