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DETAILS OF THE BONDS
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<br />Thc It(>nds v.,i il {,c dalcd I)ecember 1, 1989, as the date of original issue, and will bear interest
<br />payable on I'd)tn:try I and August 1 of each year, commencing August 1, 1990. Interest will be
<br />con q)t~tcd (>n ~1 w. [~asi s of a 360-day year of twelve 30-day months and will be rounded pursuant to
<br />rules of d~c M:-;i4 ;~. Thc Bonds will be issued in the denomination of $5,000 each, or in integral
<br />multiples II~,¢rcol', ~)s requested by the purchaser, and fully registered as to principal and interest.
<br />Princi pal will bc payable at the main corporate office of the registrar and interest on each Bond will
<br />bc payable Ib, ,:hock or draft of the registrar mailed to the registered holder thereof at the holder's
<br />address as;i! :q)pcars on lhe books of the registrar as of the close of the business on the 15th day of
<br />thc immcdi;.~t,:t~, i~ ccccding month.
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<br />Thc Bonds will ~ tluro [~ebruary 1 in the years and amounts as follows:
<br />
<br />520,000 1995 $85,000 1998 $20,000
<br />5;95,(~()0 1996 $85,000 1999 $15,000
<br />$90,000 1997 $20,000 2000 $15,000
<br />$85,000
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<br />OPTIONAL REDEMPTION
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<br />q'hc City n%, ~,lu~'t ~m february l, 1997, and on any day thereafter, to prepay Bonds due on or
<br />aflcr [;cbr~lar,/ [, i998. Redemption may be in whole or in part and if in part, in inverse order of
<br />maturiU, a~l wilh in a maturity by lot as selected by the registrar. All prepayments shall be at a
<br />I)ricc oJ' par a~d acciucd interest.
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<br />SECURITY AND PURPOSE
<br />
<br />The Bond :¢ will },{: general obligations of the City of which the City will pledge its full faith and
<br />credit and t~<~'.vc~ t~ levy direct general ad valorem taxes. In addition the City will pledge special
<br />asscssmcnl:; :t.v.~insl benefitted property. The proceeds will be used to finance various public
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<br />TYPE OF BID
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<br />Bids shall tx: l',~,r ~,)t less lhan $523,110 and accrued interest on the total principal amount of the
<br />Bonds, atari si~',ll i)c accompanied by a certified or cashier's check in the amount of $5,300,
<br />payable to It~{: ~i~t,.:;' of the Git),. No bid will be considered for which said check has not been
<br />received. '1'1~' ('ity will deposit the check of the purchaser, the amount of which will be deducted
<br />at settlement ;:~i n~ ~ interest will accrue to the purchaser. In the event the purchaser fails to comply
<br />with thc acct t,tcd bid, said amount will be retained by the City. No bid can be withdrawn after the
<br />time set for rcc:civin,v..' bids unless the meeting of the City scheduled for award of the bids is
<br />a¢ljourncd, ;c(:c:;~;c~t or continued to another date without award of the Bonds having been made.
<br />Rates shall 1~< i~ i~}tcgral multiples of 5/100 or 1/8 of 1%. Rates must be in ascending order.
<br />Bonds ol: ifc r,t~(' matm'ity shall bear a single rate from the date of the Bonds to the date of
<br />mamrily, r'4~> ,:<.~di tiomfl bid will be. accepted.
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<br />AWARD
<br />
<br />Thc. Bonds xvii! bc :twardcd to the bidder offering the lowest dollar interest cost to be dete~Tnined
<br />by the dedt~c:~ i,.,~ ~/ thc premium, if any, from, or the addition of any amount less than par, to the
<br />total dollar inlet'esi on the Bonds from their date to their final scheduled maturity. The City's
<br />computatir}t~ ,:)i' 1hc ,.oral net dollar interest cost of each bid, in accordance with customary practice,
<br />will be cOn[l'(,lli~.
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