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the City legally available therefor, if any, including amounts available to the City out of federal or
<br />state funds available for application to the Project, for payment of the principal of the BANs;
<br />provided, however, that no funds other than proceeds from the issuance and sale of the Bonds, if
<br />and when issued, are pledged to the payment of principal of the BANs. Notwithstanding any other
<br />provision of this Ordinance,if the BANs are sold to a purchaser that so agrees,the City may receive
<br />payment for the BANs in installments, and principal shall not be payable and interest shall not
<br />accrue on the BANs until such principal amount has been advanced pursuant to requests made by
<br />the City to such purchaser. In the event that the total principal amount of the BANs sold to such
<br />purchaser is not advanced to the City, the principal amount of the BANs shall be reduced
<br />accordingly. The revenue bonds will be payable solely out of and constitute a first charge upon
<br />all the Net Revenues of the waterworks of the City, including the works herein acquired and
<br />constructed and all additions and improvements thereto and replacements thereof subsequently
<br />constructed or acquired.
<br />b)The City shall issue its waterworks revenue bonds,in one or more series, in an aggregate
<br />principal amount not to exceed Forty-Seven Million Seven Hundred Ninety-one Thousand Dollars
<br />47,791,000)to be designated"Waterworks Revenue Bonds, Series with the blank to be
<br />completed with the year in which issued and the appropriate series designation, if any (the
<br />Bonds"), for the purpose of procuring funds to be applied to the cost of the Project, the payment
<br />of costs of issuance, refunding the BANs, if issued, capitalized interest, if any, and all other costs
<br />related to the Project.
<br />Each series of Bonds shall be sold at a price of not less than 99%of the par amount of the
<br />Bonds and shall be issued in authorized denominations of One Dollar ($1) each if sold to the
<br />Authority as part of the IFA Program and in the denomination of Five Thousand Dollars($5,000)
<br />each or integral multiples thereof if sold to another purchaser (or such higher minimum
<br />denomination as the Controller may determine prior to the sale of other Bonds with the advice of
<br />Baker Tilly Municipal Advisors,LLC(the"Municipal Advisor"))if sold to another purchaser,and
<br />any integral multiple thereof not exceeding the aggregate principal amount of the Bonds maturing
<br />in any one (1) year. The Bonds shall be numbered consecutively from_R-1 upward (with such
<br />blank to be completed with the year of issuance of the Bonds and the appropriate series
<br />designation, if any), dated as of their date of delivery, and shall bear interest at a rate or rates not
<br />exceeding 5.00% per annum (the exact rate or rates to be determined by negotiation with the IFA
<br />Program,or by bidding,as the case may be),payable semiannually on January 1 and July 1 in each
<br />year, beginning no earlier than January 1, 2024, as determined by the Controller, with the advice
<br />of the Municipal Advisor. The Bonds shall be payable in lawful money of the United States of
<br />America, at the principal office of the Paying Agent (as hereinafter defined). The Bonds shall
<br />mature annually,or shall be subject to mandatory sinking fund redemption if term bonds are issued,
<br />on January 1 of each year, through January 1, 2033, and shall mature semiannually, or shall be
<br />subject to mandatory sinking fund redemption if term bonds are issued, on January 1 and July 1
<br />thereafter, over a period ending no later than January 1, 2048, in such amounts as deemed
<br />appropriate by the Controller, upon the advice of the Municipal Advisor; provided, however, that
<br />any Bonds sold to the Authority as part of its IFA Program shall mature annually on January 1, or
<br />be subject to mandatory sinking fund redemption on January 1 through January 1, 2033, and shall
<br />mature semiannually, or shall be subject to mandatory sinking fund redemption if term bonds are
<br />issued, on January 1 and July 1 thereafter, over a period ending no later than thirty-five(35)years
<br />from the date of issuance of the Bonds, and in such amounts as will allow the City to meet the
<br />coverage and/or amortization requirements of the IFA Program, with such debt service schedules
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