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40 <br /> <br />resolution is being adopted and the form and contents of such <br />Preliminary Official Statement, Summary Notice of Sale, <br />Detailed Notice of Sale and Official Bid Form, and the <br />details of the Bonds described therein, are hereby approved, <br />ratified and confirmed. The City Manager and the Director of <br />Finance of the City are hereby authorized to prepare and <br />deliver to the PurChaser a final Official Statement relating <br />to the Bonds, dated the date of adoption of this resolution, <br />substantially in the form of the Preliminary Official <br />Statement, and to execute and deliver to the Purchaser the <br />"Certificate Concerning Official Statement" described in such <br />final Official Statement. ~ <br /> <br /> 4. (a) The Bonds shall be dated December 1, 1991 and <br />shall mature serially on July 15 in the principal amount of <br />$350,000 in each of the year 1993 through 2012, both <br />inclusive. The Bonds maturing in each year shall bear <br />interest from their date payable on July 15, 1992 and <br />semiannually on each January 15 and July 15 thereafter to the <br />maturity date thereof at the rate per annum set forth <br />opposite such year below: <br /> <br /> Interest Interest <br />Year Rate Year Rate <br /> <br />1993 7.0% 2003 5.80% <br />1994 7.0 2~04 5.90 <br />1995 7.0 2005 6.00 <br />1996 5.30 2006 6.10 <br />1997 5.00 2007 6.20 <br />1998 5.10 2008 6.20 <br />1999 5.30 2009 6.25 <br />2000 5.40 2010 6.25 <br />2001 5.60 2011 6.30 <br />2002 5.75 2012 6.30 <br /> <br /> (b) The Bonds maturing on and after July 15, 2002 <br />(or portions thereof in installments of $5,000) shall be <br />subject to redemption at the option of the City prior to <br />their stated maturities, on or after July 15, 2001, in whole <br />at any time or in part on any interest payment date, from any <br />moneys that may be made available for such purpose, in such <br />order as may be determined by the City (except that if at any <br />time less than all of the Bonds of a given maturity are called <br />for redemption, the particular Bonds or portions thereof in <br />installments of $5,000 of such maturity to be redeemed shall <br />be selected by lot), upon payment of the principal~amount of <br />the Bonds (or portions thereof in installments of $5,000) to <br />be redeemed, together with the interest accrued thereon t© <br />the date fixed for redemption, plus a premium of one-quarter <br />(1/4) of one percent (1%) of the principal~amount of each <br />Bond to be redeemed for each twelve (12) month period or <br />fraction thereof from and excluding the date fixed for <br />redemption to and including the stated maturity date of such <br />Bond; provided, however, that such redemption premium shall <br />not exceed two percent (2%) of such principal amount. <br /> <br /> 5. The Bonds are hereby designed as "qualified tax- <br />exempt obligations" for purposes of Section 265 of the Code. <br /> <br /> 6. The Bonds shall, as soon as practicable, be <br />prepared, executed and delivered at the expense of the City <br />to the Purchaser in accordance with the provisions of the <br />Bond Ordinance, the Detailed Notice of Sale and this <br />resolution and upon payment of the balance of the purchase <br />price for the Bonds. <br /> <br /> 7. The appointment of Crestar Bank in the City of <br />Richmond, Virginia, as Registrar and Paying Agent for the <br />Bonds, is hereby approved, ratified and confirmed. <br /> <br /> 8. The City Attorney of the City is hereby directed to <br />file a copy of this resolution, certified by the Clerk ~of <br /> <br /> <br />