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Autthorizing the acquistion, construction, and installation of certain improvements and extensions to sewage works, the issuance and sale of additional revenue bonds
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Autthorizing the acquistion, construction, and installation of certain improvements and extensions to sewage works, the issuance and sale of additional revenue bonds
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6/25/2009 8:45:24 AM
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6/25/2009 8:45:23 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
6/22/1998
Ord-Res Number
8919-98
Bill Number
51-98
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exceeding two and nine-tenths percent (2.90%) per annum (the exact rate or rates to be determined <br />by negotiation with the Bond Bank or the State or by bidding). Said interest rate or rates shall be in <br />multiples ofone-eighth (1/8) orone-twentieth (1/20) of one percent (1%). All 1998 Bonds maturing <br />on the same date shall bear the same rate of interest, and the interest rate on 1998 Bonds of a given <br />maturity must be at least as great as the interest rate on 1998 Bonds of any earlier maturity. Interest <br />on the 1998 Bonds shall be calculated on the basis of twelve (12) thirty (30)-day months for a three <br />hundred and sixty (360)-day year and shall be payable semiannually on December 1 and June 1 in <br />each year (each an "Interest Payment Date"), commencing on the first December 1 or June 1, <br />following the original date of the Bonds as determined by the Controller, with the advice of the City's <br />financial advisor, or as set forth in the Financial Assistance Agreement to be entered into between <br />the City and the State (the "Financial Assistance Agreement"), or in the bond sale notice if the 1998 <br />Bonds are sold to any other purchaser, until principal is fully paid. The principal of the 1998 Bonds <br />shall mature serially and annually on December 1 of each year, over a period ending no later than <br />twenty (20) years after substantial completion of the Project, in such amounts that will produce as <br />level annual debt service as practicable, and in the years and amounts to be determined by <br />negotiation with the Bond Bank or the State or by the Controller with the advice of the City's <br />financial advisor. <br />Each series of the 1998 Bonds shall bear an original issue date which shall be the date <br />of issuance of the 1998 Bonds or the first day of the month in which the 1998 Bonds are delivered, <br />as determined by the Controller (unless otherwise provided in the Purchase Agreement, as <br />hereinafter defined, in the event such series of the 1998 Bonds is sold to the Bond Bank or unless <br />otherwise provided in the Purchase Agreement or Financial Assistance Agreement in the event such <br />series of the 1998 Bonds is sold to the State), and each 1998 Bond shall also bear the date of its <br />authentication. Any 1998 Bond authenticated on or before the fifteenth (15th) day of the calendar <br />month immediately preceding the first Interest Payment Date, shall pay interest from its original <br />issue date. Any 1998 Bond authenticated thereafter shall pay interest from the Interest Payment Date <br />next preceding the date of authentication of such 1998 Bond to which interest thereon has been paid <br />or duly provided for, unless such 1998 Bond is authenticated after the day which is fifteen (15) days <br />prior to the Interest Payment Date and on or before such Interest Payment Date, in which case <br />interest thereon shall be paid from such Interest Payment Date. <br />-5- <br />::ODMA\I'CDOCS\SBDOCS 1\1494'7\3 <br />
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