2000-087 Ordinance - Laserfiche WebLink

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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 Awazd, and any Capital Appreciation Bonds sha11 be dated as of the Closing Date. (a) Interest Rates and Payment Dates. The Current Interest Bonds shall 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 bear the same rate of interest. Interest on the Current Interest Bonds shall be payable on each Interest Payment Date until the principal amount has been paid or provided for. The Current Interest Bonds sha11 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. Any Capital Appreciation Bonds shall bear interest from the Closing Date at the compounding rate or rates of interest per year (computed on the basis of a 360-day year consisting of twelve 30-day months), not exceeding 15% per year for any stated maturity, accrued and compounded on each Interest Accretion Date and payable at maturity, which will result in the aggregate Maturity Amounts payable at maturity, as sha11 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 a11 Capital Appreciation Bonds of the same maturity shall bear the same compounding rate of interest. The total interest accrued on any Capital Appreciation Bond as of any particular date shall be an amount equal to the amount by which the Compound Accreted Amount of that Capital Appreciation Bond as of that date exceeds the principal amount of that Capital Appreciation Bond. (b) Principal Payment Schedule. The Bonds shall mature or be payable pursuant to Mandatory Sinking Fund Redemption Requirements (as hereinafter defined and described) on the Principal Payment Dates in the following principal amounts: Principal Principal Year Amount Year Amount 2001 $20,000 2011 $50,000 2002 30,000 2012 50,000 2003 35,000 2013 55,000 2004 35,000 2014 60,000 2005 35,000 2015 60,000 2006 40,000 2016 65,000 2007 40,000 2017 70,000 2008 45,000 2018 75,000 2009 45,000 2019 75,000 2010 45,000 2020 80,000 -6- ? < ,?