92-113 Ordinance - Laserfiche WebLink

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. • .' Section 1. It is necessary to issue bonds of this City in the maxi- mum aggregate principal amount of $1,280,000 (the Bonds) to pay costs of renovating, remodeling, rehabilitating, furnishing, equipping and otherwise improving the municipal recreation center and improving and equipping its site. The Director of Finance shall determine the aggregate principal amount of the Bonds not to exceed $1,280,000 in the certificate providing for the award of the Bonds and signed by the Director of Finance in accordance with Section 7 of this ordinance (the Certificate of Award). Section 2. The Bonds shall be issued in one lot and only as fully registered bonds, in Authorized Denominations. "Authorized Denominations" means (i) with respect to the Bonds, denominations of $1,000 or any integral 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 $1,000 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 on December 15 of each of the following years (the Principal Payment Dates) in the following principal amounts: Principal Year Amount 1993 $145,000 1994 160,000 1995 170,000 1996 185,000 1997 200,000 1998 205,000 1999 215,000 Those annual principal installments are determined to be such that the total principal and interest payments on the Bonds in any fiscal year in which principal is payable are substantially equal. - 2 -