11-22-2021 FINAL Agenda Packet - Laserfiche WebLink

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4 determined at the time of the sale of the Bonds and approved by the City, all upon the advice of Baker Tilly Municipal Advisors, LLC, the municipal advisor to the City (the “Municipal Advisor”); (d) interest on the Bonds may be capitalized for a period up to two (2) years following the date of issuance of the Bonds; and (e) the maximum term of the Lease shall not exceed twenty- two (22) years. SECTION IV.Authorization of Bonds. The Common Council hereby authorizes, as part of a program for financing the aforementioned economic development facilities, the issuance of an aggregate principal amount not to exceed $6,500,000 of the Bonds by the City, in one or more series, for the purpose of procuring funds to finance (a) the cost of the Project, and expenses related thereto, (b) the funding of a debt service reserve for the Bonds in an amount equal to the maximum annual debt service on the Bonds (the “Reserve Requirement”) (if the Reserve Requirement is not otherwise satisfied pursuant to Section IX hereof), and (c) the cost of certain incidental expenses on account of the issuance of the Bonds as may be permitted by law and acquiring any credit enhancement with respect thereto (if necessary), which Bonds will be payable as to principal, premium, if any, and interest from the Lease Rental Payments, or as otherwise provided in the Trust Indenture. The Bonds shall be issued in one (1) or more series as fully registered bonds in denominations of $5,000, or any integral multiple thereof not exceeding the aggregate principal amount of the Bonds maturing in any one (1) year (or in denominations of $100,000 and $1,000 in excess thereof) (each an “Authorized Denomination”) as may be determined by the Mayor and the Controller of the City (the “Controller”), shall be dated the date of their delivery as set forth in the Trust Indenture, and shall be fully registered without coupons and numbered consecutively from R-1 upward. The Bonds shall be payable in the medium and at the place or places as set forth in the Trust Indenture and shall bear interest at a rate not exceeding six and one-half percent (6.5%) per annum (determined through a competitive sale or negotiation as set forth herein). Principal of and interest on the Bonds shall be payable semiannually on February 1 and August 1, commencing not earlier than August 1, 2022, and shall have a final principal payment due on not later than February 1, 2042. Interest on the Bonds shall be calculated according to a three hundred sixty (360)-day calendar year containing twelve (12) thirty (30)-day months. The Mayor and the Controller, upon consultation with the Municipal Advisor, may designate maturities of the Bonds (or a portion thereof in Authorized Denominations) that shall be subject to optional redemption and/or mandatory sinking fund redemption, and the corresponding redemption dates, amounts and prices (including premium, if any). The Bonds shall be executed on behalf of the City by, and bear the manual or facsimile signature of, the Mayor and the Clerk of the City (the “Clerk”), and the seal of the City shall be thereunto affixed (or imprinted or engraved if in facsimile). The Bonds shall be in the form set forth in the final form of the Trust Indenture. The Bonds and the interest thereon shall never constitute an indebtedness of, or a charge against the general credit or taxing power of, the City, but shall be special and limited obligations