Laserfiche WebLink
therefore are hereby made. The proceeds derived from the sale of the Bonds may be used to <br /> reimburse the General Fund for funds therefore borrowed and expended pursuant to resolutions <br /> of the County Council to pay costs of certain appropriations set forth in SECTION 14. <br /> SECTION 3. Details of Bonds. The Bonds authorized for issuance and sale in <br /> SECTION 1 hereof shall be issued and sold in their entirety at one time as a separate series of <br /> general obligation bonds of the County, or as a part of a series of other general obligation bonds <br /> of the County, or from time to time in series, all as shall be determined by the Director of Finance <br /> to be in the best interest of the County. The Bonds shall be issued in fully registered form without <br /> coupons in the denomination of $5,000 or any integral multiple of $5,000, or in such other <br /> denominations as the Director of Finance shall determine. The Bonds of a series shall be <br /> numbered from 1 upwards in chronological order of delivery or shall be numbered in any other <br /> manner as the Director of Finance shall determine. The Bonds of a series shall mature annually <br /> on such day in each year in substantially equal installments of principal or in substantially equal <br /> installments of principal and interest, the first of such maturities to be no later than five years from <br /> <br /> the date of the Bond of such series and the last of such maturities to be not later than twenty-five <br /> <br /> years from the date of the Bond of such series, may be redeemable prior to the stated maturity <br /> <br /> thereof at any time at prices not exceeding 105% of the principal amount thereof, and shall bear <br /> interest at such rate or rates per annum, not exceeding nine percent (9%) per annum, as shall be <br /> specified in the contract approved or the bid accepted for the purchase of the Bonds of such <br /> <br /> series if any contract therefore be approved or any bid therefore be accepted. In accordance with <br /> <br /> and subject to the provisions of this ordinance, the Director of Finance is hereby authorized to <br /> <br /> determine with respect to the Bonds of a series, the aggregate principal amount of such series of <br /> Bonds not to exceed $7,000,000; the serves designation of such series of Bonds; the date of the <br /> Bonds of such series; the interest payment dates and maturity dates of the Bonds of such series; <br /> <br /> the amount of principal of such series of Bonds maturing on each maturity date; the registration <br /> privileges and place or places at which the Bonds of such series may be paid or registered which <br /> may include the office of the Director of Finance; whether or not the Bonds of such series shall be <br /> subject to redemption prior to the stated maturity thereof and, if subject to such prior redemption, <br /> 2 <br /> <br />