Authorizing the Issuance of Bonds - EDIT 2015, Smart Streets $25 Million

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