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1.03. Purchase Contract. The sum of $13,886.25, being the amount proposed by the Purchaser
<br />in excess of $2,618,550.00, shall be credited to the accounts of the Debt Service Fund hereinafter created
<br />or deposited in the accounts of the Construction Fund hereinafter created, as determined by the Finance
<br />Director of the City in consultation with the City's financial advisor. The Finance Director is directed to
<br />deposit the good faith check or deposit of the Purchaser, pending completion of the sale of the Bonds, and
<br />to return the good faith deposits of the unsuccessful proposers. The Mayor and City Administrator are
<br />directed to execute a contract with the Purchaser on behalf of the City.
<br />1.04. Terms and Principal Amounts of the Bonds. The City will forthwith issue and sell the
<br />Bonds pursuant to the City Charter, the Improvement Act, and the Utility Revenue Act (collectively, the
<br />"Act") in the total principal amount of $2,645,000, originally dated November 20, 2014, in the
<br />denomination of $5,000 each or any integral multiple thereof, numbered No. R-1, upward, bearing
<br />interest as above set forth, and maturing serially on February 1 in the years and amounts as follows:
<br />Year Amount Year Amount
<br />2016 $105,000 2021 $390,000
<br />2017 370,000 2022 150,000
<br />2018 370,000 2023 150,000
<br />2019 380,000 2024 155,000
<br />2020 380,000 2026* 195,000
<br />* Term Bond
<br />(a) $1,510,000 of the Bonds (the "Improvement Bonds"), maturing on February 1 in the
<br />years and in the amounts set forth below, are being used to finance the Assessable Improvements:
<br />Year Amount Year Amount
<br />2017 $260,000 2022 $35,000
<br />2018 260,000 2023 35,000
<br />2019 270,000 2024 35,000
<br />2020 270,000 2026* 35,000
<br />2021 275,000 35,000
<br />* Term Bond
<br />(b) The remainder of the Bonds in the amount of $1,135,000 (the "Utility Revenue
<br />Bonds"), maturing on February 1 in the years and in the amounts set forth below, are being used to
<br />finance the Utility Improvements:
<br />Year Amount Year Amount
<br />2016 $105,000 2021 $115,000
<br />2017 110,000 2022 115,000
<br />2018 110,000 2023 115,000
<br />2019 110,000 2024 120,000
<br />2020 110,000 2025 125,000
<br />1.05. Optional Redemption. The City may elect on February 1, 2023, and on any day thereafter to
<br />prepay Bonds due on or after February 1, 2024. Redemption may be in whole or in part and if in part, at the
<br />451619v2 JAE LN140-113
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