07-98 Various Purpose Bonds - Laserfiche WebLink

Home Browse Search

has been paid or provided for, The Bonds of anyone maturity shall bear the same rate of interest. A particular Bond shall bear interest from the most recent date to which interest has been paid or provided for or, if no interest has been paid or provided for, from their date "Fiscal Offiéer" as used in this Ordinance means the City's Director of Finance. SECTION 3. The Bonds shall bear interest (computed on a 360-day per year basis) at the rate or rates specified in the Certificate of A ward, provided that the maximum average interest rate on the Bonds shall not exceed six percent (6%) per annum. The Bonds shall mature serially on December I in the years and in such principal amounts as may be fixed by the Fiscal Officer in the Certificate of Award, provided, that the Bonds stated to mature in any year may be issued as tenn bonds (the "Tenn Bonds") payable pursuant to Mandatory Sinking Fund Redemption Requirements as hereinafter defined and further described below The Fiscal Officer. in fixing such years and such amounts; shall be consistent in the aggregate with the separate periodic maturities and principal payments detennined in accordance with the maximum maturities certified to this Council by the Fiscal Officer for each purpose specified in Section I hereof and the requirements of Section 13321, Ohio Revised Code. The Fiscal Officer shall detennine in the Certificate of Award whether any of the Bonds shall be issued as Tenn Bonds and any dates (the "Mandatory Redemption Dates") on which the principal amount stated above shall be payable pursuant to Mandatory Sinking Fund Redemption Requirements rather than at stated maturity (the "Mandatory Sinking Fund Redemption Requirements") The aggregate ptincipal of and interest on the Bonds páyable in each calendar year in which principal is payable, whether at maturity or by mandatory sinking fund redemption, shall be not more than three times such principal of and interest on the Bonds payable in any other calendar year in which principal is payable The Bonds shall be subject to redemption prior to stated maturity ás follows: (a) Mandatory Sinking Fund Redemntion. If any of the Bonds are issned as Tenn Bonds, the Tenn Bonds shall be subject to mandatory sinking fund Tedemption and be redeemed pursuant to Mandatory Sinking Fund Redemption Requirements, at a redemption price of 100 percent of the principal amount redeemed. plus interest accrued to the redemption date, on the Mandatory Redemption Dates. The aggregate of the moneys to be deposited with the Registrar (as héreÎnafter defined) for payment of principal of and interest on any Tenn Bonds shall include amounts sufficient to redeem on the Mandatory Redemption Dates the principal amount of Term Bonds payable on those dates pursuant to the Mandatory Sinking Fund Redemption Requirements (less the amount of any credít as provided below). The City shall have the option to deliver to the Registrar for cancellation Tenn Bonds in any aggregate principal amount and to receive a credit against the then current Mandatory Sinking Fund Redemption Requirement (and con-esponding mandatory redemption obligation) of the City for any Tenn Bonds. That option shall be exercised by the City on or before the fòrty-fifth day preceding the applicable Mandatory Redemption Date, by furnishing the Registrar a certificate, signed by the Fiscal Officer, setting forth the extent of the credit to be applied with respect to the then cnrient Mandatory Sinking Fund Redemption Requirement. If the certificate is not timely furnished to the Registrar, the Mandatory Sinking Fund Redemption Requirement (and con-esponding mandatory redemption obligation) shall not be reduced. A credit against the then current Mandatory Sinking Fund Redemption Requirement (and con-esþonding mandatory redemption obligation) also shall be received by the City for any Tenn Bonds which prior thereto have been redeemed (other than through the operation of the Mandatory Sinking Fund Rèdemption Requirements) or purchased for cancellation and canceled by the Registrar; to the extent not applied" theretofore as a credit against any mandatory redemption obligation. Each Tenn Bond so delivered, or previously redeemed, or purchased and canceled, shall be credited by the Registrar at 100 percent of the principal amount thereof against the then current Mandatory Sinking Fund Redemption Requirement (and corresponding mandatory redemption obligation). Any excess of that amount over the then current Mandatory Sinking Fund Redemption Requirement shall be credited against subsequent Mandatory Sinking H:\FENIX\14282\14282FAP .81B 2