BIL 074 Draft 01 2024-2026 - Laserfiche WebLink

Home

SECTION 2. Authorization of Bond. There is hereby authorized for issuance and sale a general obligation bond of the County (including any replacement thereof, the "Bond") in a principal amount not to exceed Two Hundred Seventy -Five Thousand and No/100 Dollars ($275,000.00), the proceeds derived from the sale of which shall be used to pay a portion of the costs of the Project and costs incurred by the County in connection with the issuance of the Bond. SECTION 3. Details of the Bond. The Bond authorized for issuance and sale in Section 2 hereof shall be issued and sold to USDA to evidence and secure the USDA Loan. Such Bond shall: (1) Be issued and sold to USDA, as lender with respect to the USDA Loan evidenced and secured thereby; (2) Be in a principal amount equal to the principal amount of such USDA Loan; (3) Bear interest and mature upon the applicable terms of such USDA Loan; (4) Be issued in fully registered form without coupons; and (5) Be numbered in such manner as the Director of Finance shall determine. The Bond shall mature annually on such day in each year in substantially equal installments of principal or in substantially equal installments of principal and interest, the first of such maturities to be no later than five (5) years from the date of the Bond and the last of such maturities to be not later than thirty-five (35) years from the date of the Bond, may be redeemable prior to the stated maturity thereof at any time at prices not exceeding One Hundred and Three Percent (103%) of the principal amount thereof, and shall bear interest at such rate or rates per annum, not to exceed Two Percent (2.0%) per annum, as may be determined by the Director of Finance and agreed to by USDA. In accordance with and subject to the provisions of this ordinance, the Director of Finance is hereby authorized to determine with respect to the Bond: (1) The series designation; (2) The date of the Bond; (3) The interest rate and payment dates of the Bond; (4) The maturity dates of the Bond and the principal amount of such Bond maturing on each maturity date; (5) The registration privileges and place or places at which the Bond may be paid or registered which may include the office of the Director of Finance; (6) Whether or not the Bond shall be subject to redemption prior to the stated maturities and, if subject to such prior redemption, the times, prices, methods and other provisions for such prior redemption; and (7) All other details of the Bond. 2