2006-108 Ordinance - Laserfiche WebLink

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,'" . .~ ~»- 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) 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 June 1, 2006, or such other date not later than December 1, 2006, 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 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. 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, 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 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 Payment Schedule. The Bonds shall mature on the Principal Payment Dates in the following years and principal amounts: Principal Principal Year Amount Year Amount 2006 $5,000 2012 $ 5,000 2007 5,000 2013 115,000 2008 5,000 2014 120,000 2009 5,000 2015 120,000 2010 5,000 2016 130,000 2011 5,000 provided that, subject to the limitations set forth in Section 2 and subsection (c) of this Section, the principal amount of Bonds maturing on any one or more 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 fmancial advantages to the City. -5-