2014 017 Ordinance - Laserfiche WebLink

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ORDINANCE NO. 2014-17 PAGE 2 nature trail system of the Village by constructing an underpass in Highland Road in a certain designated location, including a concrete box culvert, headwalls and wingwalls, storm sewers and lowering a water main, installing interior and exterior lighting, constructing an asphalt path on property owned by the Village between certain termini, replacing pavement where necessary, installing catch basins and manholes, improving the site thereof and other wise improving the same, a11 together with the necessary appurtenances thereto, refunding at a lower interest cost the portion of the Village's outstanding Fire Station Construction Bonds, dated as of March 1, 1996, which were issued to pay costs of constructing, furnishing and equipping a new fire station, and including the payment of expenses related to the refunding of the Refunded Bonds and the issuance of the Bonds (the Bonds). The principal amount of the Bonds to be issued shall be the amount certified by the Director of Finance in the certificate awarding the Bonds and setting certain terms thereof pursuant to Section 7(the Certificate of Award). The Bonds sha11 be designated "Various Purpose Improvement Refunding Bonds, Series 2014" or otherwise as detennined by the Director of Finance in the Certificate of Award, sha11 be issued in one lot, and shall be issued only as fully registered bonds. The Bonds shall bear interest (computed on the basis of a 360-day year consisting of 12 30-day months, unless otherwise detennined by the Director of Finance in the Certificate of Award), payable on June 1 and December 1(or such other semiannual dates or annual dates as detennined by the Director of Finance in the Certificate of Award) of each year (the Interest Payment Dates), commencing on the initial Interest Payment Date determined by the Director of Finance in the Certificate of Award (which initial Interest Payment Date shall not be later than one year from the issuance date of the Bonds), until the principal amount has been paid or provided for. As referred to herein, Principal Payment Dates means December 1(or such other semiannual dates or annual date as determined by the Director of Finance in the Certificate of Award) in each of the years in which principal on Bonds is payable, in each of the years 2015 through 2026 (or such other annual years as are detennined by the Director of Finance in the Certificate of Award, the latest of which shall not be later than 2026). The Bonds sha11 be dated as of their issuance date or, as of such other date not more than 60 days prior to the issuance date as is detennined by the Director of Finance in the Certificate of Award. Any provision herein notwithstanding, the entire principal amount of the Bonds may be represented by a single certificate with multiple payments of principal listed on a principal payment schedule attached thereto. The Bonds shall be issued in a denomination or denominations specified in the Certificate of Award, as may be reflected in the aforementioned principal payment schedule, but in no case as to a particular maturity date exceeding the principal amount of Bonds maturing on that date. The Bonds shall mature on such Principal Payment Dates and in such amounts as shall be determined by the Director of Finance, subject to the provisions hereinbelow set forth, in the Certificate of Award, consistent with the Director of Finance's deternunation of the best interest of