1991 Receipts, Disb., Resolutions & Minutes

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1.02. The offer of (Purchaser) to purchase $360.000 General Obligation Improvement Bonds. Series 1991B (Bo~ds) of the City described in the Official Notice of Sale thereof is hereby found and determined to be the highest and best bid received pursuant to duly advertised notice of sale and shall be and is hereby accepted. the bid being to purchase the Bonds at a price of $ plus accrued interest to date of delivery. for Bonds bearing interest as follows: Year of Maturity Interest Rate Year of Maturity Interest Rate 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 Net effective interest rate: 1.03. The sum of $ being the amount bid by the Purchaser in excess of $353,840 will be credited to the Debt Service Fund hereinafter created. The City Clerk is directed to deposit the good faith check of the Purchaser, pending completion of the sale of the Bonds, and to return the good faith checks of the unsuccessful bidders forthwith. The Mayor and City Clerk are directed to execute a contract with the Purchaser on behalf of the City. 1.04. The City will forthwith issue and sell the Bonds in the total principal amount of $360.000, originally dated August 1, 1991, in the denomina- tion of $5,000 each or any integral multiple thereof. numbered No. R-l, upward, bearing interest as above set forth, and which mature serially on February 1 in the years and amounts as follows: Year Amount Year Amount 1993 $25,000 1998 $35.000 1994 30,000 1999 40.000 1995 30,000 2000 45,000 1996 30,000 2001 45,000 1997 35,000 2002 45,000 1.04. Optional Redemption. The City may elect on February 1, 1997 and on any interest payment date thereafter to prepay Bonds maturing, on or after February 1. 1998. Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, those Bonds remaining unpaid which have the latest maturity date will be prepaid first. If only part of the Bonds having a common maturity date are called for prepayment the specific Bonds to be prepaid will be chosen by lot by the Registrar. All payments will be at a price of par plus accrued interest.