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Subject to the limitations set forth in this ordinance, the aggregate principal amount of <br /> the Bonds to be issued,the principal maturities of and the principal payment schedule for the Bonds, <br /> the interest rate or rates that the Bonds shall bear and certain other terms and provisions of the <br /> Bonds identified in this ordinance are subject to further specification or determination by the Mayor <br /> and the Director of Finance in the Certificate of Award upon the finalization of the terms and <br /> 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 used for <br /> the purpose for which the Bonds are being issued. Any portion of those proceeds representing <br /> premium and accrued interest shall be paid into the Bond Retirement Fund. <br /> Section 3. Denominations; Dating; Principal and Interest Payment and Redemption <br /> Provisions. The Bonds shall be issued in one lot and only as fully registered bonds, in Authorized <br /> Denominations, but in no case as to a particular maturity date exceeding the principal amount <br /> maturing on that date. The respective principal amounts of the Bonds to be issued as Current <br /> Interest Bonds and Capital Appreciation Bonds (if any Bonds are to be 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 City. <br /> The Bonds shall be dated as of the Closing Date. <br /> (a) Interest Rates and Payment Dates. The Current Interest Bonds shall bear the rate or <br /> rates of interest per year (computed on the basis of a 360-day year consisting of twelve 30-day <br /> months), not exceeding 10% per year for any stated maturity, as shall be specified by the Mayor and <br /> the Director of Finance (subject to the provisions of subsection(c) of this Section) in the Certificate <br /> of Award. Interest on the Current Interest Bonds shall be payable on each Interest Payment Date <br /> until the principal amount has been paid or provided for. The Current Interest Bonds shall bear <br /> interest from the most recent date to which interest has been paid or provided for or, if no interest <br /> has been paid or provided for, from their date. <br /> Any Capital Appreciation Bonds shall bear interest from the Closing Date at the <br /> compounding rate or rates of interest per year (computed on the basis of a 360-day year consisting <br /> of twelve 30-day months), not exceeding 20% per year for any stated maturity, accrued and <br /> compounded on each Interest Accretion Date and payable at maturity, that will result in the <br /> aggregate Maturity Amounts payable at maturity, as shall be specified by the Mayor and the <br /> Director of Finance (subject to the provisions of subsection (c) of this Section) in the Certificate of <br /> Award. The total interest accrued on any Capital Appreciation Bond as of any particular date shall <br /> be an amount equal to the amount by which the Compound Accreted Amount of that Capital <br /> Appreciation Bond as of that date exceeds the principal amount of that Capital Appreciation Bond. <br /> (b) Principal Payment Schedule. The Bonds shall mature on the Principal Payment <br /> Dates in the following years and principal amounts: <br /> - 5 - <br />