2000-086 Ordinance - Laserfiche WebLink

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(b) Principal Pavment Schedule. The Bonds shall mature or be payable pursuant to Mandatory Sinking Fund Redemption Requirements (as hereinaf'ter defined and described) on the Principal Payment Dates in the following principai amounts: Principal Principal Year Amount Year Amount 2001 $20,000 2011 $45,000 2002 30,000 2012 50,000 2003 30,000 2013 50,000 2004 30,000 2014 55,000 2005 35,000 2015 55,000 2006 35,000 2016 60,000 2007 35,000 2017 60,000 2008 40,000 2018 65,000 2009 40,000 2019 70,000 2010 45,000 2020 70,000 ; provided that, subject to the limitations set forth in Section 2 and subsection (c) of this Section, the pnncipal amount of Bonds payable on any one or more of the Principal Payment Dates may be mcreased or decreased as specified by the Mayor and the Director of Finance in the Certificate of Award. Consistently with the faregoing and in accordance with their determination of the amount needed for the purpose set forth in Section 2 and the best interest of and financial advantages to the City, the Mayor and the Director of Finance shall specify in the Certificate of Award (i) the aggregate principal amount of Bonds to be issued, (ii) the aggregate principal amount of Bonds to be issued as Current Interest Bonds, (iii) the aggregate principal amount of Current Interest Bonds to be issued as Current Interest Serial Bonds, the Principal Payment Dates on which those Bonds shall be stated to mature and the principal amount thereof that shall be stated to mature on each such Principal Payment Date, (iv) the aggregate principal amount of Current Interest Bonds to be issued as Term Bonds, the Principal Payment Date or Dates on which those Bonds sha11 be stated to mature, the principal amount thereof that shall be stated to mature on each such Principai Payrnent Date, the Principal Payment Date or Dates on which Term Bonds sha11 be subject to mandatory sinking fund redemption (Mandatory Redemption Dates) and the principal amount thereof that sha11 be payable pursuant to Mandatory Sinking Fund Redemption Requirements on each Mandatory Redemption Date, and (v) the aggregate pruicipal amount of any Bonds to be issued as Capital Appreciation Bonds and the corresponding aggregate Maturity Amount thereof, the Principal Payment Date or Dates on which those Bonds shall be stated to mature, and the principal amount and corresponding Maturity Amount thereof that shall be payable on each such Principal Payment Date. (c) Conditions for Establishment of Interest Rates and Principal Payment Dates and Amounts. The rate or rates of interest per year to be borne by the Current Interest Bonds and the compounding rate or rates of interest per year to be borne by any Capital Appreciation Bonds, and the principal amount of Current Interest Bonds maturing or payable pursuant to Mandatory Sinking Fund Redemption Requirements on each Principal Payment Date and the Maturity Amount of any Capital Appreciation Bonds payable on each Principal Payment Date, shall be such that the total principal and interest payments on the Bonds in any fiscal year in which principal is payable is not more than three times the amount of those payments in any other fiscal year. (d) Payment of Debt Char?es. The debt charges on the Bonds shall be payable in tawfitl money of the United Sta.tes of America without deduction for the services of the Bond Registraz as paying agent. Principal of and any premium on the Current Interest Bonds, and principal of and interest on any Capital Appreciation Bonds, shall be payable when due upon presentation and -6- ,