1991 026 Ordinance - Laserfiche WebLink

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ORDINANCE N0. 91-26 PAGE TWO County, water mains, together with the necessary appurte- nances thereto, in Wilson Mills Road from S.O.M. Center Road to the westerly corporate limits, to refund, together with funds available for that purpose, the outstanding notes maturing on August 30, 1991, and to provide funds to pay costs of issuing the Bonds. "Section 2. The Bonds shall be issued in one lot and only as fully registered bonds, in the denominations of $5,000 or any integral multiple thereof, 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 July 1, 1991. The Bonds shall bear interest at the rates per year (computed on a 360-day per year basis) set forth below, payable on June 1 and December 1 of each year (the Interest Payment Dates), commencing December 1, 1991, until the principal amount has been paid or provided for. The Bonds of any one maturity shall all bear the same rate of interest. The Bonds shall bear interest from the most recent date to which interest has been paid or provid- ed for or, if no interest has been paid or provided for, from July 1, 1991. The Bonds shall mature on December 1 of each year and bear interest, as follows: Principal Principal Maturity Amount Interest Maturity Amount Interest Year Maturing Rate Year Maturing Rate 1992 $30,000 4.90% 1997 $40,000 6.00% 1993 35,000 5.20 1998 45,000 6.10 1994 35,000 5.50 1999 45,000 6.20 1995 35,000 5.70 2000 50,000 6.30 1996 40,000 5.90 2001 55,000 6.40 Those maturities are determined to be such that the total principal and interest payments on the Bonds in any fiscal year in which principal is payable are substantially equal." Section 2. Ameritrust Company National Association, Cleveland, Ohio, is appointed to act as the authenticating agent, bond registrar, transfer agent and paying agent for the Bonds (the Bond Registrar). The Mayor and the President of Council shall sign and deliver, in the name and on behalf of the Village, the Bond Registrar Agreement between the Village and the Bond Registrar (the Agreement) in substantially the form as is now on file with the Clerk of Council. The Agreement is approved, together with any changes or amendments that are not inconsistent with this ordinance and not substantially