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DETAILS OF THE BONDS
<br />The Bonds will be dated October 15, 2012, as the date of original issue, and will bear interest
<br />payable on March 1 and September 1 of each year, commencing September 1, 2013. Interest
<br />will be computed on the basis of a 360-day year of twelve 30-day months.
<br />The Bonds will mature March 1 in the years and amounts* as follows:
<br />2014 $530,000 2018 $1,095,0002022 $1,175,0002026 $1,280,000
<br />2015 $1,060,000 2019 $1,110,0002023 $1,190,0002027 $1,310,000
<br />2016 $1,070,000 2020 $1,130,0002024 $1,220,0002028 $1,350,000
<br />2017 $1,085,000 2021 $1,150,0002025 $1,245,000
<br />*
<br /> The City reserves the right, after proposals are opened and prior to award, to increase or reduce the
<br />principal amount of the Bonds or the maturity amounts offered for sale. Any such increase or
<br />reduction will be made in multiples of $5,000 in any of the maturities. In the event the principal
<br />amount of the Bonds is increased or reduced, any premium offered or any discount taken by the
<br />successful bidder will be increased or reduced by a percentage equal to the percentage by which the
<br />principal amount of the Bonds is increased or reduced.
<br />Proposals for the Bonds may contain a maturity schedule providing for a combination of serial
<br />bonds and term bonds. All term bonds shall be subject to mandatory sinking fund redemption at
<br />a price of par plus accrued interest to the date of redemption and must conform to the maturity
<br />schedule set forth above. In order to designate term bonds, the proposal must specify “Years of
<br />Term Maturities” in the spaces provided on the Proposal Form.
<br />BOOK ENTRY SYSTEM
<br />The Bonds will be issued by means of a book entry system with no physical distribution of
<br />Bonds made to the public. The Bonds will be issued in fully registered form and one Bond,
<br />representing the aggregate principal amount of the Bonds maturing in each year, will be
<br />registered in the name of Cede & Co. as nominee of The Depository Trust Company (“DTC”),
<br />New York, New York, which will act as securities depository of the Bonds. Individual purchases
<br />of the Bonds may be made in the principal amount of $5,000 or any multiple thereof of a single
<br />maturity through book entries made on the books and records of DTC and its participants.
<br />Principal and interest are payable by the registrar to DTC or its nominee as registered owner of
<br />the Bonds. Transfer of principal and interest payments to participants of DTC will be the
<br />responsibility of DTC; transfer of principal and interest payments to beneficial owners by
<br />participants will be the responsibility of such participants and other nominees of beneficial
<br />owners. The purchaser, as a condition of delivery of the Bonds, will be required to deposit the
<br />Bonds with DTC.
<br />REGISTRAR
<br />The Finance Director of the City will serve as registrar.
<br />OPTIONAL REDEMPTION
<br />The City may elect on March 1, 2023, and on any day thereafter, to prepay Bonds due on or
<br />after March 1, 2024. Redemption may be in whole or in part and if in part at the option of the
<br />City and in such manner as the City shall determine. If less than all Bonds of a maturity are
<br />called for redemption, the City will notify DTC of the particular amount of such maturity to be
<br />prepaid. DTC will determine by lot the amount of each participant's interest in such maturity to
<br />be redeemed and each participant will then select by lot the beneficial ownership interests in
<br />such maturity to be redeemed. All prepayments shall be at a price of par plus accrued interest.
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