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The City Finance Director is directed to retain the good faith check of the Purchaser, if any, <br />pending delivery of and payment for the Bonds. <br />1.04 The Issuer shall issue the Bonds in the aggregate principal amount of $1,080,000 <br />dated as of October 1, 2001, as fully registered bonds without coupons. The Bonds shall be in <br />denominations of $5,000 or any integral multiple thereof not exceeding the principal amount of a <br />single maturity, shall be numbered from R -1 upwards in order of issuance and shall bear interest at <br />the rate set forth above, payable August 1, 2002, and semiannually thereafter on each February i and <br />August 1, and shall mature on February I in the years and amounts as follows: <br />Year of <br />Year of <br />Maturity <br />Amount <br />Maturity <br />Amount <br />2003 <br />$30,000 <br />2011 <br />$60,000 <br />2004 <br />100,000 <br />2012 <br />60,000 <br />2005 <br />100,000 <br />2013 <br />65,000 <br />2006 <br />110,000 <br />2014 <br />65,000 <br />2007 <br />110,000 <br />2017 <br />220,000 <br />2008 <br />50,000 <br />2009 <br />55,000 <br />2010 <br />55,000 <br />Bonds issued in exchange for Bonds shall be dated as of the date of authentication thereof <br />and shall bear interest from the date to which interest due and payable has been paid in fall on the <br />Bonds surrendered, except that Bona's issued upon a transf�er or exchange prior to the first interest <br />payment date shall be dated as of October 1, 2001. <br />I.05 The Bonds maturing on February 1, 2017 are subject to mandatory sinking fund <br />redemption at a price of par and accrued interest at the times and in the amounts set forth below: <br />Redemption Date <br />February 1, 2015 <br />February 1, 2016 <br />February 1, 2017* <br />*Stated Maturity <br />Principal Amount <br />$70,000 <br />75,000 <br />75,000 <br />At the option of the Issuer, the Bonds shall also be subject to call and to prior payment on February <br />1, 2008 or any date thereafter at a price of par and accrued interest. Redemption may be in whole <br />or in part of the Bonds subject to prepayment. If redemption is in part, the selection of the Bonds <br />remaining unpaid to be prepaid shall be at the discretion of the Issuer. If only part of the Bonds <br />having a common maturity date are called for prepayment, the Issuer will determine by lot the <br />amount of each participant's interest in such maturity to be redeemed and each participant will then <br />select by lot the beneficial ownership interest in such maturity to be redeemed. Notice of such call <br />-2- <br />