2012-089 Ordinance - Laserfiche WebLink

Home Browse Search

"Term Bonds" means those Current Interest Bonds designated as such in the Certificate of Award, maturing on the Principal Payment Date or Dates set forth in the Certificate of Award, bearing interest payable on each Interest Payment Date and subject to Mandatory Redemption Requirements. The captions and headings in this ordinance are solely for convenience of reference and in no way define, limit or describe the scope or intent of any Sections, subsections, paragraphs, 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 $930,000 (the Bonds) to provide funds to pay costs of improving Allendale Drive, Arlington Lane, Amesbury Drive, Carey Lane, Dogwood Trail, Dorothy Drive, Elder Drive, Fairlawn Drive, Forestwood Parkway, Gessner Road, Linwood Circle, Lusandra Circle, Magnolia Drive and Northern Avenue and Aspen Drive, Bailey Road, Berkshire Drive, Clareshire Drive, Deepwoods Way, Fleharty Road, Holly Drive, Sawmill Circle, Spruce Drive, West Park Drive and Woodside Drive between certain termini by reconstructing and rehabilitating the pavement base, constructing and reconstructing curbs and curb ramps and adjusting catch basins, manholes and water valve and monument boxes, where necessary, preparing the surface and resurfacing, together with necessary appurtenances and work incidental thereto, 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 the principal payment schedule for the Bonds, the interest rate or rates that the Bonds shall bear and certain other terms and provisions of the Bonds identified in this ordinance are subject to further specification or determination 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 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; Dating• 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 to be 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 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 6% 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 -5-