2001-020 Ordinance - Laserfiche WebLink

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(b) Principal Pa,yment Schedule. The Bonds shall mature on the Principal Payment Dates in the following principal amounts: Princip al Princip al Year Amount Year Amount 2002 $20,000 2007 $25,000 2003 20,000 2008 25,000 2004 25,000 2009 30,000 2005 25,000 2010 30,000 2006 25,000 2011 30,000 ; provided that, subject to the limitations set forth in Section 2 and subsection (c) ofthis Section, the principal amount of Bonds payable 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 the foregoing and in accordance with their determination of 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, and (u) the principal amount ofthe Bonds that shall be stated to mature on each 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 Bonds, and the principal amount of Bonds maturing 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 otlier such fiscal year. The weighted average interest rate for the Bonds determined by taking into account the respective principal amounts of the Bonds and terms to maturity ofthose principal amounts shall not exceed 7% per year. (d) Payment of Debt Charges. The debt charges on the Bonds shall be payable in lawful money of the United States of America without deduction for the services of the Bond Registrar as paying agent. Principal of the Bonds shall be payable when due upon presentation and surrender of the Bonds at the principal corporate trust office of the Bond Registrar. Interest on a Bond shall be paid on each Interest Payment Date by check or draft mailed to the person in whose name the Bond was registered, and to that person's address appearing, on the Bond Register at the close of business on the 15th day of the calendar month next preceding that Interest Payment Date. Notwithstanding the foregoing, if and so long as the Bonds are issued in a book entry system, principal of and interest on the Bonds shall be payable in the manner provided in any agreement entered into by the Director of Finance, in the name and on behalf of the City, in connection with the book entry system. (e) Redemption Provisions. The Bonds shall not be subject to redemption prior to their stated maturities. -4-