92-111 Ordinance - Laserfiche WebLink

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. ?,. r?. .? ? ? 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 pr.ovided 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 $ 500 2003 $169,000 1994 3,000 2004 191,500 1995 3,000 2005 171,000 1996 4,000 2006 180,000 1997 5,000 2007 170,000 1998 59,000 2008 168,000 1999 56,000 2009 170,000 2000 135,000 2010 180,000 2001 148,000 2011 188,000 2002 154,000 2012 209,000 Those annual principal instailments 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 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 of Finance shall specify in the Certificate of Award (i) the principal amount of the Bonds maturing or payable pursuant to mandatory sinking fund redemption requirements on each Principal Payment Date, (ii) the Principal payment Dates on which Bonds not subject to mandatory sinking fund redemption (Serial Bonds) shall mature; (iii) the Principal Payment Date or Dates on which Bonds subject to mandatory sinking fund redemption (Term Bonds) shall be stated to mature; and (iv) the Principal Payment Date or Dates on which Term Bonds shall be subject to mandatory sinking fund redemption (Mandatory Redemption Dates). - 3 - ..,l -