92-118 Ordinance - Laserfiche WebLink

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?- multiple thereof, but in no case as to a particular maturity date exceeding the principal amount maturing on that date, and (ii) with respect to the Consolidated Bonds (as defined in Section 7), denominations of $5,000 or any integral. multiple thereof, but in no case as to a particular maturity date exceeding the principal amount of Consolidated Bonds maturing on that date. "Minimum Authorized Denomination" means $500 with respect to the Bonds and $5,000 with respect to the Consolidated Bonds. The Bonds shall be dated as of October 15, 1992 unless otherwise specified by the Director of Finance in the Certificate of Award. The Bonds shall bear interest at the rate or rates (computed on a 360-day per year basis) not exceeding 8% per year for any stated maturity, as specified in the Certificate of Award; provided that the Bonds of any one maturity shall all bear the same rate of interest. Interest on the Bonds shall be payable on June 15 and December 15 of each year (the Interest Payment Dates), commencing June 15, 1993, 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. The Bonds shall mature or be payable pursuant to mandatory sinking fund redemption requirements on December 15 of each of the following years (the Principal Payment Dates) in the following principal amounts: Principal Principal Year Amount Year Amount 1993 $ 1,000 2003 $245,000 1994 1,000 2004 266,500 1995 3,000 2005 291,000 1996 3,000 2006 300,000 1997 5,000 2007 340,000 1998 101,000 2008 366,000 1999 107,000 2009 390,000 2000 208,000 2010 405,000 2001 220,000 2011 440,000 2002 233,000 2012 495,000 Those annual principal installments are determined to be such that the total principal an d interest payments on the Bonds in any fiscal year in which principal is payable are not more than three times the amount of those payments in any other such fiscal year. The principal amount maturing or payable pursuant to mandatory sink- ing fund redemption requirements on each Principal Payment Date may be revised as determined by the Director of Finance in the Certificate of Award; provided that, based on the actual interest rates borne by the Bonds and the authorized denominations of Bonds, the total principal and interest payments on the Bonds in any fiscal year in which principal is payable shall be not more than three times the amount of those payments in any other such fiscal year. Consistent with the foregoing and in accordance with his determina- tion of the best interest of and financial advantage to the City, the Director - 3 - ,, _ .._ . . . _