96-126 Ordinance - Laserfiche WebLink

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.? ? used for the purpose for which the Bonds are being issued. Any portion of those proceeds representing premium and accrued interest shall be paid into the Bond Retirement Fund. Section 3. Denominations; Dating• Princinal and Interest Payment and Redemption Provisions. The Bonds shall be issued m one lot and only as fully registered bonds, in the Authorized Denominations, but in no case as to a particular maturity date exceeding the principal amount maturing on that date. The respective principal amounts of the Bonds to be issued as Current Interest Bonds and Capital Appreciation Bonds (if any Bonds are issued as Capital Appreciation Bonds) shall be determined by the Mayor and the Director of Finance in the Certificate of Award, having due regard to the best interest of and financial advantages to the 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 PaYment 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 Current Interest Bonds of any one stated maturity all shall bear the same rate of interest. Interest on the Cunent 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) Principal Payment Schedule. The 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 $185,000 2007 $375,000 1998 250,000 2008 400,000 1999 260,000 2009 425,000 2000 270,000 2010 450,000 2001 285,000 2011 475,000 2002 295,000 2012 505,000 2003 310,000 2013 535,000 2004 325,000 2014 565,000 2005 340,000 2015 595,000 2006 360,000 2016 635,000 -8- D03:[00523.DOCS.NOR05228]BOND ORDINANCE STREETS $7 R40.