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Interest Payment Dates), commencing December 1, 1995, until the <br />principal amount has been paid or provided for. The Bonds of any <br />one maturity shall bear the same rate of interest. A particular <br />Bond shall bear interest from the most recent date to which <br />interest has been paid or provided for or, if no interest has been <br />paid or provided for, from their date. "Fiscal Officer" as used in <br />this Ordinance means the City's Director of Finance, Assistant <br />Director of Finance, Acting Director ofF°lnance or Di~ctor' of <br />Public Works. <br /> <br /> SECTION 3. The Bonds shall bear interest (computed on a <br />360-day per year basis) at the rate or rates specified in the. <br />Certificate of Award, provided that the maximum average interest <br />rate on the Bonds shall not exceed twelve percent (12%) per annum. <br />The Bonds shall mature serially on December 1 in each of the years <br />1996 through 2003, inclusive, in such principal amounts as may be' <br />fixed by the Fiscal Officer in the Certificate of Award, provided, <br />that the Bonds stated to mature in any year may be issued as term <br />bonds (the "Term Bonds") payable pursuant to Mandatory Sinking Fund <br />Redemption Requirements as hereinafter defined and further <br />described below. The Fiscal Officer shall determine in the <br />Certificate of Award whether any of the Bonds shall be issued as <br />Term Bonds and any dates (the "Mandatory Redemption Dates") on <br />which the principal amount stated above shall be payable pursuant <br />to Mandatory Sinking Fund Redemption Requirements rather than at <br />stated maturity (the "Mandatory Sinking Fund Redemption <br />Requirements',). The aggregate principal of and interest on the <br />Bonds payable in each calendar year in which principal is payable, <br />whether at maturity or by mandatory sinking fund redemption, shall <br />be not more than three times such principal of and interest on the <br />Bonds payable in any other calendar year in which principal is <br />payable. <br /> <br /> The Bonds shall be subject to redemption prior to stated <br />maturity as follows: <br /> <br /> (a) Mandatory Sinkinq F~nd Redemption. If any of the <br />Bonds are issued as Term Bonds, the Term Bonds shall be subject to <br />mandatory sinking fund redemption and be redeemed pursuant to <br />Mandatory Sinking Fund Redemption Requirements, at a redemption <br />price of 100 percent of the principal amount redeemed, plus inter- <br />est accrued to the redemption date, on the Mandatory Redemption <br />Dates. <br /> <br /> The aggregate of the moneys to be deposited with the <br />Registrar for payment of principal of and interest on any Term <br />Bonds shall include amounts sufficient to redeem on the Mandatory <br />Redemption Dates the principal amount of Term Bonds payable on <br />those dates pursuant to the Mandatory Sinking Fund Redemption <br />Requirements (less the amount of any credit as provided below). <br /> <br /> The City shall have the option to deliver to the <br />Registrar for cancellation Term Bonds in any aggregate principal <br />amount and to receive a credit against the then current Mandatory <br />Sinking Fund Redemption Requirement (and corresponding mandatory <br />redemption obligation) of the City for any Term Bonds. That option <br />shall be exercised by the City on or before the forty-fifth day <br />preceding the applicable Mandatory Redemption Date, by furnishing <br />the Registrar a certificate, signed by the Fiscal Officer, setting <br />forth the extent of the credit to be applied with respect to the <br />then current Mandatory Sinking Fund Redemption Requirement. If the <br />certificate is not timely furnished to the Registrar, the Mandatory <br />Sinking Fund Redemption Requirement (and corresponding mandatory <br />redemption obligation) shall not be reduced. A credit against the <br />then current Mandatory Sinking Fund Redemption Requirement (and <br /> <br />2 <br /> <br /> <br />