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<br />the public, in compliance with all legal requirements, including Section 121.22, <br />Ohio Revised Code, <br /> <br />Section 2. Bond Terms. The Bonds will have the following terms: <br /> <br />(a) Amount and Rate. The Bonds will be issued in the maximum principal amount of <br />$ I ,000,000 and will bear interest at the estimated average annual interest rate of 5%, <br /> <br />(b) Term. The Bonds will mature serially over a period of 5 years in accordance with <br />the following estimated principal payment schedule: <br /> <br />Year Principal <br />1 $ 200,000 <br />2 200,000 <br />3 200,000 <br />4 200,000 <br />5 200,000 <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, from 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 $1,000,000 or any <br />lesser principal amount as determined by the Director of Finance in the Certificate <br />of Award, If the Notes are issued in a lesser principal amount, the serial <br />maturities of the Bonds set forth in Section 2(b) must be reduced pro rata, <br /> <br />(b) Date. The Notes must be dated the Closing Date, or any other date, not more than <br />3 I 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 from 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 />