2008-02-06 Resolution 163 - Laserfiche WebLink

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February 15 and August 15, beginning not earlier than February 15, 2011, in the years and in the principal amounts as determined by the President of the Authority at the time of the sale of the Bonds. The final maturity for the Bonds shall be not later than February 15, 2033, or such earlier date as determined by the President of the Authority at the time of the sale of the Bonds. At the option of the Underwriter (as hereinafter defined), all or a portion of the Bonds may be aggregated into one or more term bonds payable from mandatory sinking fund redemption payments (the "Term Bonds") required to be made as set forth below. The Term Bonds shall have a stated maturity or maturities on February 15 or August 15 of the years 2011 through 2033 (or such other dates as determined by the President of the Authority at the time of the sale of the Bonds, provided the final maturity many not be later than February 15, 2033), inclusive, as determined by the Underwriter. In the event that the successful bidder opts to aggregate certain Bonds into Term Bonds, such Term Bonds shall be subject to mandatory sinking fund redemption prior to maturity at a redemption price equal to one hundred percent (100%) of the principal amount thereof, plus accrued interest to the redemption date, but without premium, on February 15 of each year and in the principal amounts corresponding to and consistent with the principal amounts and maturities for the Bonds as determined herein. Section 3. The Bonds maturing on or after February 15, 2018, shall be redeemable prior to maturity at the option of the Authority, in whole or in part in whole multiples of Five Thousand Dollars ($5,000), in amounts and maturities to be determined by the Authority and by lot within maturities, on any date not earlier than August 15, 2018, from any moneys made available for that purpose, at a redemption price equal to one hundred percent (100%) of the principal amount of each Bond to be redeemed, and without premium, plus accrued interest to the redemption date. In addition, the Bonds may be subject to an extraordinary optional redemption within the first six (6) months following the date of issuance in the event as determined by the President of the Authority and set forth in the Trust Agreement. Section 4. The Authority hereby appoints U.S. Bank National Association, to serve as trustee for the Bonds (the "Trustee"). The Trustee for the Bonds shall be charged with and shall by the Trust Agreement undertake the duties and responsibilities customarily associated with such position, as evidenced by the Trust Agreement. Section 5. The Bonds shall be issued in accordance with and shall be secured by a trust agreement substantially in the form of the Trust Agreement as submitted to this meeting, with such changes as the President and the Secretary-Treasurer of the Authority deem necessary or appropriate to effectuate these resolutions and to consummate the sale of the Bonds, said officers' execution and attestation thereof to be conclusive evidence of their approval of such changes. Section 6. The Secretary-Treasurer is authorized and directed to place a copy of the Trust Agreement in the minute book immediately following the minutes of this meeting and said Trust Agreement is made a part of this Resolution as if the same were fully set forth herein. Section 7. The Bonds shall be sold by private, negotiated sale, as provided by Section 19 of the Act, to City Securities Corporation ("Underwriter") at a price not less than BDDBOI 5085738v1 - 3 -