Resolution - #87-152 - 07/07/1987

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Mayor and C~.ty Administrator are directed to execute a contract with the Purchase~: on behalf of the City. i.O'l. The City shall forthwith issue and sell the Bonds in the total principal a~ount of $160,000, originally dated August 1, 1987, in the denomination of $5,000 each or any integral multiple thereof, numbered No. R-.i ~pwa~d, bearing interest as above set forth, and which Bonds mature seria]~17 on ?ebruary 1 in the years and amounts as follows: AMOUNT YEAR AMOUNT 15,000 1994 20,000 15,000 1995 20,000 20,000 1996 25,000 20,000 1997 25,000 iI~04. Oj0tional Redemption. The City may elect on February 1, 1996, and on a~y i~.~terest payment date thereafter, to prepay Bonds maturing on or after Februa~;y i, 1997. Redemption may be in whole or in part of the bonds subject to ~:~repayment. If redemption is in part, those Bonds remaining unpaid which have the latest maturity date will be prepaid first. If only part oi the ~onds having a common maturity date are called for prepayment the specific Bonds to be prepaid will be chosen by lot by the Registrar. Ail prepayme~ts shall be at a price of par plus accrued interest. ~;ectJon 2.. Registration and Payment. 2~0t. ~istered Form. The Bonds shall be issued only in fully registeced iorm. The interest thereon and, upon surrender of each Bond, the p?incip~], amount thereof shall be payable by check or draft issued by the Raglsi~ac described herein. ~02~ Oates~ ~nterest Payment Dates. Each Bond shall be dated as of the laat interest payment date preceding the date of authentication to which ~ntere~st on the Bond has been paid or made available for payment, unless; (i) the date of authentication is an interest payment date to which interest ba~; been paid or made available for payment, in which case such Bond shall ~e dated as of the date of authentication, or (ii) the date of authe~tlc~.on is prior to the first interest payment date, in which case such Bond shall be dated as of the date of original issue. The interest on the Bo~ds ~hali be payable on February 1 and August I of each year, comme~cin, g February 1, 1988, to the owner of record thereof as of the close of busi~ess on the fifteenth day of the immediately preceding month, whether or not such day is a business day. ~0]~. ~e~istration. The City shall appoint, and shall maintain, a bond reg~st~ar, transfer agent, authenticating agent and paying agent (Regi~trar)., The effect of registration and the rights and duties of the City ~md the Registrar with respect thereto shall be as follows: (e) ~e.~ister. The Registrar shall keep at its principal corpo- :~ate trust office a bond register in which the Registrar shall provide ~or th- registration of ownership of Bonds and the registration of 3