Ord 1993-037 - Laserfiche WebLink

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1:;L9ßL Sources and Application of Funds The following table sets forth the estimated sources and applications of funds associated with the proceeds from the sale of the Bonds: Sources of Funds: Principal Amount of Series 1993 Bonds $3,415,000.00 Accrued Interest 19.001.28 Total Available Funds S3,434.001.28 Application of Funds: Deposit to Escrow Fund 53,270,140.77 Deposit to Debt Service Fund 20,016.71 Insurance Premium 22,000.00 Original Issue Discount 28.840.80 Underwriters' Discount 28.003.00 Costs of Issuance 65.000.00 Total Application of Funds S3 ,434.00 1.28 BO~D I~FORMA TION Authority for Issuance The Bonds are being issued pursuant to the Constitution and general laws of the State, particularly Article 717k, V A TCS, and the Ordinanc'e to be adopted by the City Council on the date of the award of the Bonds. Description of Bonds The Bonds will be issued in book-entry form and Beneficial Owners (as defined below) of the Bonds will not re<:eive physical delivery of the security certificates. The Bonds will be issuable in fully regist<:red form (without coupons) and purchasers of Bonds afè required to be in the denomination of 55,000 or any integral multiplè thereof. The! Bonds will bear inteæst at the respe<.:tive rates shown on the cover page of this Official Statemènt, calculated on the basis of a 360-day year composed of 12 months of 30 days each. The Bonds will mature in the fèspective principal amounts and 1m the respective dates shown on the cover page of this Official Statement. The Bonds will be dated and will bear interest from May I. 1993. Interest on the Bonds will bè payahle semi-annually on each August I and February I, commencing August I, 1993. Security for Bonds All taxable property within the City is subject to a continuing. direct annual ad valorem tax levied by the City sufficient to provide for the payment of prin<.:ipal of and interest on all obligations payable in wh,~le or in part from ad valor.~m taxes, whi<.:h tax must be levied within limits prescribed by law. The City operates under a home-rule charter as authorized by Article XI, Section 5 of the Constitution of the State, whi<.:h limits the maximum tax rate to S2.50 per SIOO of Assessed Valuation tor payment of debt. I Redemption of Bonds The City reserves the right, at its option, to redeem Bonds having stated maturities on and after August I, 2002, in whole or in part in prin<.:ipal amounts of 55,000 or any integral multiple thereof, on August I, 200 I, or any date thereafter, at the par value thereof plus accrued interest to the date fixed for redemption. If less than all of the Bonds are to he redeemed and if less than all of a maturity is to be redeemed, th~ Paying AgentlR~gistrar shall dètermin~ by lot the Bonds. or portions thèreof, within such maturity to be redeemed. Not less than 30 days prior to a ædemption date for the Bonds. the City shall cause a notice of redemption to be sent by United States mail, tirst-dass, postage prepaid. to each r~gistered l1wner of a B,>nd to be redeemed, in wh()l~ or in part, at th~ address of the registered owner appearing on the registration books of the Paying Agent/Registrar at the dose of business on the business day next preceding th~ date of mailing such notice. Any noti<.:~ of redemption so mailed shall be condusively presumed to have been duly given iITespe<.:tive of whether r~ceived by the bondholder. 8