Agenda 07/12/2005 - Laserfiche WebLink

Home Browse Search

(b) There is hereby authorized to be issued a general obligation Bond of the City in the aggregate principal amount of up to $2,500,000 for municipal purposes as described in Section 2 (b) above. The Bond authorized herein shall be designated "General Obligation Bond (Landfill Project), Series 2005," shall be issuable as a fully registered Bond, without coupons, shall be dated the Closing Date, shall be numbered R-l, shall bear interest payable on the Bond Payment Dates at a rate of3.42% per annum on the First Bond Advance (defined in the Financing Agreement) and at the rate or rates per annum calculated as follows on each Subsequent Bond Advance (defined in the Financing Agreement): 85% of the average yield of a 10 year U.S. Treasury Certificate, calculated as of the day of the Subsequent Bond Advance. The Bond shall mature on the Bond Maturity Date. Commencing on January 15, 2006, and continuing on each July 15 and January 15 thereafter, interest on principal amounts advanced under the Bond shall be due and payable as set forth above, and commencing on January 15, 2006, and continuing on each July 15 and January 15 thereafter, principal amounts advanced under the Bond shall be due in an amount such that the principal balance of the First Bond Advance is amortized so that payments of principal and interest on the First Bond Advance are payable on an approximately level debt service basis until the Bond Maturity Date and the principal balance of any Subsequent Bond Advance is amortized so that payments of principal and interest on each such Subsequent Bond Advance are payable on an approximately level debt service basis until the Bond Maturity Date, provided, however, that if principal advances up to the maximum amount authorized amount are not made, the principal amount due on the Bond shall not include such undisbursed amount. The Bond is subject to redemption prior to maturity at the option of the Council at any time, in whole or in part, at a redemption price equal to 100% of the principal amount of the Bond to be redeemed, plus interest accrued to the redemption date. The Bond is hereby authorized to be issued under the City Charter and the Act. The Bond shall bear interest from the date on which it is authenticated. Interest on the Bond shall be computed on the basis of 30-day months and a 360-day year. Principal of, and interest on, the Bond shall be payable in lawful money of the United States of America. Principal of and interest on the Bond shall be payable by check or draft mailed to the registered owner thereof at its address. The Bond shall be printed, lithographed or typewritten and shall be substantially in the form herein below set forth, with such appropriate variations, omissions and insertions as are permitted or required by this Ordinance, including such variations, insertions and omissions as shall be necessary to issue the Bond under a system of book-entry for recording the ownership and transfer of ownership of rights to receive payments of principal of and interest on the Bond and may have endorsed thereon such legends or text as may be necessary or appropriate to conform to any applicable rules and regulations of any governmental authority or any usage or requirement of law with respect thereto. 12