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<br />Section 2. Authorized Princinal Amount and Purpose• Application of Proceeds.
<br />This Council determines that it is necessary and m the best interest of the City to issue bonds
<br />of this Ciry in the maximum aggregate principal amount of $2,530,000 for the purpose of
<br />improving the Ciry's street system (i) by reconstructing and rehabilitating sections of the
<br />pavement base, catch basins, curbs, sidewalks and driveway aprons, and preparing the surface
<br />and resurfacing, where necessary, in Bentley Drive, Berkshire Drive, Blossom Boulevard,
<br />Brookpark Road Extension, Clareshire Drive, Cottonwood Trail, Curtis Drive, Danberry Drive,
<br />Devon Drive, Dogwood Trail, Edgepark Drive, Hampton Drive, Marquette Boulevard, Oak
<br />Circle, Oak Lane, Plumwood Drive, Sparky Lane, Tree Lane, Tudor Drive and Woodpath
<br />Drive; (ii) by grading, draining, reconstructing the pavement base, widening, constructing,
<br />reconstructing and rehabilitating catch basins, curbs, driveway aprons, sanitary sewers and
<br />sanitary sewer service connections, sidewalks, storm sewers and water mains and water service
<br />connections, installing street lighting and preparing the surface and surfacing, where necessary,
<br />in Brighton Drive, Dover Center Road, Loram Road, Mill Road, North Porter Road,
<br />Summerland Road, Surrey Drive and Virginia Road and acquiring real estate and interests in real
<br />estate in connection therewith; and (iii) by reconstructing and rehabilitating the berms,
<br />reconstructing the pavement base and surfacmg and resurfacing with asphaltic concrete in
<br />Bradley Road between certain termini; in each case together with necessary appurtenances and
<br />work incidental thereto (the Bonds).
<br />Subject to the limitations set forth in this ordinance, the aggregate principal amount
<br />of the Bonds to be issued, the principal maturities of the Bonds, the interest rate or rates that
<br />the Bonds shall bear and certain other terms and provisions of the Bonds identified in this
<br />ordinance are subject to further specification or determination in the Certificate of Award upon
<br />the finalization of the terms and provisions of the Bonds.
<br />The proceeds from the sale of the Bonds, except any premium and accrued interest,
<br />shall be paid into the proper fund or funds, and those proceeds are appropriated and shall be
<br />used for the purpose for which the Bonds are being issued. Any portion of those proceeds
<br />representing premium and accrued interest shall be paid into the Bond Retirement Fund.
<br />Section 3. Denominations: Datin ;rincipal and Interest Payment and Redem tion
<br />Provisions. The Bonds shall be issued in one lot and only as fully registered bonds, in the
<br />Authorized Denominations, but in no case as to a particular maturity date exceeding the principal
<br />amount maturing on that date. The respective principal amounts of the Bonds to be issued as
<br />Cuffent Interest Bonds and Capital Appreciation Bonds (if any Bonds are issued as Capital
<br />Appreciation Bonds) shall be determined by the Mayor and the Director of Finance in the
<br />Certificate of Award, having due regard to the best interest of and financial advantages to the
<br />City. The Cuffent Interest Bonds shall be dated as of October 1, 1996, or such other date not
<br />later than December 15, 1996, as is established by the Mayor and the Director of Finance in the
<br />Certificate of Award, and any Capital Appreciation Bonds shall be dated as of the Closing Date.
<br />(a) Interest Rates and Payment Dates. T'he Current Interest Bonds shall bear the
<br />rate or rates of interest per year (computed on a 360-day per year basis), not exceeding 10% per
<br />year for any stated maturity, as shall be specified by the Mayor and the Director of Finance
<br />(subject to the provisions of subsection (c) of this Section) in the Certificate of Award; provided,
<br />that the Current Interest Bonds of any one stated maturity all shall bear the same rate of interest.
<br />Interest on the Cuffent Interest Bonds shall be payable on each Interest Payment Date until the
<br />principal amount has been paid or provided for. The Cuffent Interest Bonds shall bear interest
<br />from the most recent date to which interest has been paid or provided for or, if no interest has
<br />been paid or provided for, from their date.
<br />- 5 -
<br />D03:[00523.DOCS.NOR05228]BONDORDINANCE NM STREETS $2 530.
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