2022-078 Ordinance - Laserfiche WebLink

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of the purposes of the Act and will benefit the people of the Citv and of the State by creating and preservingjobs and employment opportunities and improving the economic welfare of the people of the City and of Stale. (b) It is necessary and proper and in the best interest of the City to, and the City shall, issue the Bonds to retire the Notes. the proceeds of which will be issued to pay direct and indirect costs of the Project. The Bonds shall be dated approximately November I, 2023. shall bear interest payable semiannually on June I and December I of each year, at the estimated rate of 60/i, per year. and shall be payable as to principal in no more than 30 installments on December 1 of each Near. commencing December I, 2024, in such amounts that the debt charges on the Bonds due in each year that principal is payable are substantially equal, or such other dales and methods as then determined by Council and the Director of Finance. (c) This Council also determines it to he necessary to issue, and the City shall, issue, sell and deliver, as provided and authorized herein the Notes, in anticipation of the issuance of Bonds, in an aggregate principal amount not to exceed $2.180,000 fix the purpose of paying all or a portion of the costs of the Project. 'Ihe Notes shall be designated "Economic Development Nontax Revenue Notes, Series 2022 (Real Fstate Acquisition Project)". or as otherwise designated by the Director of Finance in the Certificate of Award -Ihe Notes ma_y be combined with am other series of similar notes of the City into one sale and issue. hhe Notes shall be dated the date of issuance and shall mature one year I,rom the dale of issuance; provided that the Director of finance ma, if it is determined to be necessary or advisable to the sale of the Notes, establish a maturitN date that is any date up to one year from the date of issuance by setting forth that maturity date in the Certificate ofAward. the Notes shall bear interest at a rate not to exceed S% per year (computed on the basis of a 360 day year consisting of 12 30 -day months), payable at maturity and until the principal amount is paid or payment is provided for. The aggregate principal amount of and rate of interest on the Notes shall be detcnnined by the Director of Finance in the Certificate of Award. Section 3. Sale of Notes. (a) To the Original Purchaser. file Notes shall be awarded and sold at private sale to the Original Purchaser at a purchase price of not less than par, as determined in the Certificate of Award, and in accordance with law and the provisions of this Ordinance. The Director of Finance shall sign the Certificate of Award evidencing that sale to the Original Purchaser. Consistent with the Director of Finance's determination of the best interest of and financial advantages to the City, the Certificate of Awmd shall also specify (i) the date or dates on which the Notes shall be stated to mature. (ii) the rate or rales of interest payable on the Notes and the date or dates upon whidr interest shall be paid, (iii) tire paying agent and bond registrar. and (iv) the Ions, if any, upon which the Notes are subject to prepayment or redemption. the Notes shall be negotiable instruments in accordance with the Act, and the Nolen shall express on their fans file purpose for which they are issued and such other statements or legends as may be required by law. the Mayor, the Director of Finance, the Director of law, the ('Ierk of the City Council and other City officials, as appropriate, are each authorized and directed to sign am transcript certificates. financial statements and other documents and instruments and to take such actions as are necessary or appropriate to consummate