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13569209v1 <br /> <br /> <br /> 2 <br />The City is using the services of PARITY® solely as a communication mechanism to conduct the <br />electronic bidding for the Bonds, and PARITY® is not an agent of the City. <br /> <br />If any provisions of this Terms of Proposal conflict with information provided by PARITY®, this <br />Terms of Proposal shall control. Further information about PARITY®, including any fee <br />charged, may be obtained from: <br /> <br />PARITY®, 1359 Broadway, 2nd Floor, New York, New York 10018 <br />Customer Support: (212) 849-5000 <br /> <br />DETAILS OF THE BONDS <br /> <br />The Bonds will be dated as of the date of delivery and will bear interest payable on February 1 <br />and August 1 of each year, commencing August 1, 2022. Interest will be computed on the basis <br />of a 360-day year of twelve 30-day months. <br /> <br />The Bonds will mature February 1 in the years and amounts* as follows: <br /> <br />2023 $270,000 2027 $370,000 2031 $415,000 2035 $450,000 2039 $480,000 <br />2024 $335,000 2028 $380,000 2032 $425,000 2036 $455,000 2040 $490,000 <br />2025 $345,000 2029 $390,000 2033 $430,000 2037 $465,000 2041 $500,000 <br />2026 $360,000 2030 $400,000 2034 $440,000 2038 $470,000 2042 $510,000 <br /> <br />* The City reserves the right, after proposals are opened and prior to award, to increase or reduce the principal <br />amount of the Bonds or the amount of any maturity or maturities in multiples of $5,000. In the event the <br />amount of any maturity is modified, the aggregate purchase price will be adjusted to result in the same gross <br />spread per $1,000 of Bonds as that of the original proposal. Gross spread for this purpose is the differential <br />between the price paid to the City for the new issue and the prices at which the proposal indicates the securities <br />will be initially offered to the investing public. <br /> <br />Proposals for the Bonds may contain a maturity schedule providing for a combination of serial <br />bonds and term bonds. All term bonds shall be subject to mandatory sinking fund redemption at <br />a price of par plus accrued interest to the date of redemption scheduled to conform to the <br />maturity schedule set forth above. In order to designate term bonds, the proposal must specify <br />“Years of Term Maturities” in the spaces provided on the proposal form. <br /> <br />BOOK ENTRY SYSTEM <br /> <br />The Bonds will be issued by means of a book entry system with no physical distribution of <br />Bonds made to the public. The Bonds will be issued in fully registered form and one Bond, <br />representing the aggregate principal amount of the Bonds maturing in each year, will be <br />registered in the name of Cede & Co. as nominee of The Depository Trust Company (“DTC”), <br />New York, New York, which will act as securities depository for the Bonds. Individual <br />purchases of the Bonds may be made in the principal amount of $5,000 or any multiple thereof <br />of a single maturity through book entries made on the books and records of DTC and its <br />participants. Principal and interest are payable by the registrar to DTC or its nominee as <br />registered owner of the Bonds. Transfer of principal and interest payments to participants of <br />DTC will be the responsibility of DTC; transfer of principal and interest payments to beneficial <br />owners by participants will be the responsibility of such participants and other nominees of <br />beneficial owners. The lowest bidder (the “Purchaser”), as a condition of delivery of the Bonds, <br />will be required to deposit the Bonds with DTC.