Laserfiche WebLink
SECTION 2. General Terms of Bonds. <br />(a) Issuance of Bonds. The City shall issue the Bonds in the aggregate <br />principal amount not to exceed Five Million Six Hundred and Eighty Thousand <br />Dollars ($5,680,000) (the "Authorized Amount") for the purpose of providing <br />funds to (i) pay the of the costs of the Project, (ii) fund a debt service reserve <br />fund, if necessary, and (iii) pay issuance costs related to the Bonds. The <br />Controller of the City (the "Controller ") is hereby authorized and directed to <br />advertise the sale of the Bonds and to receive bids therefore pursuant to a Notice <br />of Intent to Sell Bonds in the form submitted with this ordinance. The Controller <br />is authorized and directed to finalize such notice and to have prepared and to issue <br />and sell the Bonds as negotiable, fully registered bonds of the City in an amount <br />not to exceed the Authorized Amount. <br />The Bonds shall be signed in the name of the City by the manual or <br />facsimile signature of the Mayor (the "Mayor ") and attested by the manual or <br />facsimile signature of the Controller, and the City Clerk (the "Clerk ") shall affix <br />the seal of the City to each of the Bonds manually or shall have the seal imprinted <br />or impressed thereon by facsimile or other means. In case any officer whose <br />signature or facsimile signature appears on the Bonds shall cease to be such <br />officer before the delivery of Bonds, such signature shall nevertheless be valid <br />and sufficient for all purposes as if such officer had remained in office until <br />delivery thereof. The Bonds also shall be, and will not be valid or become <br />obligatory for any purpose or entitled to any benefit under this Ordinance unless <br />and until, authenticated by the manual signature of the Registrar (as defined in <br />Section 4 hereof). <br />The Bonds shall be numbered consecutively from R -1 upward, shall be <br />issued in denominations of Five Thousand Dollars ($5,000) or any integral <br />multiple in excess thereof. The Bonds shall be originally dated as of the date of <br />delivery of the Bonds, and shall bear interest payable semi - annually each <br />February 1 and August 1, commencing not earlier than August 1, 2015 at a rate <br />not exceeding six percent (6 %) per annum (the exact rate or rates on each Bond to <br />be determined by bidding). Interest shall be calculated on the basis of a 360 -day <br />year comprised of twelve 30 -day months. The Bonds may be sold at a discount <br />not exceeding two percent (2 %) of the principal amount thereof. The Bonds shall <br />mature semiannually on February 1 and August 1 of each year, as determined by <br />the Controller, with a final maturity in not more than 20 years. <br />All or a portion of the Bonds may be aggregated into and issued as one or <br />more term bonds. The term bonds will be subject to mandatory sinking fund <br />redemption with sinking fund payments and final maturities corresponding to the <br />serial maturities described above. Sinking fund payments shall be applied to retire <br />a portion of the term bonds as though it were redemption of serial bonds, and, if <br />more than one term bond of any maturity is outstanding, the Registrar, by lot, <br />shall make redemption of such maturity. Sinking fund redemption payments shall <br />2 <br />