BIL 245 Draft 01 2008-2010 - Laserfiche WebLink

Home

follows: SECTION 2. Amendments. Section 4 of the Ordinance is hereby amended to read as "SECTION 4. Details of Bonds. The Bonds authorized for issuance and sale in Section 3 hereof shall be issued and sold in one or more or as part of a series of other general obligation bonds of the County, all as shall be determined by the Director of Finance to be in the best interest of the County. The Bonds of a series shall be issued in fully registered form without coupons in the denomination of $5,000 or any integral multiple of $5,000, or in such other denominations as the Director of Finance shall determine. The Bonds of a series shall be numbered from 1 upwards in chronological order of delivery or shall be numbered in any other manner as the Director of Finance shall determine. The Bonds of a series 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 years from the date of the Bonds of such series and the last of such maturities to be not later than twenty -five years from the date of the Bonds of such series, may be redeemable prior to the stated maturity thereof at [any time at prices not exceeding 105% of the principal amount thereof] such time or times and upon such terms as may be determined by the Director of Finance, and shall bear interest at such rate or rates per annum [, not cxcccding seven percent (7 %) per annum] as shall result in a true interest cost not to exceed eight percent (8 %) per annum, as shall be specified in the contract approved or the bid accepted for the purchase of the Bonds of such series if any contract therefor be approved or any bid therefor be accepted. In accordance with and subject to the provisions of this ordinance, the Director of Finance is hereby authorized to determine with respect to the Bonds of a series, the aggregate principal amount of such