2000-086 Ordinance - Laserfiche WebLink

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>{E:?:?» 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 $920,000 (the Bonds) for the purpose of improving the City's sanitary sewerage system by constructing sanitary sewers, force mains and pumping facilities and by constructing and reconstructing storm sewers and other storm water drainage facilities and improvements to control and limit the volume of storm water entering or otherwise affecting the sanitary sewerage system, in each case together with the necessary appurtenances and work incidental thereto, and to retire the Outstanding Series A Notes and the Outstanding Series B 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 bear and certain other terms and provisions of the Bonds identified in this ordinance aze subject to further specification or deternunation in the Certificate of Award upon the finalization of the terms and provisions of the Bonds. The 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 aze appropriated and shall be used for the purpose for which the Bonds aze being issued. Any portion of those proceeds representing premium and accrued interest shall be paid into the Bond Retirement Fund. Section 3. Denominations• Dating; Principal and Interest Payment and Redemption Provisions. The Bonds shall be issued in one lot and only as fully registered bonds, in the Authonzed 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) sha11 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 shall be dated as of the Closing Date. (a) Interest Rates and Pavment 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 beaz the same rate of interest. Interest on the Current Interest Bonds sha11 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 sha11 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 maturiiy, accrued and compounded on each Interest Accretion Date and payable at maturity, which will result in the aggregate Maturity Amounts payable at 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 Awazd; provided, that all 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 particulaz 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. -5-