2002-08-28 CC Packet - Laserfiche WebLink

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Book Entry Svstem The Bonds will be issued by means of a book entry system with no physical distribution of Bonds made to the public. The Bonds will be issued in fully registered form and one Bond, representing the aggregate principal amount of the Bonds maturing in each year, will be registered in the name of Cede & Co. as nominee of The Depository Trust Company ("DTC"), New York, New York, which will act as securities depository of the Bonds. Individual purchases of the Bonds may be made in the principal amount of $5,000 or any multiple thereof of a single maturity through book entries made on the books and records of DTC and its participants. Principal and interest are payable by the registrar to DTC or its nominee as registered owner of the Bonds. Transfer of principal and interest payments to participants of DTC will be the responsibility of DTC; transfer of principal and interest payments to beneficial owners by participants will be the responsibility of such participants and other nominees of beneficial owners. The purchaser, as a condition of delivery of the Bonds, will be required to deposit the Bonds with DTC. Optional Redemption The City may elect on February I, 2008, and on any day thereafter, to prepay Bonds due on or after February 1, 2009. Redemption may be in whole or in part and if in part at the option of the City and in such manner as the City will determine. If less than all Bonds of a maturity are called for redemption, the City will notify DTC of the particular amount of such maturity to be prepaid. DTC will determine by lot the amount of each participant's interest in such maturity to be redeemed and each participant will then select by lot the beneficial ownership interests in such maturity to be redeemed. Prepayments will be at a price of par plus accrued interest. Mandatory Redemption Any term bonds issued will be subject to mandatory sinking fund redemption in part prior to their scheduled maturity dates on February I of certain years, as more fully described in the Details of the Bonds section herein, at a price of par plus accrued interest to the date of redemption. Interest Interest on the bonds will be payable on August 1, 2003, and semiannually thereafter on each February 1 and August 1. Bonds maturing on the same date must bear interest from date of issue until paid at a single, uniform rate. Each rate must be in an integral multiple of 1/20 or 1/8 of 1 %. Interest will be computed on the basis of a 360-day year of twelve 30-day months. SJB.2190Z7vl CE155.19