2012-090 Ordinance - Laserfiche WebLink

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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 Mayar and the Director of Finance (subject to the provisions of subsection (c) of this Section) in the Certificate of Award. 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 shall 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 20% per year for any stated maturity, accrued and compounded on each Interest Accretion Date and payable at maturity, that 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 Award. 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 Pavment Schedule. The Bonds shall mature, or be payable pursuant to Mandatory Redemption Requirements, on the Principal Payment Dates in the following years and principal amounts: Principal Principal Year Amount Year Amount 2014 $45,000 2019 $45,000 2015 45,000 2020 45,000 2016 45,000 2021 50,000 2017 45,000 2022 50,000 2018 45,000 ; provided that, subject to the limitations set forth in Section 2 and subsection (c) of this Section, the principal amount of Bonds payable on any one or mare of the Principal Payment Dates may be increased or decreased as specified by the Mayor and the Director of Finance in the Certificate of Award, consistently with their determination of the best interest of and financial advantages to the City. Consistently with the foregoing 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 sha11 be stated to mature and the principal amount thereof that shall be stated to mature on each such Principal -5-