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Resolution 7827
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7500 - 7999 (2009-2012)
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Resolution 7827
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Last modified
6/25/2019 10:09:48 AM
Creation date
9/14/2011 10:21:33 AM
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MV City Council
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Resolutions
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• is not an agent of the City. <br /> If any provisions of this Terms of Proposal conflict with information rovided by PARITY®, this <br /> Terms of Proposal shall control. Further information about PARITY including any fee <br /> charged, may be obtained from: <br /> PARITY®, 1359 Broadway, 2°a Floor,New York,New York 10018 <br /> Customer Support: (212) 849-5000 <br /> DETAILS OF THE CERTIFICATES <br /> The Certificates will be dated November 1, 2011, as the date of original issue, and will bear <br /> interest payable on February 1 and August 1 of each year, commencing August 1, 2012. Interest <br /> will be computed on the basis of a 360-day year of twelve 30-day months. <br /> The Certificates will mature February 1 in the years and amounts* as follows: <br /> 2013 $300,000 <br /> 2014 $310,000 <br /> 2015 $310,000 <br /> 2016 $315,000 <br /> 2017 $320,000 <br /> * The City reserves the right, after proposals are opened and prior to award, to increase or reduce the principal <br /> amount of the Certificates or the maturity amounts offered for sale. Any such increase or reduction will be <br /> made in multiples of$5,000 in any of the maturities. In the event the principal amount of the Certificates is <br /> increased or reduced, any premium offered or any discount taken by the successful bidder will be increased or <br /> reduced by a percentage equal to the percentage by which the principal amount of the Certificates is increased <br /> or reduced. <br /> Proposals for the Certificates may contain a maturity schedule providing for a combination of <br /> serial bonds and term bonds. All term bonds shall be subject to mandatory sinking fund <br /> redemption at a price of par plus accrued interest to the date of redemption and must conform to <br /> the maturity schedule set forth above. In order to designate term bonds,the proposal must <br /> specify"Years of Term Maturities"in the spaces provided on the Proposal Form. <br /> BOOK ENTRY SYSTEM <br /> The Certificates will be issued by means of a book entry system with no physical distribution of <br /> Certificates made to the public. The Certificates will be issued in fully registered form and one <br /> Certificate, representing the aggregate principal amount of the Certificates maturing in each year, <br /> will be registered in the name of Cede & Co. as nominee of The Depository Trust Company <br /> ("DTC"),New York,New York, which will act as securities depository of the Certificates. <br /> Individual purchases of the Certificates may be made in the principal amount of$5,000 or any <br /> multiple thereof of a single maturity through book entries made on the books and records of DTC <br /> and its participants. Principal and interest are payable by the registrar to DTC or its nominee as <br /> registered owner of the Certificates. Transfer of principal and interest payments to participants <br /> of DTC will be the responsibility of DTC; transfer of principal and interest payments to <br /> beneficial owners by participants will be the responsibility of such participants and other <br /> 2 <br /> 391605v1 JSB BL140-12 <br />
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