RES 2024025 - Laserfiche WebLink

4 THE 2024 BONDS This section provides summaries of the 2024 Bonds and certain provisions of the Indenture. See APPENDIX A for a more complete summary of the Indenture. Capitalized terms used but not defined in this section have the meanings given in APPENDIX A. Authority for Issuance The 2024 Bonds are being issued by the Authority under a resolution adopted by the governing body of the Authority on ______, 2024, the Bond Law, and the Indenture. The City, pursuant to a resolution adopted by the City Council of the City on _____, 2024, has also approved of the issuance of the Bonds and the distribution of the Official Statement. General Bond Terms Bond Terms. The 2024 Bonds will be dated their date of delivery and issued in fully registered form without coupons in denominations of $5,000 or any integral multiple of $5,000, so long as no 2024 Bond has more than one maturity date. The 2024 Bonds will mature in the amounts and on the dates, and bear interest at the rates per annum, set forth on the inside cover page of this Official Statement. Payments. Interest on the 2024 Bonds will be payable on April 1 and October 1 of each year to maturity (each an “Interest Payment Date”), commencing October 1, 2024. Interest on the 2024 Bonds will be payable on each Interest Payment Date to the person whose name appears on the Bond Registration Books as the Owner thereof as of the Record Date immediately preceding each such Interest Payment Date, such interest to be paid by check or draft of the Trustee mailed by first class mail to the Owner or, at the option of any Owner of at least $1,000,000 aggregate principal amount of the 2024 Bonds with respect to which written instructions have been filed with the Trustee prior to the applicable Record Date, by wire transfer, at the address of such Owner as it appears on the Bond Registration Books. If there exists a default in payment of interest due on such Interest Payment Date, such interest will be payable on a payment date established by the Trustee to the persons in whose names the 2024 Bonds are registered at the close of business on a special record date for the payment of such defaulted interest established by notice mailed by the Trustee to the registered Owners of the 2024 Bonds not less than 15 days preceding such special record date. Principal of and premium (if any) on any 2024 Bond will be paid upon presentation and surrender thereof at the Principal Corporate Trust Office of the Trustee. Both the principal of and interest and premium (if any) on the 2024 Bonds will be payable in lawful money of the United States of America. However, as long as Cede & Co. is the registered owner of the 2024 Bonds, as described below, payments of the principal of, premium, if any, and interest on the 2024 Bonds will be made directly to DTC, or its nominee, Cede & Co. See also “APPENDIX F- DTC AND THE BOOK-ENTRY ONLY SYSTEM.” Calculation of Interest. The 2024 Bonds will be dated the Closing Date and bear interest based on a 360-day year comprised of twelve 30-day months from the Interest Payment Date next preceding the date of authentication thereof, unless said date of authentication is an