Laserfiche WebLink
of principal and interest payments to beneficial owners by participants will be the responsibility of <br />such participants and other nominees of beneficial owners. The lowest bidder (the "Purchaser"), <br />as a condition of delivery of the Bonds, will be required to deposit the Bonds with DTC. <br />REGISTRAR <br />The City will name the registrar which shall be subject to applicable regulations of the Securities <br />and Exchange Commission. The City will pay for the services of the registrar. <br />OPTIONAL REDEMPTION <br />The City may elect on February 1, 2030, and on any day thereafter, to redeem Bonds due on or <br />after February 1, 2031. Redemption may be in whole or in part and if in part at the option of the <br />City and in such manner as the City shall determine. If less than all Bonds of a maturity are called <br />for redemption, the City will notify DTC of the particular amount of such maturity to be redeemed. <br />DTC will determine by lot the amount of each participant's interest in such maturity to be redeemed <br />and each participant will then select by lot the beneficial ownership interests in such maturity to <br />be redeemed. All redemptions shall be at a price of par plus accrued interest. <br />SECURITY AND PURPOSE <br />The Bonds will be general obligations of the City for which the City will pledge its full faith and <br />credit and power to levy direct general ad valorem taxes. The proceeds of the Bonds will be used <br />to finance construction of a new public works facility pursuant to the City's 2020-2024 Capital <br />Improvement Plan. <br />BANK QUALIFIED TAX-EXEMPT OBLIGATIONS <br />The City will designate the Bonds as qualified tax-exempt obligations for purposes of Section <br />265(b)(3) of the Internal Revenue Code of 1986, as amended. <br />BIDDING PARAMETERS <br />Proposals shall be for not less than $8,000,000 (Par) plus accrued interest, if any, on the total <br />principal amount of the Bonds. No proposal can be withdrawn or amended after the time set for <br />receiving proposals on the Sale Date unless the meeting of the City scheduled for award of the <br />Bonds is adjourned, recessed, or continued to another date without award of the Bonds having <br />been made. Rates shall be in integral multiples of 1/100 or 1/8 of 1%. The initial price to the <br />public for each maturity as stated on the proposal must be 98.0% or greater. Bonds of the same <br />maturity shall bear a single rate from the date of the Bonds to the date of maturity. No conditional <br />proposals will be accepted. <br />A-3 <br />12807833v1 <br />