|
Section 3. Bond Terms, Execution and Delivery.
<br />3.01. Maturities, Interest Rates, Denominations, Payment, Dating of Bonds. The City
<br />shall forthwith issue and deliver the Bonds, which shall be denominated "General Obligation
<br />Improvement Bonds, Series 2018A" and shall be payable primarily from the 2018A
<br />Improvement Bond Fund of the City created in Section 4.02. The Bonds shall be dated as of
<br />May 15, 2018, shall be issuable in the denominations of $5,000 or any integral multiple thereof,
<br />shall mature on February 1 in the years and amounts set forth below, and Bonds maturing in such
<br />years and amounts shall bear interest, computed on the basis of a 360 -day year consisting of
<br />twelve 30 -day months, from May 15, 2018 until paid or duly called for redemption at the rates
<br />per annum set forth opposite such years and amounts, respectively:
<br />Year
<br />Amount
<br />Rate
<br />Year
<br />Amount
<br />Rate
<br />2020
<br />$145,000
<br />4.000%
<br />2026
<br />$170,000
<br />4.000%
<br />2021
<br />150,000
<br />4.000
<br />2028
<br />355,000
<br />3.000
<br />2022
<br />155,000
<br />4.000
<br />2030
<br />365,000
<br />3.000
<br />2023
<br />155,000
<br />4.000
<br />2032
<br />385,000
<br />3.250
<br />2024
<br />160,000
<br />4.000
<br />2034
<br />405,000
<br />3.250
<br />2025
<br />165,000
<br />4.000
<br />The Bonds shall be issuable only in fully registered form, of single maturities. The
<br />interest thereon and, upon surrender of each Bond at the principal office of the Registrar
<br />described herein, the principal amount thereof, shall be payable by check or draft issued by the
<br />Registrar. Each Bond shall be dated by the Registrar as of the date of its authentication.
<br />3.02. Interest Payment Dates. Interest on the Bonds shall be payable on February 1 and
<br />August 1 in each year, commencing February 1, 2019, to the owners thereof as such appear of
<br />record in the bond register as of the close of business on the fifteenth day of the immediately
<br />preceding month, whether or not such day is a business day.
<br />3.03. Registration. The City shall appoint, and shall maintain, a bond registrar, transfer
<br />agent and paying agent (the "Registrar "). The effect of registration and the rights and duties of
<br />the City and the Registrar with respect thereto shall be as follows:
<br />(a) Register. The Registrar shall keep at its principal office a bond register in
<br />which the Registrar shall provide for the registration of ownership of Bonds and the
<br />registration of transfers and exchanges of Bonds entitled to be registered, transferred or
<br />exchanged.
<br />(b) Transfer of Bonds. Upon surrender to the Registrar for transfer of any
<br />Bond duly endorsed by the registered owner thereof or accompanied by a written
<br />instrument of transfer, in form satisfactory to the Registrar, duly executed by the
<br />registered owner thereof or by an attorney duly authorized by the registered owner in
<br />writing, the Registrar shall authenticate and deliver, in the name of the designated
<br />transferee or transferees, one or more new Bonds of a like aggregate principal amount
<br />and maturity, as requested by the transferor. The Registrar may, however, close the
<br />4852- 7706 - 1987\2
<br />
|