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(b) Term. The Bonds will mature serially over a period of 19 years in accordance with <br />the following estimated principal payment schedule: <br />Year Princinal Year Princinal <br />1 $16,000 10 $16,000 <br />2 16,000 11 16,000 <br />3 16,000 12 16;000 <br />4 16,000 13 16,000 <br />5 16,000 14 17,000 <br />6 16,000 15 17,000 <br />7 16,000 16 17,000 <br />8 16,000 17 17,000 <br />9 16,000 18 17,000 <br /> 19 17,000 <br />(c) Debt Service. The Bonds will be payable as to Debt Service from any money <br />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 limitafion imposed by Section 5705.02, <br />Revised Code. <br />Section 3. Note Terms. The Notes will have the following terms: <br />(a) Amount. The Notes must be issued in the maximum principal amount of <br />$310,000 or any lesser principal amount as determined by the Director of Finance <br />in the Certificate of Award. <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 />(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 />(d) Interest. The Notes must bear interest from their date at a rate not to exceed 9% <br />per annum, payable at maturity. Interest will be calculated on the basis of a <br />360-day year consisting of twelve,. 30-day months. The rate of interest on the <br />Notes must be determined by the Director of Finance in the Certificate of Award. <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. The Director of Finance may determine, in <br />the Certificate of Award, to provide that the Notes will be subject to redemption, <br />and may establish, in the Certificate of Award, notice provisions for that <br />-2- <br />