73-10 Issuance & sale of bonds $7,771,000

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Bonds is not secured by a lien on any property capable of release or sale or for which other property maybe substituted. "Term Bonds" means those Bonds, if any, designated as such and maturing on the Principal Payment Dates set forth in the Certificate of Award. The captions and headings in this Ordinance are solely for convenience of reference and in no way define, limit or describe the scope or intent of any Sections, subsections, paragraphs, subparagraphs or clauses hereof. Reference to a Section means a secfion of this Ordinance unless otherwise indicated. Section 2. Authorized Principal Amount and Pumose• Application of Proceeds. It is necessary and determined to be in the City's best interest to issue bonds of this City in an aggregate principal amount not to exceed $7,771,000 (the "Bonds") to retire the Outstanding Note and to pay costs of the issuance of the Bonds. The aggregate principal amount of Bonds to be issued (not to exceed $7,771,000) shall be determined by the Director of Finance in the Certificate of Award to be the aggregate principal amount of Bonds that is required to be issued at this time for the purpose stated in this Section 2. A portion of the proceeds of the Bonds sufficient, together with other money available to the City, to retire the Outstanding Note shall be deposited into the Escrow Fund in accordance with the Escrow Agreement. A portion of the proceeds of the Bonds sufficient, together with other moneys available to the City, shall be deposited into an appropriate fund of the City and used to pay costs of issuance of the Bonds. Any proceeds of the Bonds not spent 120 days after the issuance of the Bonds shall be transferred to the Bond Retirement Fund and used to pay principal of or interest on the Bonds when due. All interest earned on amounts on deposit in each of those funds derived from the proceeds of the Bonds (including interest earned on such interest) shall be credited to the fund and used for the purposes set forth above, and shall not be transferred to the General Fund. All of the proceeds of the Bonds and interest earned on those proceeds (and the interest on such interest) are hereby appropriated for the purposes set forth above. Section 3. Denominations• Datin¢• Principal and Interest Payment and Redemption Provisions. The Bonds shall be issued in one lot and only as fully registered bonds; in the Authorized Denominations, but in no case as to a particular maturity date exceeding the principal amount maturing on that date. The Bonds shall be dated the Closing Date. (a) Interest Rates and Payment Dates. The Bonds shall bear interest at the rate or rates of interest per year (computed on a 360-day per year basis consisting of twelve 30-day months), as shall be determined by the Director of Finance in the Certificate of Award (subject to section (c) of this Section). Interest on the Bonds shall be payable at such rate or rates on the Interest Payment Dates until the principal amount has been paid or provided for. The Bonds shall bear interest from the most recent date to which interest has been paid or provided for or, if no interest has been paid or provided for, from their date. (b) Principal Payment Schedule. The Bonds shall mature or be payable pursuant to Mandatory Sinking Fund Redemption on the Principal Payment Dates in principal amounts as shall