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issue the Bonds for such purposes. It is hereby found and determined that such borrowing of <br /> money is necessary for the welfare of the government and affairs of the City, is for a proper <br /> public purpose or purposes and is in the public interest, and is authorized pursuant to the Act; <br /> and these findings and determinations shall be deemed conclusive. <br /> Section 4. Bond Details. For the purpose of providing for such costs, there shall be <br /> issued and sold the Bonds, in one or more series as may be specified in the Bond Notification or <br /> Bond Notifications, in the aggregate principal amount of not to exceed $30,000,000. The Bonds <br /> shall each be designated "General Obligation Refunding Bond, Series 2012" or such other name <br /> or names or series designation as may be appropriate and as stated in the Bond Notification. The <br /> Bonds, if issued, shall be dated such date (not prior to November 1, 2012, and not later than <br /> April 30, 2013) (the "Dated Date") as set forth in the Bond Notification, and shall alsoi bear the <br /> date of authentication, shall be in fully registered form, shall be in denominations of$5,00(, each <br /> or authorized integral multiples thereof (but no single Bond shall represent installments of <br /> principal maturing on more than one date), and shall be numbered 1 and upward. The Bonds <br /> shall become due and payable serially or be subject to mandatory redemption (subject to prior <br /> redemption as hereinafter described) as shall be set forth in the Bond Notification, and in such <br /> principal amounts as shall be set forth therein;provided, however, that the final maturity shall be <br /> due on or before March 1, 2025, and each maturity or sinking fund payment shall not exceed <br /> $3,000,000. Each Bond shall bear interest, at a rate not to exceed 6.00% per annum, from the <br /> later of its Dated Date as herein provided or from the most recent interest payment date to which <br /> interest has been paid or duly provided for, until the principal amount of such Bond is paid or <br /> duly provided for, such interest (computed upon the basis of a 360-day year of twelve 30-day <br /> months) being payable on March 1 and September 1 of each year, commencing on March 1, <br /> 2013, or as provided in the Bond Notification. <br /> -7- <br /> 22 <br />