2006 031 Ordinance - Laserfiche WebLink

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ORDINANCE NO. 2006-31 PAGE 4 Principal Principal Year Amount Year Amount 2007 $125,000 2017 $ 220,000 2008 160,000 2018 230,000 2009 165,000 2019 240,000 2010 170,000 2020 250,000 2011 175,000 2021 265,000 2012 185,000 2022 275,000 2013 190,000 2023 285,000 2014 200,000 2024 300,000 2015 205,000 2025 315,000 2016 215,000 2026 330,000 ; provided that, subject to the limitations set forth in Section 2 and subsection (c) of this Section, the principal amount of Bonds payable on any one or more of the Principal Payment Dates may be increased or decreased by an amount of up to $75,000 in each year as specified by the Director of Finance in the Certificate of Award. (ii) Consistently with the foregoing and in accordance with his determination of the best interest of and financial advantages to the Village, the Director of Finance shall specify in the Certificate of Award (A) the aggregate principal amount of Bonds to be issued, (B) the aggregate principal amount of Bonds to be issued as Serial Bonds, the Principal Payment Dates on which those Bonds shall be stated to mature and the principal amount thereof that shall be stated to mature on each such Principal Payment Date, and (C) the aggregate principal amount of Bonds to be issued as Term Bonds, the Principal Payment Date or Dates on which those Bonds shall be stated to mature, the principal amount thereof that shall be stated to mature on each such Principal Payment Date, the Principal Payment Date or Dates on which Term Bonds shall be subject to mandatory sinking fund redemption (Mandatory Redemption Dates) and the principal amount thereof that shall be payable pursuant to Mandatory Sinking Fund Redemption Requirements on each Mandatory Redemption Date. (c) Conditions for Establishment of Interest Rates and Principal Pavment Dates and Amounts. The rate or rates of interest per year to be borne by the Bonds, and the principal amount of Bonds maturing or payable pursuant to Mandatory Sinking Fund Redemption Requirements on each Principal Payment Date, shall be such that the total principal and interest payments on the Bonds in any fiscal year in which principal is payable is not more than three times the amount of those payments in any other fiscal year. (d) Pavment of Debt Charges. The debt charges on the Bonds shall be payable in lawful money of the United States of America without deduction for the services of the Bond Registrar as paying agent. Principal of and any premium on the Bonds sha11 be payable when due upon presentation and surrender of the Bonds at the principal corporate trust office of the Bond Registrar. Interest on a Bond shall be paid on each Interest Payment Date by check or draft mailed to the person in whose name the Bond was registered, and to that person's address appearing, on the Bond Register at the close of business on the 15th day of the calendar month next preceding that Interest Payment Date. Notwithstanding the foregoing, if and so long as the Bonds are issued in a book entry system, principal of and interest and any premium on the Bonds shall be payable in the manner provided in any agreement entered into by the Director of Finance, in the name and on behalf of the Village, in connection with the book entry system.