2015-044 Council Resolution - Laserfiche WebLink

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• • • Year Amount Year Amount 2017 $150,000 2023 $170,000 2018 155,000 2024 175,000 2019 160,000 2025 180,000 2020 160,000 2027* 365,000 2021 165,000 2029* 385,000 2022 165,000 2031* 405,000 * Term Bonds (b) The remainder of the Bonds in the amount of $460,000 (the "Abatement Bonds"), maturing on February 1 in the years and amounts set forth below, will be used to finance the Project: Year Amount Year Amount 2017 $40,000 2022 $40,000 2018 40,000 2023 40,000 2019 40,000 2024 45,000 2020 40,000 2025 45,000 2021 40,000 2027* 90,000 * Term Bond 1.05. Optional Redemption. The City may elect on February 1, 2023, and on any day thereafter to prepay Bonds due on or after February 1, 2024. 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 will determine. If less than all Bonds of a maturity are called for redemption, the City will notify DTC (as defined in Section 7 hereof) 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. Prepayments will be at a price of par plus accrued interest. 1.06. Mandatory Redemption; Term Bonds. The Bonds maturing on February 1, 2027, February 1, 2029, and February 1, 2031 shall hereinafter be referred to collectively as the "Term Bonds." The principal amounts of the Term Bonds subject to mandatory sinking fund redemption on any date may be reduced through earlier optional redemptions, with any partial redemptions of the Term Bonds credited against future mandatory sinking fund redemptions of such Tenn Bonds in such order as the City shall determine. The Tenn Bonds are subject to mandatory sinking fund redemption and shall be redeemed in part at par plus accrued interest on February 1 of the following years and in the principal amounts as follows: Sinking Fund Installment Date Principal Amount February 1, 2027 Term Bonds 2026 $225,000 2027* 230,000 * Maturity 459994v2 JAE LN140-115 4