RES 02047 - Laserfiche WebLink

THE BONDS Description of the Bonds Name: City of Pleasant on $2,820,000 Sewer Revenue Refunding Bonds, Series 2002 Dated: As of the date of delivery Denomination: $5,000 or multiple thereof. Maturities: Septernber 1,2002 through 2009. Interest: Interest is payable March I and September I of each year to the respective dates of maturity of the Bonds, beginning September 1,2002. Payment: The Bonds ",'ill be executed, sold, and delivered in fully registered form, ",'ithout coupons. The Bonds will be registered in the name of Cede & Co., as nominee of the Depository Trust Company ("DTC"), New York, New York, as the initial securities depository for the Bonds. Ownership interests in the Bonds may be purchased in book- entry form only. Purchasers of the Bonds will not receive Bonds representing their ownership interests in the Bonds purchased. Principal and interest payments \\1th respect to the Bonds are payable directly to DTC by the trustee. Upon receipt of payments of principal and interest, DTC will in turn distribute such payments to the beneficial owners of the Bonds. See Appendix F. Optional Redemption: The Bonds maturing on or before September 1,2005 are not sub- ject to optional redemption prior to maturity. Bonds maturing on or after September I, 2006, are subject to redemption prior to their respective maturity dates on or after Sep- ternber 1,2005 as a whole or in part on any date. in inverse order of maturities and by lot within a maturity from any available funds of the City, at a redemption price equal to the principal amount of the Bonds to be redeemed plus accrued interest to the redemption date, without premium. Extraordinary Casualty Redemption: The Bonds are subject to extraordinary redemp- tion on any interest payment date (but not in a total redernption amount ofless than $20.000 in principal amount at anyone time), as a whole or in part frorn funds received by the City due to a casualty loss or eminent domain proceedings at a redemption price equal to the prin- cipal amount to be prepaid plus accrued interest to the redemption date, without prerniwn. Authority for Issuance The City is authorized pursuant to Articles 10 and 11, Division 2, Title 5 (commencing with Section 53570) of the California Government Code. as amended. to issue revenue bonds to provide funds to refund its outstanding indebtedness which is payable from revenues of the sewer enterprise and pursuant to the provisions of the indenture dated as of May I, 2002 by and between the City and U.S. Bank, N.A. 2