Ordinance No. 19551 - Laserfiche WebLink

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Portland, Oregon 97208, Attention: Trust Financial Services, ar to such other address as the trustee may from time to time file with the City. 13. E e c t o S a t u,,,,,,,,,,, a s S u,,,,,,,.~_ ~ ~~ r y , ndays and Legal Halida s. Whenever this Ordinance or a Bond require any action taken on a day which is not a Business Day, such action shall be taken an the first Business Day occurring thereafter. Whenever in this Ordinance or a Bond the time within which any action is required to be taken or within which any right will lapse ar expire shall terminate on a day which is not a Business Day, such time shall continue to run until midnight on the next succeeding Business Day. However if: ~a~ a Record Date falls on a day on which the Trustee is not open to transact business, the Record Date shall be the immediately preceding day on which the Trustee is open to transact business; and ~b~ if interest is payable on a day on which the Trustee is not open to transact business, interest shall cease to accrue as of the stated interest payment date, but shall be payable on the day on which the Trustee is open to transact business. 13.7. Valuation; Investments. 13.7.1. Methad of Valuation and Frequency of Valuation. In computing the amount in any fund or account, Permitted Investments shall be valued at the lower of the cost or the market price, exclusive of accrued interest. With respect to all funds and accounts, valuation shall occur annually, except in the event of a withdrawal from the Debt Service Reserve Account, whereupon securities shall be valued immediately after such withdrawal. 13.7.2. Investment of Amounts Representing Accrued Interest and Capitalized Interest. So long as the Series 1988 Bonds are Outstanding, to the greatest extent practicable, all amounts representing accrued and capitalized interest shall be held by the Trustee, pledged solely to the payment of interest on the Bonds and invested only in United States Obligations has described in the definition of "Permitted Investments"~ or Prerefunded Municipal Obligations has described in the definition of "Permitted Investments"} maturing at such times and in such amounts as are necessary to match the interest payments to which they are pledged. 13.8. Section Headin s; Table of Contents. The headings or titles of the several sections hereof, and any table of contents appended hereto or to copies hereof, shall be solely Page 7fl - Ordinance