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2015-044 Council Resolution
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2015-044 Council Resolution
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Last modified
7/28/2015 3:54:33 PM
Creation date
7/28/2015 8:16:21 AM
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City Council
Council Document Type
Resolutions
Meeting Date
04/27/2015
Council Meeting Type
Regular
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• <br />• <br />• <br />Year Interest Rate Year Interest Rate <br />2017 2.000% 2023 2.000% <br />2018 2.000 2024 2.000 <br />2019 2.000 2025 2.000 <br />2020 2.000 2027* 2.250 <br />2021 2.000 2029* 2.500 <br />2022 2.000 2031* 3.000 <br />* Term Bonds <br />True interest cost: 2.0926761% <br />1.03. Purchase Contract. The sum of $94,302.55, being the amount proposed by the Purchaser <br />in excess of $3,064,050.00, 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 municipal 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 Municipal Debt Act and the Abatement Act (collectively, the `'Act") in the total <br />principal amount of $3,095,000, originally dated May 28, 2015, in the denomination of $5,000 each or <br />any integral multiple thereof, numbered No. R-1, upward, bearing interest as above set forth, and <br />maturing serially on February 1 in the years and amounts as follows: <br />Year Amount Year Amount <br />2017 $190,000 2023 $210,000 <br />2018 195,000 2024 220,000 <br />2019 200,000 2025 225,000 <br />2020 200,000 2027* 455,000 <br />2021 205,000 2029* 385,000 <br />2022 205,000 2031* 405,000 <br />* Term Bonds <br />(a) $2,635,000 of the Bonds (the `'Street Reconstruction Bonds"), maturing on <br />February 1 in the years and amounts set forth below, will be used to finance the Street <br />Reconstruction: <br />4599942 JAE LNI40-115 <br />3 <br />
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