2016-116 Council Resolution - Laserfiche WebLink

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DETAILS OF THE SERIES 2016A BONDS The Series 2016A Bonds will be dated as of the date of delivery and will bear interest payable on February 1 and August 1 of each year. commencing August 1, 2017. Interest will be computed on the basis of a 360 -day year of twelve 30 -day months. The Series 2016A Bonds will mature February 1 in the years and amounts* as follows: 2018 $130.000 2019 $135.000 * 2020 $140.000 2021 $140.000 2022 $140.000 2023 $145.000 2024 $145.000 2025 $145.000 2026 $150.000 2027 $150.000 The Cit- reserves the right, after proposals are opened and prior to mrard, to increase or reduce the principal amount of the Series 2016.4 Bonds or the amount of arm maturity in multiples of $5,000. In the event the amount of any mahnity is modified, the aggregate purchase price will be adjusted to result in the same gross spread per SI,000 of Series 2016.4 Bonds as that of the original proposal. Gross spread is the differential bet Peen the price paid to the Cit' for the nor issue and the prices at which the securities are initially offered to the investing public. Proposals for the Series 2016A Bonds may contain a maturity schedule providing for a combination of serial bonds and term bonds. All tern bonds shall be subject to mandatory sinking find redemption at a price of par plus accrued interest to the date of redemption scheduled to conform to the manuity schedule set forth above. In order to designate term bonds. the proposal must specify "Years of Tenn Manuities" in the spaces provided on the proposal form. BOOK ENTRY SYSTEM The Series 2016A Bonds will be issued by means of a book entry system with no physical distribution of Series 2016A Bonds made to the public. The Series 2016A Bonds will be issued in fully registered form and one Series 2016A Bond. representing the aggregate principal amount of the Series 2016A Bonds manuring in each year. will be registered in the name of Cede & Co. as nominee of The Depository Trust Company (DTC"). New York, New York, which will act as securities depository of the Series 2016A Bonds. Individual purchases of the Series 2016A Bonds may be made in the principal amount of $5.000 or any multiple thereof of a single maturity through book entries made on the books and records of DTC and its participants. Principal and interest are payable by the registrar to DTC or its nominee as registered owner of the Series 2016A Bonds. Transfer of principal and interest payments to participants of DTC will be the responsibility of DTC: transfer of principal and interest payments to beneficial owners by participants will be the responsibility of such participants and other nominees of beneficial owners. The purchaser, as a condition of delivery of the Series 2016A Bonds. will be required to deposit the Series 2016A Bonds with DTC. REGISTRAR The City will name the registrar which shall be subject to applicable SEC regulations. The City will pay for the services of the registrar. OPTIONAL REDEMPTION The City may elect on February 1. 2025. and on any day thereafter. to prepay Series 2016A Bonds due on or after February 1. 2026. Redemption may be in whole or in part and if in part at the option of the City and in such manner as the City shall determine. If less than all Series 2016A Bonds of a maturity are called for redemption. the City will notify DTC of the particular amount of such maturity to be prepaid. DTC will determine by lot the amount of each participant's interest in such maturity to be redeemed and each participant will then select by lot the beneficial ownership interests in such maturity to be redeemed. All prepayments shall be at a price of par plus accrued interest. -n- A-3 486695v1 JAE LN140-117