res_8402 - Laserfiche WebLink

Home

Amount Year Amount Year $150,000 1990 $235,000 1998 155,000 1991 250,000 1999 165,000 1992 270,000 2000 175,000 1993 290,000 2001 185,000 1994 310,000 2002 195,000 1995 335,000 2003 210,000 1996 355,000 2004 220,000 1997 Optional Redemption. The City may elect on March 1, 1995, and on any interest payment date thereafter to prepay Bonds due on or after March 1, 1996. 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 a maturity is prepaid on in part, prepayments will be in increments of $5,000 of principal. All such prepayments shall be at a price of par plus accrued interest. Security and Purpose. The Bonds will be general obligations of the City for which the City will pledge its full faith and credit and power to levy direct general ad valorem taxes. In addition, the City will pledge special assessments against property specially benefited by the improvements to be financed therefrom. GLOBAL BOOK ENTRY SYSTEM Ownership of the Bonds. Purchases of Bonds by investors may be made through banks, brokers or dealers who are, or act through, participants (the "Participants") of the Depository, other SEC registered depositories and clearing corporations, who collectively comprise the National Clearance and Settlement System (the "National System"). The ownership of the Bonds will be shown on, and transfer of ownership will be effected through, records maintained by the Depository. The responsibility for maintaining, reviewing and supervising such records rests collectively with the specific Participants and the relevant units of the National System through whom the investors purchase or maintain the custody of the Bonds. Individual purchases of the Bonds may be in the amount of $5,000 or any multiple thereof of a single maturity, through book entries made on the books and records of the National System.