96-131 Ordinance - Laserfiche WebLink

Home Browse Search

(a) Interest Rates and Pavment Dates. The Current 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 Cunent 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 Payment Schedule. The Bonds shall mature on the Principal Payment Dates in the following principal amounts: Principal Year Amount 1997 $ 75,000 1998 80,000 1999 85,000 2000 90,000 2001 95,000 2002 100,000 2003 105,000 2004 105,000 2005 115,000 2006 120,000 ; 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 Bonds to be issued as Current Interest Bonds, the Principal Payment Dates on which those Bonds shall be stated to mature and the principal amount thereof that shall be stated to mature on each such Principal Payment Date, and (ii) the aggregate original principal amount of any Bonds to be issued as Capital Appreciation Bonds and the corresponding aggregate Maturity Amount thereof, the Principal Payment Date or Dates on which those Bonds shall be stated to mature, and the -6- D03: [00523. DOCS. NOR05228]BOND_ORDINANCE_PARK_REC_$970.