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<br />- ii -
<br />DETAILS OF THE BONDS
<br />
<br />The Bonds will be dated as of the date of delivery and will bear interest payable on February 1 and August 1
<br />of each year, commencing August 1, 2019. Interest will be computed on the ba sis of a 360-day year of
<br />twelve 30-day months.
<br />
<br />The Bonds will mature February 1 in the years and amounts* as follows:
<br />
<br />2020 $110,000
<br />2021 $419,000
<br />2022 $435,000
<br />2023 $445,000
<br />2024 $460,000
<br />2025 $470,000
<br />2026 $490,000
<br />2027 $505,000
<br />2028 $520,000
<br />2029 $535,000
<br />2030 $520,000
<br />2031 $535,000
<br />2032 $555,000
<br />2033 $575,000
<br />2034 $595,000
<br />* The City reserves the right, after proposals are opened and prior to award, to (i) increase or reduce the principal
<br />amount of the February 1, 2021 maturity in multiples of $1,000; and (ii) increase or reduce the principal amount
<br />of the February 1, 2020 and February 1, 2022 through February 1, 2034 maturi ties in multiples of $5,000. In
<br />the event the amount of any maturity is modified, the aggregate purchase price will be adjusted to result in the
<br />same gross spread per $1,000 of Bonds as that of the original proposal. Gross spread for this purpose is the
<br />differential between the price paid to the City for the new issue and the prices at which the proposal indicates the
<br />securities will be initially offered to the investing public.
<br />
<br />Proposals for the Bonds may contain a maturity schedule which provides for term bonds for the February 1,
<br />2022 through February 1, 2034 maturities. Any term bonds shall be subject to mandatory sinking fund
<br />redemption at a price of par plus accrued interest to the date of redemption scheduled to conform to the
<br />maturity schedule set forth above. In order to designate term bonds, the proposal must specify “Years of
<br />Term Maturities” in the spaces provided on the proposal form.
<br />
<br />BOOK ENTRY SYSTEM
<br />
<br />The Bonds will be issued by means of a book entry system with no physical distribution of Bonds made to
<br />the public. The Bonds will be issued in fully registered form and one Bond, representing the aggregate
<br />principal amount of the Bonds maturing in each year, will be registered in the name of Cede & Co. as
<br />nominee of The Depository Trust Company (“DTC”), New York, New York, which will act as securities
<br />depository for the Bonds. Individual purchases of the Bonds maturing on February 1, 2021 may be made
<br />in the principal amount of $1,000 or any multiple thereof of a single maturity through book entries made
<br />on the books and records of DTC and its participants. Individual purchases of the Bonds maturing on
<br />February 1, 2020 and February 1, 2022 through February 1, 2034 may be made in the principal amount of
<br />$5,000 or any multiple thereof of a single maturity through book entries made on the books and records of
<br />DTC and its participants. Principal and interest are payable by the registrar to DTC or its nominee as
<br />registered owner of the Bonds. Transfer of principal and interest payments to participants of DTC will be
<br />the responsibility of DTC; transfer of principal and interest payments to beneficial owners by participants
<br />will be the responsibility of such participants and other nominees of beneficial owners. The lowest bidder
<br />(the “Purchaser”), as a condition of delivery of the Bonds, will be required to deposit the Bonds with DTC.
<br />
<br />REGISTRAR
<br />
<br />The City will name the registrar which shall be subject to applicable regulations of the Securities and
<br />Exchange Commission. The City will pay for the services of the registrar.
<br />
<br />OPTIONAL REDEMPTION
<br />
<br />The City may elect on February 1, 2028, and on any day thereafter, to redeem Bonds due on or after
<br />February 1, 2029. Redemption may be in whole or in part and if in part at the option of the City and in
<br />such manner as the City shall determine. If less than all Bonds of a maturity are called for redemption, the
<br />City will notify DTC of the particular amount of such maturity to be redeemed. DTC will determine by lot
<br />the amount of each participant's interest in such maturity to be redeemed and each participant will then
<br />select by lot the beneficial ownership interests in such maturity to be redeemed. All redemptions shall be
<br />at a price of par plus accrued interest.
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