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<br />basins, curbs, sidewalks and driveway aprons, where necessary, in Berkshire Drive, Byron
<br />Drive, Defoe Drive, Devon Drive, Dryden Drive, Fielding Drive, Hampton Drive, Keats Drive,
<br />Lydgate Drive, North Court, Old Shore Drive, Shelley Drive, South Court, Tallwood Drive,
<br />Tennyson Lane, Tudor Drive, Wedgewood Drive and Wild Oak Drive; in each case together
<br />with necessary appurtenances and work incidental thereto.
<br />Section 2. The Bonds shall be dated approximately December 1, 1996, shall bear
<br />interest at the now estimated rate of 6-3/4 % per year, payable semiannually until the principal
<br />amount is paid, and are estimated to mature in twenty annual principal installments that are
<br />in such amounts that the total of principal and interest payments on the Bonds in any fiscal year
<br />in which principal is payable is substantially equal to the total of such payments in each other
<br />such fiscal year. The first principal installment is estimated to be payable on December 1, 1997.
<br />Section 3. It is necessary to issue and this Council determines that notes in the
<br />aggregate principal amount of $3,830,000 (the Notes) shall be issued in anticipation of the
<br />issuance of the Bonds. The Notes shall bear interest at a rate not to exceed 8% per year
<br />(computed on a 360-day per year basis), payable at maturity and until the principal amount is
<br />paid or payment is provided for. If requested by the original purchaser, the Notes may provide
<br />that, in the event the City does not pay or make provision for payment at maturity of the debt
<br />charges on the Notes, the principal amount of the Notes shall bear interest at a different rate or
<br />rates not to exceed 10 % per year from the maturity date until the City pays or makes provision
<br />to pay that principal amount. The rate or rates of interest on the Notes shall be determined by
<br />the Director of Finance in the certificate awarding the Notes in accordance with Section 7 of this
<br />ordinance (the Certificate of Award). The Notes shall be dated the date of issuance and shall
<br />mature on December 20, 1996; provided that the Director of Finance may, if he determines it
<br />to be necessary or advisable, establish a different maturity date that is on or after November 1,
<br />1996, but before December 20, 1996, by setting forth that maturity date in the Certificate of
<br />Award.
<br />Section 4. The Notes shall be signed by the Mayor and the Director of Finance, in
<br />the name of the City and in their official capacities, provided that either or both of those
<br />signatures may be a facsimile. The Notes shall be issued only as fully registered notes and in
<br />the numbers and denominations as requested by the Original Purchaser (as defined in Section
<br />7) and approved by the Director of Finance, provided that the entire principal amount may be
<br />represented by a single note. The Notes shall not have coupons attached, shall be numbered as
<br />determined by the Director of Finance and shall express upon their faces the purpose, in
<br />summary terms, for which they are issued and that they are issued pursuant to this ordinance.
<br />No Note shall be valid or obligatory for any purpose or shall be entitled to any
<br />security or benefit under the Note proceedings (as defined in Section 7) unless and until the
<br />certificate of authentication printed on the Note is signed by the Note Registrar (as defined in
<br />Section 6) as authenticating agent. Authentication by the Note Registrar shall be conclusive
<br />evidence that the Note so authenticated has been duly issued, signed and delivered under, and
<br />is entitled to the security and benefit of, the Note proceedings. The certificate of authentication
<br />may be signed by any authorized officer or employee of the Note Registrar or by any other
<br />person acting as an agent of the Note Registrar and approved by the Director of Finance on
<br />behalf of the City.
<br />Section 5. The debt charges on the Notes shall be payable when due in Federal
<br />Reserve funds of the United States of America, without deduction for services of the City's
<br />paying agent, upon presentation and surrender at the principal corporate trust office of the Note
<br />D03:[00523.DOCS.NOR05225]NOTE_ORD_STREETSII $3 830.
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