2014 017 Ordinance - Laserfiche WebLink

Home Browse Search

ORDINANCE NO. 2014-17 PAGE 3 and financial advantages to the Village. The Bonds shall bear the rate or rates of interest per year as sha11 be determined by the Director of Finance in the Certificate of Award. 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. The rate or rates of interest per year to be borne by any Bonds, and the principal amount of Bonds maturing on each Principal Payment Date, sha11 be such as to demonstrate net present value savings to the Village due to the refunding of the Refunded Bonds, taking into account all expenses related to that refunding and issuance of the Bonds. The Director of Finance may adjust the Interest Payment Dates and Principal Payment Dates within the parameters set forth in this Section and based on the Director of Finance's judgment as to the best interest of the Village. Any adjustments made by the Director of Finance pursuant to the authorizations set forth in this Section and this Ordinance sha11 be set forth in the Certificate of Award. Section 2. Optional Redemption Provisions. The Bonds may be subject to redemption prior to stated maturity as follows: (a) Outional Redemption. If determined by the Director of Finance in the Certificate of Award to be advantageous to and in the best interest of the Village, the Bonds specified in the Certificate of Award sha11 be subject to optional redemption by and at the sole option of the Village, in whole or in part (as selected by the Village) on any date, at the redemption prices specified in the Certificate of Award (expressed as a percentage of the principal amount redeemed) plus, in each case, accrued interest to the redemption date, provided the redemption price for any optional redemption sha11 not be greater than 102% and the earliest optional redemption date shall not be later than 10'/2 years from the date of issuance of the Bonds. Bonds to be redeemed pursuant to this paragraph (a) shall be redeemed only upon written notice from the Village to the Bond Registrar (as defined in Section 4), given upon the direction of this Council by enactment of a resolution or an ordinance. That notice sha11 specify the redemption date and the principal amount of each maturity of Bonds to be redeemed, and sha11 be given at least 45 days prior to the redemption date or such shorter period as shall be acceptable to the Bond Registrar. In the event that notice of redemption sha11 have been given by the Bond Registrar to the registered owners as hereinafter provided, there shall be deposited with the Bond Registrar, on or prior to the redemption date, funds which, in addition to any other moneys available therefor and held by the Bond Registrar, will be sufficient to redeem at the redemption price thereof, plus interest accrued to the redemption date, a11 of the redeemable Bonds for which notice of redemption has been given.