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<br />(b) Term. The Bonds will mature serially over a period of 27 years in accordance with <br /> the following estimated principal payment schedule: <br /> Year Principal Year Principal <br /> 1 $8,000 15 $8,000 <br /> 2 8,000 16 8,000 <br /> 3 8,000 17 8,000 <br /> 4 8,000 18 8,000 <br /> 5 8,000 19 8,000 <br /> 6 8,000 20 8,000 <br /> 7 8,000 21 8,000 <br /> 8 8,000 22 9,000 <br /> 9 8,000 23 9,000 <br /> 10 8,000 24 9,000 <br /> 11 8,000 25 9,000 <br /> 12 8,000 26 9,000 <br /> 13 8,000 27 9,000 <br /> 14 8,000 <br /> <br />(c) Debt Service. The Bonds will be payable as to Debt Service from 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 lO-rnill 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 $222,000 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 rnaturity date, less than one year ITom 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 />2 <br />