32-08 Issuance & Sale of Notes Build & Facilities $141,000

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(b) Term. The Bonds will mature serially over a period of 25 years in accordance with the following estimated principal payment schedule: Year Principal Year Principal 1 2 3 4 5 6 7 8 9 10 11 12 13 $5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 6,000 6,000 6,000 6,000 14 15 16 17 18 19 20 21 22 23 24 25 $6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 (c) Debt Service. The Bonds will be payable as to Debt Service ITom any money of the City lawfully available and appropriated for that purpose and, if that money is insufficient, ITom the proceeds of an ad valorem tax to be levied on all property within the City, subject to the lO-mill limitation imposed by Section 5705.02, Revised Code. Section 3. Note Terms. The Notes will have the following terms: (a) Amount. The Notes must be issued in the principal amount of $141,000 or any lesser principal amount as determined by the Director of Finance in the Certificate of Award. (b) Date. The Notes must be dated the Closing Date, or any other date, not more than 31 days before the Closing Date, as determined by the Director of Finance in the Certificate of Award. (c) Maturity. The Notes must mature one year ITom their date. The Director of Finance may, if she determines it to be in the best interests of the City, establish a different maturity date, less than one year ITorn the Closing Date. (d) Iuterest. The Notes must bear interest ITom their date at a rate not to exceed 8% per armum, payable at maturity. Interest will be calculated on the basis of a 360- day year consisting of twelve, 30-day months. The rate of interest on the Notes rnust be determined by the Director of Finance in the Certificate of Award. (e) Redemption before Stated Maturity. The Notes will not be subject to redemption before maturity, unless otherwise determined by the Director of Finance in the Certificate of Award. 2