Laserfiche WebLink
follows: <br />SECTION 2. Amendments. Section 3 of the Ordinance is hereby amended to read as <br />"SECTION 3. Details of Bonds. The Bonds authorized for issuance and sale <br />hereunder shall be issued and sold in one or more or as part of a series of other general <br />obligation bonds of the County, all as shall be determined by the Director of Finance to be in <br />the best interest of the County. The Bonds of a series shall be issued in fully registered form <br />without coupons in the denomination of $5,000 or any integral multiple of $5,000, or in <br />such other denominations as the Director of Finance shall determine. The Bonds of a series <br />shall be numbered from 1 upwards in chronological order of delivery or shall be numbered <br />in any other manner as the Director of Finance shall determine. The Bonds of a series (if the <br />term to maturity of such series exceeds two years) shall mature annually on such day in each <br />year in substantially equal installments of principal or in substantially equal installments of <br />principal and interest, the first of such maturities to be no later than five years from the date <br />of the Bonds of such series and the last of such maturities to be not later than twenty -five <br />years from the date of the Bonds of such series. The Bonds of a series may be redeemable <br />prior to the stated maturity thereof at [any time at prices not exceeding 105% of the principal <br />anment—thereef] such time or times and upon such terms as may be determined by the <br />Director of Finance, and shall bear interest at such rate or rates per annum[, not exceeding <br />seven percent (7 %) per annum] as shall result in a true interest cost not to exceed eight <br />percent (8 %) per annum, as shall be specified in the contract approved or the bid accepted <br />for the purchase of the Bonds of such series if any contract therefor be approved or any bid <br />therefor be accepted. In accordance with and subject to the provisions of this ordinance, the <br />Director of Finance is hereby authorized to determine, with respect to the Bonds of a series, <br />9 <br />