1974.03.18 CC Minutes - Laserfiche WebLink

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• • J 3 . Said bonds shall provide funds to defray the expense of various sanitary sewer improvements in the City . The total cost of said improvements , including the cost of construction under the terms of the lowest bid received, engineering, legal and other professional charges, publica- tion and printing costs , interest accruing on money borrowed for the improvements before the collection of special assess- ments levied therefor, and all other costs necessarily incurred and to be incurred from the inception to the comple- tion of the improvements, is estimated to be at least equal to the amount of the bonds herein authorized. Work on the improvements shall proceeds with due diligence to completion. 4. The bonds of said issue maturing in the years and bearing the serial numbers set forth below shall bear interest , payable October 1, 1974 and semiannually there-- . after on April 1 and October 1 of each year, at the .respec- tive rates per annum set opposite said maturity years and serial numbers: Maturity Years Serial Numbers Interest Rate 1976/80 1 - 27 4.80% 1981/84 28 - 55 5,00% 1905/86 56 - 71 5.20% 1937/89 72 - 79 5.40% 1990/91 100 -120 5.50% 1992/93 121 -144 5.60% 1994/95 145` -170 5.70% 5 ., All bonds of this issue maturing in the years 1985 to 1995, both inclusive (bonds numbered 56 to 170, both inclusive), shall be subject to redemption and prepayment at the option of the City in inverse order of serial numbers , on April 1, 1984 and on any interest payment date thereafter at par and accrued interest . Published notice of redemption shall in each case be given in accordance with law, and at least thirty days prior mailed notice of redemption shall be given to the bank where said bonds are payable and to the last known -3-