92-112 Ordinance - Laserfiche WebLink

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improving Great Northern Boulevard from Lorain Road to Butternut Ridge Road, Country Club Boulevard from Lorain Road to Columbia Road, Victoria Lane from Kennedy Ridge Road to Country Club Boulevard and Kennedy Ridge Road from Butternut Ridge Road to Victoria Lane by removing the existing pavement, grading, draining, curbing, preparing the pavement base, paving and constructing and reconstructing storm sewers and sanitary sewers, where necessary, together with the necessary appurtenances thereto. The amount of the the award of with Section Director Bonds not the Bonds 7 of this of Finance shall determine the aggregate principal to exceed $350,000 in the certificate providing for and signed by the Director of Finance in accordance 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 $500 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 $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 uniess 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 $ 2,000 2003 $27,000 1994 2,000 2004 28,000 1995 3,000 2005 24,000 1996 3,000 2006 25,000 1997 3,000 2007 26,000 1998 4,000 2008 30,000 1999 5,000 2009 29,000 2000 15,000 2010 25,000 2001 20,000 2011 28,000 2002 21,000 2012 30,000 - 2 -