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91-58 PROVIDING FOR THE ISSUE OF GENERAL OBLIGATION BONDS, SERIES 1991
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91-58 PROVIDING FOR THE ISSUE OF GENERAL OBLIGATION BONDS, SERIES 1991
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8/22/2016 2:16:19 PM
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8/22/2016 2:16:16 PM
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Resolution/Ordinance
Res Ord Num
91-58
Res Ord Title
PROVIDING FOR THE ISSUE OF GENERAL OBLIGATION BONDS, SERIES 1991,...AND FOR THE LEVY AND COLLECTION OF A DIRECTION ANNUAL TAX SUFFICIENT TO PAY THE COMPOUND ACCRETED VALUE OF, PRINCIPAL OF AND INTEREST ON SAID BONDS...
Approved Date
8/19/1991
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t <br /> ' � <br /> The principal of the Bonds shall become due and payable ' <br /> not earlier than October 1, 1992, and not later than October 1, <br /> 2015. The aggregate of (a) the principal amount of the Current I�', <br /> Interest Bonds payable, whether at maturity or by virtue of ', <br /> mandatory redemption, on any October 1 (after taking into account � <br /> prior required mandatory redemptions of such Current Interest <br /> Bonds) and the interest to accrue thereon and (b) the Compound . ' <br /> Accreted Value of any Capital Appreciation Bond payable at <br /> maturity on any such October 1 (after taking into account prior <br /> required mandatory redemption of such Capital Appreciation <br /> Bonds) , shall not exceed the applicable amount levied therefor <br /> herein. The Current Interest Bonds shall bear interest at a rate <br /> or rates and the Capital Appreciation Bonds shall have Yields to <br /> Maturity not to exceed 7.10� per annum. <br /> Each Capital Appreciation Bond shall bear interest <br /> (computed upon the basis of a 360-day year of twelve 30-day <br /> months) from its date at the rate per annum compounded semi- <br /> annually on each April 1 and October 1, commencing on October 1, <br /> 1992, which will produce the Yield to Maturity until the maturity <br /> date thereof. Interest on the Capital Appreciation Bonds shall <br /> be payable only at the respective maturity dates or redemption ! <br /> dates thereof. <br /> Each Current Interest Bond shall bear interest from the I <br /> later of its dated date or the most recent interest payment date <br /> to which interest has been paid or duly provided for, until the <br /> -4- <br />
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