23-09 Anticipation Notes $850,000 Shoreline, Parks

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(b) Term. The Bonds will mature serially over a period of 28 years in accordance with the following estimated principal payment schedule: Year Principal Year Principal 1 $30,000 15 $30,000 2 30,000 16 30,000 3 30,000 17 30,000 4 30,000 18 30,000 5 30,000 19 31,000 6 30,000 20 31,000 7 30,000 21 31,000 8 30,000 22 31,000 9 30,000 23 31,000 10 30,000 24 31,000 11 30,000 25 31,000 12 30,000 26 31,000 13 30,000 27 31,000 14 30;000 28 31,000 (c) Debt Service. The Bonds will be payable as to Debt Service from any money lawfully available and appropriated for that purpose and, if that money is insufficient, from the proceeds of an ad valorem tax to be levied on all property within the City, subject to the 10-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 maximum principal amount of $850,000 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 from 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 from the Closing Date. (d) interest. The Notes must bear interest from their date a± a rate net ±o exceed 9% per annum, 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 must 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 -2-