9672-06 Authorizing the Acquistion and Installation of Improvements to the City's Sewage Works

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designation in the event two (2) series of bonds aze issued in the same calendaz year) upward and shall beaz interest at a rate not exceeding eight percent (8.0%) per annum, the exact rate or rates to be determined by bidding. Said interest rate or rates shall be in multiples of one-eighth (1/8) or one-twentieth (1/20) of one percent (1%). All Bonds of a series maturing on the same date shall bear the same rate of interest, and the interest rate on Bonds of a series of a given maturity must be at least as great as the interest rate on Bonds of any earlier maturity. Interest on each series of the Bonds shall be calculated on the basis of twelve (12) thirty (30)-day months for a three hundred and sixty (360)-day year and shall be payable semiannually on December 1 and June 1 in each year (each an "Interest Payment Date"), commencing on the first December 1 or June 1, following the original date of the Bonds as determined by the Controller, with the advice of the City's financial advisor and as set forth in the Issuer's Certificate (defined herein) and in the notice of intent to sell bonds for each series of the Bonds until principal is fully paid. The principal of each series of the Bonds shall mature serially and annually on December 1 of each year, over a period ending no later than twenty-two (22) years from the date of issuance of each series of the Bonds, and in the years and amounts to be determined by the Controller with the advice of the City's financial advisor prior to the publication of the notice to intent to sell bonds referred to herein and set forth in the Issuer's Certificate with respect to each series of Bonds. The Bonds shall bear an original issue date which shall be the date of issuance of the Bonds or the first day of the month in which the Bonds are delivered, as determined by the Controller and set forth in the Issuer's Certificate for each series of Bonds, and each Bond shall also bear the date of its authentication. Any Bond authenticated on or before the fifteenth (15th) day of the calendar month immediately preceding the first Interest Payment Date, shall pay interest from its original issue date. Any Bond authenticated thereafter shall pay interest from the Interest Payment Date next preceding the date of authentication of such Bond to which interest thereon has been paid or duly provided for, unless such Bond is authenticated after the day which is fifteen (15) days prior to the Interest Payment Date and on or before such Interest Payment Date, in which case interest thereon shall be paid from such Interest Payment Date. The Controller is hereby authorized to appoint a registrar and a paying agent for each series of the Bonds (the "Registrar" and the "Paying Agent" and, in both such capacities, the "Registraz and Paying Agent"). The Registrar and Paying Agent shall be charged with and shall by appropriate agreement undertake the performance of all of the duties and responsibilities customarily associated with each such position, including without limitation the authentication of the Bonds. The Controller is authorized and directed to enter into such agreements and understandings with the Registrar and Paying Agent and any subsequent Registrar and Paying Agent as will enable and facilitate the performance of its duties and responsibilities, and is authorized and directed to pay such fees as the Registrar and Paying Agent may reasonably charge for its services in such capacity, and such fees may be paid from the Sewage Works Sinking Fund continued by this Ordinance. The Registraz and Paying Agent may at any time resign as Registrar and Paying Agent upon giving thirty (30) days' notice in writing to the City and by first-class mail to each registered owner of the Bonds then outstanding, and such resignation will take effect at the end of such thirty (30) days or upon the earlier appointment of a successor Registrar and Paying BDDBOI 4347413v2 - 4 -