2000-02 PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION REFUNDING BONDS

Home Browse Search

� Section 3. Determination To Issue Bonds. It is necessary and in the best interests of the City to provide for the Refunding, to pay all related costs and expenses incidental thereto, and to borrow money and issue the Bonds for such purposes. It is hereby found and deternuned that such borrowing of money is necessary for the welfare of the government and affairs of the City, is for a proper public purpose or purposes and is in the public interest, and is authorized pursuant to the Act; and these findings and determinations shall be deemed conclusive. Section 4. Bond Details. There be borrowed on the credit of and for and on behalf of the City the sum of not to exceed ^$30,660,000 for the purposes aforesaid; and that bonds of the City (the `�onds") shall be issued in not to exceed said amount and shall be designated "General Obligation Refunding Bonds, Series 2000." The Bonds shall be dated February l, « „ 2000 (the Dated Date ), and shall also beaz the date of authentication, shall be in fully registered form, shall be in denominations of $5,000 each and authorized integral multiples thereof(but no single Bond shall represent installments of principal maturing on more than one I date), shall be numbered 1 and upward, and the Bonds shall become due and payable (subject to �I prior redemption as hereinafter set forth) on March 1 of the years from 2001 up to and including the year 2025 and shall be subiect to bein� designated as Term Bonds and subiect to mandato _ry � redemption as shall be set forth in the Bond Order and Abatement Certificate (the "Bond Order") as authorized to be executed by the Designated Officials (defined below) in Section 13 of this Ordinance and by which the final aggregate principal amount, final maturity amounts, final years of maturity, mandatory redemption and ^yeazs, if any, final interest rates, purchaser and purchase price of the Bonds shall be deternuned, in such principal amounts as shall be set forth therein. The Bonds shall bear interest at rates not exceeding ^eight percent (8%) per annum. The Designated Officials shall mean the City Manager and Director af Financial Management, acting together. -5-