96-138 Ordinance - Laserfiche WebLink

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City. The Current Interest Bonds shall be dated as of October 1, 1996, or such other date not later than December 15, 1996, as is established by the Mayor and the Director of Finance in the Certificate of Award, and any Capital Appreciation Bonds shall be dated as of the Closing Date. (a) Interest Rates and Pavment Dates. The Cunent Interest Bonds shall bear the rate or rates of interest per year (computed on a 360-day per year basis), not exceeding 10% per year for any stated maturity, as shall be specified by the Mayor and the Director of Finance (subject to the provisions of subsection (c) of this Section) in the Certificate of Award; provided, that the Current Interest Bonds of any one stated maturity all shall bear the same rate of interest. Interest on the Current Interest Bonds shall be payable on each Interest Payment Date until the principal amount has been paid or provided for. The Current Interest 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. Any Capital Appreciation Bonds shall bear interest from the Closing Date at the compounding rate or rates of interest per year (computed on a 360-day per year basis), not exceeding 10 % per year for any stated maturity, accrued and compounded on each Interest Accretion Date and payable at maturity, which will result in the aggregate Maturity Amounts payable at maturity, as shall be specified by the Mayor and the Director of Finance (subject to the provisions of subsection (c) of this Section) in the Certificate of Award; provided, that the Capital Appreciation Bonds of any one stated maturity all shall bear the same compounding rate of interest. The total interest accrued on any Capital Appreciation Bond as of any particular date shall be an amount equal to the amount by which the Compound Accreted Amount of that Capital Appreciation Bond exceeds the original principal amount of that Capital Appreciation Bond as of that date. (b) Princi ap 1 Pavment Schedule. T'he Bonds shall mature or be payable pursuant to Mandatory Sinking Fund Redemption Requirements (as hereinafter defined and described) on the Principal Payment Dates in the following principal amounts: Principal Principal Year Amount Year Amount 1997 $ 5,000 2007 $10,000 1998 5,000 2008 10,000 1999 5,000 2009 10,000 2000 5,000 2010 10,000 2001 5,000 2011 15,000 2002 10,000 2012 15,000 2003 10,000 2013 15,000 2004 10,000 2014 15,000 2005 10,000 2015 15,000 2006 10,000 2016 15,000 ; provided that, subject to the limitations set forth in Section 2 and subsection (c) of this Section, the principal amount of Bonds payable on any one or more of the Principal Payment Dates may be increased or decreased as specified by the Mayor and the Director of Finance in the Certificate of Award. Consistently with the foregoing and in accordance with their determination of the best interest of and financial advantages to the City, the Mayor and the Director of Finance shall specify in the Certificate of Award (i) the aggregate principal amount of Cunent Interest Bonds to be issued as Cunent Interest Serial Bonds, the Principal Payment Dates on which those Bonds -5- D03:[00523.DOCS.NOR05228]BOND_ORDINANCE NM POL STAT $205.