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Section 1. It is necessary to issue bonds of this City in the
<br />maximum aggregate principal amount of $103,000 (the Bonds) to pay costs of
<br />improving the municipal sewerage system by acquiring, constructing and
<br />installing storm sewers, storm water retention basins, storm water drainage
<br />control equipment and catch basins, together with the necessary appurtenances
<br />thereto.
<br />The Director of Finance shall determine the aggregate principal
<br />amount of the Bonds not to exceed $103,00 in the certificate providing for the
<br />award of the Bonds and signed by the Director of Finance in accordance with
<br />Section 7 of this ordinance (the Certificate of Award).
<br />Section 2. The Bonds shall be issued in one lot and only as fully
<br />registered bonds, in Authorized Denominations. "Authorized Denominations"
<br />means (i) with respect to the Bonds, denominations of $1,000 or any integral
<br />multiple thereof, but in no case as to a particular maturity date exceeding
<br />the principal amount maturing on that date, and (ii) with respect to the
<br />Consolidated Bonds (as defined in Section 7), denominations of $5,000 or any
<br />integral multiple thereof, but in no case as to a particular maturity date
<br />exceeding the principal amount of Consolidated Bonds maturing on that date.
<br />"Minimum Authorized Denomination" means $1,000 with respect to the Bonds and
<br />$5,000 with respect to the Consolidated Bonds. The Bonds shall be dated as of
<br />October 15, 1992 unless otherwise specified by the Director of Finance in the
<br />Certificate of Award.
<br />The Bonds shall bear interest at the rate or rates (computed on a
<br />360-day per year basis) not exceeding 8% per year for any stated maturity, as
<br />specified in the Certificate of Award; provided that the Bonds of any one
<br />maturity shall all bear the same rate of interest. Interest on the Bonds
<br />shall be payable on June 15 and December 15 of each year (the Interest Payment
<br />Dates), commencing June 15, 1993, until the principal amount has been paid or
<br />provided for. The Bonds shall bear interest from the most recent date to
<br />which interest has been paid or provided for or, if no interest has been paid
<br />or provided for, from their date.
<br />The Bonds shall mature or be payable pursuant to mandatory sinking
<br />fund redemption requirements on December 15 of each of the following years
<br />(the Principal Payment Dates) in the following principal amounts:
<br />Principal Principal
<br />Year Amount Year Amount
<br />1993 $3,000 2003 $5,000
<br />1994 3,000 2004 5,000
<br />1995 3,000 2005 6,000
<br />1996 4,000 2006 6,000
<br />1997 4,000 2007 6,000
<br />1998 4,000 2008 7,000
<br />1999 4,000 2009 7,000
<br />2000 4,000 2010 7,000
<br />2001 4,000 2011 8,000
<br />2002 5,000 2012 8,000
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