2001-018 Ordinance - Laserfiche WebLink

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Driscoll Lane, Williamstown Drive, Ashbury Park Drive, Carsten Lane, Ross Circle, Caton Place, Hyannis Port Drive, Leenders Lane, Newton Circle and Dorothy Drive by installing street lighting and underground wiring; in each case together with the necessary appurtenances and work incidental thereto. Subject to the limitations set forth in this ordinance, the aggregate principal amount of the Bonds to be issued, the principal maturities of and 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 fin-ther specification or determination in the Certificate of Award upon the finalization ofthe terms and provisions ofthe 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 Pavment and Redemption I'rovisions. 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 Bonds shall be dated as of May 1, 2001, or such other date not later than July 15, 2001, as is established by the Mayor and the Director of Finance in the Certificate of Award. (a) Interest Rates and Payment Dates. The 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 Directar of Finance (subject to the provisions of subsection (c) of this Section) in the Certificate of Award; provided, that all Bonds of the same maturity shall bear the same rate of interest. Interest on the Bonds shall be payable on each Interest Payment Date until the principal amount has been paid or provided for. The 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. (b) Principal Payment Schedule. The Bonds shall mature or be payable pursuant to Mandatory Sinking Fund Redemption Requirements (as hereina$er defined and described) on the Principal Payment Dates in the following principal amounts: -4-