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ORDINANCE NO. 2006-31 PAGE 3 events affecting the tax-exempt status of the Bonds; modifications to rights of holders or beneficial owners; Bond ca11s; defeasances; release, substitution, or sale of property securing repayment of the Bonds; and rating changes. "Term Bonds" means those Bonds designated as such and maturing on the Principal Payment Date or Dates set forth in the Certificate of Award, bearing interest payable on each Interest Payment Date and subject to mandatory sinlcing fund redemption. 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 section of this ordinance unless otherwise indicated. Section 2. Authorized Principal Amount and Purpose. It is necessary to issue bonds of this Village in a maximum aggregate principal amount of $4,500,000 (the Bonds) for the purpose of constructing, equipping, furnishing, improving the site of, and otherwise improving a new police station. This Council has determined that notes shall not be issued in anticipation of the Bonds. Subject to the limitations set forth in this ordinance, the aggregate principal amount of the Bonds to be issued, the principal maturities of and principal payment schedule for the Bonds, the interest rate or rates that the Bonds shall bear and certain other terms and provisions of the Bonds identified in this ordinance are subject to further specification or determination in the Certificate of Award upon the finalization of the terms and provisions of the Bonds. Section 3. Denominations• Dating• Principal and Interest Payment and Redemption Provisions. The Bonds shall be designated as "Police Station Improvement Bonds", or such other designation as set forth in the Certificate of Award, and 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 as of their date of issuance, or such other date not later than December 1, 2006, as is established by the Director of Finance in the Certificate of Award. (a) Interest Rates and Payment Dates. The Bonds shall bear the rate or rates of interest per year (computed on the basis of a 360-day year consisting of twelve 30-day months), not exceeding 7% per year for any stated maturity, as shall be specified by the Director of Finance (subject to the provisions of subsection (c) of this Section) in the Certificate of Award. Interest on the Bonds shall be payable on each Interest Payment Date 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. (i) The Bonds shall mature or be payable pursuant to Mandatory Sinking Fund Redemption Requirements (as hereinafter defined and described) on the Principal Payment Dates in the following principal amounts: