Minutes 10/01/1985 - Laserfiche WebLink

Home Browse Search

October 1 1985 The Bonds of each issue maturing on and after November 1, 1996 (or portions thereof in installments of~5,000) shall be subject to redemption at the Option of the City prior to their stated maturities on or after November 1, 1995, in whole at any time, or in part from time to time on any interest payment date in any order determined bY the City (except that if less than all of the Bonds of a given maturity of either issue are called for redemption, the particular Bonds or portions thereof in installments of $5,000 of such maturity of such issue to be redeemed shall be selected by lot), upon payment of the principal amount of the Bonds (or portions thereof in installments of $5,000) to be redeemed, together with the interest accrued thereon to the date fixed for redemption, of 1%) of plus a premlu of one-quarter of one percent (1/4 the principal amount of each Bond to be redeemed for each twelve (12) month period or fraction thereof between the date fixed for redemptiOn and the stated maturity date of such Bond. If any Bond (or any portion of the principal amount thereof in installments of $5,000) shall be called for redemption, notice of the redemption thereof, specifying the date, number and maturity of such Bond, the date and place or places fixed for its redemption, the premium, if any, payable upon such redemption, and if less than the entire principal amount of such Bond is to be r~deemed, that such Bond must be dered in exchange f-or theprin¢ipal amount-thereof to be surren ~ - q ~ =- ~d e~uallinq in principal redeemed and a new ~on~ or ~onu~ · ..... = ~ ~ ..... am06~ ~h~O~~n ~ ~he-Pri~iP'al amount thereof no~ redeemed, shall be mail~d not less than thirty (30) days Prior to the 'date fixed for redemption by first class mail to the registered holder of such Bond at his address as it appears on the books of registry kept by the Registrar for the Bonds as of the close of business on the forty-fifth (45th) day preceding the date fixed for redemption. If notice of the redemption of any Bond shall have been given as Mforesaid, and payment of the principal amount of such Bond (or the portion of the principal amount thereof to be redeemed) and of the accrued interest and premium, if any, payable upon such redemption shall have been duly made or provided for, interest on such Bond shall cease from and after the date so!specified for the redemption thereof.i The public Improvement Bonds are to be issued for the purpose of providing funds to Pay the cost Of various public improvement!projects of and for the City. The full faith and credit of the City shall be pledged to the payment of the principal of and interest on such Bonds as the same become due. For the payment of such principal and interest, the City has power and will be obligated to levy ad valorem taxes without limitati°n of rate or amount upon all property within the City subject to taxation by the City. The public Utility Bonds are to be issued for the purpose of providin~ funds to pay the Cost of capital improvements, extensions and additions ~o the City's revenue-producing water and sewera~ system. The fuli] faith and credit of the City shall be pledged to the payment of the principal Of and interest onlsuch Bonds as the Same become due. F~r the payment of Such principal and interest, the City has power and will be obligated to levy ad valorem taxes without limitation of rate or amount upon all property within the City subject to taxation by the City, if the revenues of the undertaking consisting of the water and sewerage system of the City are insufficient for that purpose. Bidders shall specify the~rate or rates of interest per annum to be borne by the Bonds, to be expressed in multiples of one-eighth (1/8) or one-twentieth (1/20) of one percent (1%). Bidders shall not be restricted as to the number of rates which may be named, but the difference between the highest and the lowest interest rates specified shall not exceed two percent (2%). All Bonds of both issues maturing on the same.date must bear interest at the same single rate from their date to such maturity date. Unless all proposals are rejected the Bonds will be awarded on October 29, 1985, to the responsible bidder offering to purchase the Bonds at the lowest net interest'cost to ~.he City, to be computed by determining the interest to~mi~turity at the rate or rates ........ ~m~er ah~f~ducting therefrom any premium offered. No bid will be c~hS~dered for less than all of the Bonds'of both issues, or for a price less than par and accrued