2000-090 Ordinance - Laserfiche WebLink

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or provide, any debt service reserves, and repayment of the Bonds is not secured by a lien on any property capable of release or sale or for which other property may be substituted. "Term Bonds" means those Current Interest Bonds designated as such in the Certificate of Award, maturing on the Principal Payrnent Date or Dates set forth therein, bearing interest payable on each Interest Payment Date and subject to mandatory sinking fund redemption. The captions and headings in this ordinance aze solely for convenience of reference and in no way define, limit or describe the scope or intent of any Sections, subsections, pazagraphs, subparagraphs or clauses hereof. Reference to a Section means a section of this ordinance unless otherwise indicated. Section 2. Authorized Principal Amount and Purpose• Application of Proceeds. It is necessary to issue bonds of this City in a maximum aggregate principal amount of $160,000 (the Bonds) for the purpose of conshucting, furnishing, equipping and otherwise improving an addition to the City's police station and preparing and improving the site thereof, and to retire the Outstanding Notes. 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 sha11 beaz and certain other terms and provisions of the Bonds identified in this ordinance are subject to further specification or deternunation in the Certificate of Awazd upon the finalization of the terms and provisions of the Bonds. T'he proceeds from the sale of the Bonds, except any premium and accrued interest, shall be paid into the proper fund or funds, and those proceeds are appropriated and shall be used for the purpose for which the Bonds are being issued. Any portion of those proceeds representing premium and accrued interest shall be paid into the Bond Retirement Fund. Section 3. Denominations• Datin •g Principal and Interest Payment and Redemption Provisions. The Bonds 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 respective principal amounts of the Bonds to be issued as Current Interest Bonds and Capital Appreciation Bonds (if any Bonds are issued as Capital Appreciation Bonds) shall be determined by the Mayor and the Director of Finance in the Certificate of Award, having due regard to the best interest of and financial advantages to the City. The Current Interest Bonds shall be dated as of September 1, 2000, or such other date not later than September 15, 2000, as is established by the Mayor and the Director of Finance in the Certificate of Award, and any Capital Appreciation Bonds sha11 be dated as of the Closing Date. (a) Interest Rates and Payment Dates. The Current Interest Bonds shatl 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 10% per year for any stated maturity, as shall be specified by the Mayor and the Director of Finance (subject to the provisions of subsection (c) of this Section) in the Certificate of Award; provided, that all Current Interest Bonds of the same maturity shall beaz the same rate of interest. Interest on the Current Interest Bonds shall be payable on each Interest Payment Date until -5- „????:? . , _