2021-043 Council Resolution - Laserfiche WebLink

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DETAILS tap THE BONDS The Bonds to ill be dated as of the date of dehA ery and tvi11 bear urterest pay able ou pabruary 1 kind August 1 of each year. corrunencing February 1. 2022. interest will be computed on the basis of 360-dav year of welve 30-day months. The Bonds will mature pebntarZ- 1 in the years and amounts` as follo�ys: ?024 S17•5.000 2026 $180-000 2028 $180.000 2030 SMti .1000 2032 $190.000 Tlae Cin' reserves tlae rii?lat, rtfter-prcrizosnZs ar-e opened orxd pr-inr to ms<7rtl, to increase or redrtce thepr-inc�ipra ctrnourzt of the Bone,14% Orr the tzrnvrnu ofonY rnnturin• or 7notrrrities ira rxulriples of S.3,000. In the everal the amount ofarar 717O110!tV is rraodified, the it -ill he rrtljustcd to reszrli m the some gross -cprerd per- S1,000 of Bonds as th t of the oriQinnl propOso7. Grass spread jor this p apose is the dw,&ranfill l between the 17rice poid to the CYm for the ne-t, issue and thenn es of which theproposal indicates will be initially afferecl to the irn%esring public. Proposals for the Bonds mat= contain a manrity- schedule providing for a combination of serial bonds rind term bonds. All term bonds shall be subject to mandaton° sinking fund redemption at a price of par plus accrued interest to the date of redemption scheduled to conform to the maturity schedule set forth above. In order to desianate term bonds, the proposal must specify "`Years of Tenn Maturitiesin the spaces propI ided on the proposal form. BOC)I: E'�TRI' SYSTEM The Bonds t� il1 be issued by means of a book enm� system �sith no physical distribution of Boncls made to the public. The Bonds will be issued in frilly registered form and one Bond. representing the aggregate principal amount of the Bonds maturing in each hear, will be registered in the name of Cede Co. as nominee of The Depository Trust Company ("DTC"), *,New I ork. Nett York. which Will act as securities depositoiw for the Bonds. Individual purchases of the Bonds maybe made in the principal amount of S�)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 c wrier of the Bonds. Transfer of principal and interest payments to participants of DTC will be the responsibility- of DTC; transfer of principal curd interest payments to beneficial oNviiers by participants Neill be the responsibility of such participants and other nouunees of beneficial owners. The lowest bidder (the "Purchaser"). as a condition of delis erV of the Bonds. Nvill be required to deposit the Bonds With DTC. REGISTRAR The C`it�- �yill name size registrar a-hich shall be subject to applicable re�rrlations of the Securities and E:~;change Commission. The Cite t�-i11 pas-• for tie serti-ices of tie registrar. OPTIONAL REDE'yIPTION The Cite ura}= elect on petinuary- 1, 2029, and on any day thereafter, to redeem Bonds due on or after February 1. 2030- Redcnuption may be in u��hale or in part arrd if in part at the option of sire Cut}- and in such manner as the City- shall determine. If less than all Bonds of a maturity are c-alle-d for redemption. the City Will notifi7 DTC of the particular amount of such inatturitti_- to be redeemed. DTC AN -ill determine by lot the amount of each participant's interest in such manirity to be redeemed and each participant Will then select by lot the beneficial ownership interests in such maturity to be redeemed. All redemptions shall be at a price of par plus accrued interest. A-3 LN140-125-718748.v1