6B(1) Resolution No. 2805 - Laserfiche WebLink

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incurred in connection with the redevelopment and economic development of the Area, including the total cost of all reasonable and necessary architectural, engineering, legal, financing, accounting, advertising, bond discount and supervisory expenses, capitalized interest and a debt service reserve for the Bonds as provided herein, together with the expenses in connection with or on account of the issuance of the Bonds therefor. The Bonds shall not constitute a corporate obligation or indebtedness of the City, but shall constitute an obligation of the Redevelopment District, The Bonds, together with interest thereon, shall be payable out of the PSCDA Revenues made available to the Commission for such purpose, and to the extent the PSCDA Revenues are insufficient therefor, from the COIT Revenues made available to the Commission for such purpose as the sums have been pledged for such purposes by the Common Council of the City pursuant to the Pledge Ordinance. The Bonds shall be issued in fully registered form in the denomination of Five Thousand Dollars ($5,000) or an integral multiple thereof (the "Authorized Denomination ") not exceeding the aggregate principal amount of Bonds maturing in any one (1) year. The Bonds shall be numbered consecutively from IOR -1 upwards. The Bonds shall mature semiannually on January 15 and July 15 beginning not earlier than July 15, 2011, and having a final maturity of not later than January 15, 2031, in such principal amounts determined by the Controller with the advice of the Commission's financial advisor and set forth in a certificate of the Controller delivered at the time of the sale of the Bonds (the "Issuer's Certificate "). The Bonds shall bear interest at a rate or rates not to exceed eight percent (8.0 %) per annum (the exact rate or rates of interest to be determined by the sale of the Bonds as set forth in Section 9 hereof). The Bonds will be issued as Recovery Zone Economic Development Bonds unless the Controller determines, based upon the advice received from the financial advisor to the Commission, that market conditions would provide a more favorable interest rate on the Bonds if the Commission caused the Bonds to be issued on a tax - exempt basis and not as Recovery Zone Economic Development Bonds. Such determination will be set forth in the Issuer's Certificate. The interest on the Bonds shall be payable semiannually on the fifteenth day of January and the fifteenth day of July of each year commencing not earlier than July 15, 2011. Interest shall be calculated on the basis of twelve (12) thirty (30) -day months for a three hundred sixty (360) -day year. A Registrar and Paying Agent (the "Registrar" or the "Paying Agent" or in both such capacities as the "Registrar and Paying Agent ") shall be appointed by the Controller. The Controller is hereby authorized to solicit and receive proposals with regard to the services of a registrar and paying agent. The Registrar and Paying Agent is hereby 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 authenticating the Bonds. The Registrar shall keep and maintain at its principal office books for the registration and for the transfer of the Bonds (the "Bond Register "). The President of the Commission and the Controller are hereby authorized and directed, on behalf of the Commission, to enter into such agreements or understandings with the Registrar and Paying Agent as will enable the Registrar and Paying Agent to perform the services required of a registrar and a paying agent, and is authorized and directed to pay the Registrar and Paying Agent for its services out of available funds. BDDB01 6406657v2 - 3 -