RES 15-033 Awarding Sale of GO Bonds

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1.04. Maturities of Bonds. The Council hereby finds that the maturities of the Bonds as set forth in Section 3.01 hereof are warranted by the anticipated collections of special assessments and ad valorem taxes levied and to be levied for the payment of the Bonds as provided in Section 4 hereof. Section 2. Form of Bonds. The Bonds shall be prepared in substantially the form attached as Exhibit A hereto. Section 3. Bond Terms, Execution and Delivery. 3.01. Maturities, Interest Rates, Denominations, Payment. Dating of Bonds. The City shall forthwith issue and deliver the Bonds, which shall be denominated "General Obligation Improvement Bonds, Series 2015A" and shall be payable primarily from the 2015 General Obligation Improvement Bond Fund of the City created in Section 4.02. The Bonds shall be dated as of May 19, 2015, shall be issuable in the denominations of $5,000 or any integral multiple thereof, shall mature on February 1 in the years and amounts set forth below, and Bonds maturing in such years and amounts shall bear interest, computed on the basis of a 360 -day year consisting of twelve 30 -day months, from May 19, 2015 until paid or duly called for redemption at the rates per annum set forth opposite such years and amounts, respectively: Year Amount Rate Year Amount Rate 2017 $155,000 2.000% 2024 $170,000 2.000% 2018 155,000 2.000% 2025 175,000 2.250% 2019 160,000 2.000% 2026 175,000 2.250% 2020 160,000 2.000% 2027 180,000 2.500% 2021 165,000 2.000% 2028 180,000 2.500% 2022 165,000 2.000% 2029 185,000 2.750% 2023 170,000 2.000% 2031 385,000 3.000% The Bonds shall be issuable only in fully registered form, of single maturities. The interest thereon and, upon surrender of each Bond at the principal office of the Registrar described herein, the principal amount thereof, shall be payable by check or draft issued by the Registrar. Each Bond shall be dated by the Registrar as of the date of its authentication. 3.02. Interest Payment Dates. Interest on the Bonds shall be payable on February 1 and August 1 in each year, commencing February 1, 2016, to the owners thereof as such appear of record in the bond register as of the close of business on the fifteenth day of the immediately preceding month, whether or not such day is a business day. 3.03. Registration. The City shall appoint, and shall maintain, a bond registrar, transfer agent and paying agent (the "Registrar"). The effect of registration and the rights and duties of the City and the Registrar with respect thereto shall be as follows: (a) Re ister. The Registrar shall keep at its principal office a bond register in which the Registrar shall provide for the registration of ownership of Bonds and the -2-