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<br />(b) Term. The Bonds will mature serially over a period of20 years in accordance with <br />the following estimated principal payment schedule: <br /> <br />Year <br /> <br />Principal <br /> <br />Year <br /> <br />Principal <br /> <br />1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br /> <br />$96,000 <br />96,000 <br />96,000 <br />96,000 <br />96,000 <br />96,000 <br />96,000 <br />96,000 <br />96,000 <br />96,000 <br /> <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br /> <br />$96,000 <br />96,000 <br />96,000 <br />96,000 <br />97,000 <br />97,000 <br />97,000 <br />97,000 <br />97,000 <br />97,000 <br /> <br />(c) Debt Service. The Bonds will be payable as to Debt Service ITom any money of the <br />City lawfully available and appropriated for that purpose and, if that money is <br />insufficient, ITom the proceeds of an ad valorem tax to be levied on all property <br />within the City, subject to the 10-mill limitation imposed by Section 5705.02, <br />Revised Code. <br /> <br />Section 3. Note Terms. The Notes will have the following terms: <br /> <br />(a) Amount. The Notes must be issued in the principal amount of $1,926,000 or any <br />lesser principal amount as determined by the Director of Finance in the Certificate <br />of Award. <br /> <br />(b) Date. The Notes must be dated the Closing Date, or any other date, not more than <br />31 days before the Closing Date, as determined by the Director of Finance in the <br />Certificate of Award. <br /> <br />(c) Maturity. The Notes must mature one year from their date. The Director of <br />Finance may, if she determines it to be in the best interests of the City, establish a <br />different maturity date, less than one year from the Closing Date. <br /> <br />(d) Interest. The Notes must bear interest ITom their date at a rate not to exceed 8% <br />per armum, payable at maturity. Interest will be calculated on the basis of a 360- <br />day year consisting of twelve, 30-day months. The rate of interest on the Notes <br />must be determined by the Director of Finance in the Certificate of Award. <br /> <br />(e) Redemption before Stated Maturity. The Notes will not be subject to <br />redemption before maturity, unless otherwise determined by the Director of <br />Finance in the Certificate of Award. <br /> <br />(f) Form, Numbering and Denomination. The Notes must be issued in fully <br />registered form. They must be issued in Book-Entry Form unless the Director of <br /> <br />2 <br />