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07-27-09 Common Council Meeting Agenda & Packet
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07-27-09 Common Council Meeting Agenda & Packet
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9/10/2009 2:52:27 PM
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7/23/2009 1:06:53 PM
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City Council - City Clerk
City Council - Document Type
Agendas
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respect .to any series of the Bonds that is sold to the Authority). In the event that the Controller <br />determines that any series of the Bonds shall be sold as Build America Bonds or Recovery Zone <br />Bonds, the Controller shall set forth the maximum interest rate of the Bonds in a written <br />certificate of the Controller prior to the issuance of the Bonds. The exact rate or rates shall be <br />determined by negotiation with the Bond Bank or the Authority or.by bidding. If determined by <br />public bidding, said interest rate or rates shall be in multiples of one-eighth (1/8) or one- <br />twentieth (1/20) of one percent (1%); otherwise, said interest rate or rates shall be in multiples of <br />one-hundredth (1/100) of one percent (1%). All Bonds of a series maturing on the same date <br />shall bear the same rate of interest, and the interest rate on Bonds of a given maturity must be at <br />least as great as the interest rate on Bonds of any earlier maturity. Interest on each series of the <br />Bonds shall be calculated on the basis of twelve (12) thirty (30)-day months for a three hundred <br />and sixty (360)-day year and shall be payable semiannually on June 1 and December 1 in each <br />year (each an "Interest Payment Date"), commencing on the first June 1 or December 1, <br />following the original date of the Bonds as determined by the Controller, with the advice of the <br />City's financial advisor, or as set forth in the Financial Assistance Agreement to be entered into <br />between the City and the Authority (the "Financial Assistance Agreement"), or in the bond sale <br />notice if the Bonds are sold to any other purchaser, until principal is fully paid. The principal of <br />each series of the Bonds shall mature annually on December 1 of each year, over a period <br />ending no later than twenty (20) years after the date of issue of each series of Bonds issued <br />hereunder, in such amounts that will produce as level annual debt service as practicable, except <br />as otherwise provided in the Financial Assistance Agreement if the Bonds are sold to the <br />Authority, and in the years and amounts to be determined by negotiation with the Bond Bank or <br />BDDB01 5738468v1 <br />-7- <br />
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