BIL 010 Draft 01 2012-2014 - Laserfiche WebLink

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The County Council further determines and finds that it is advisable, expedient and in the best interest of the County to authorize the issuance, sale and delivery of general obligation refunding bonds (the "Bonds") for the purpose of refunding all or a portion of the Prior Obligations in order to achieve debt service savings and other benefits for the County in the management of its debt obligations. SECTION 2. Authorization of Bonds. There are hereby authorized for issuance and sale, in one or more series, Bonds of the County in an aggregate principal amount not to exceed $60,000,000.00, the proceeds derived from the sale of which are to be used to refund all or a portion of the Prior Obligations in advance of their final maturity dates, as determined by the Director of Finance to be in the best interest of the County, and to pay the costs of issuing the Bonds and refunding the Prior Obligations, all as more fully provided in Section 8 hereof. SECTION 3. Details of Bonds. The Bonds authorized for issuance and sale in Section 2 hereof shall be issued and sold in one or more series or as part of one or more 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 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 as shall result in a true interest cost not to exceed seven percent (7%) 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 series of Bonds; the series designation of such series of Bonds; the date of such series of Bonds; the interest payment dates and maturity dates of such series of Bonds; the amount of principal of such series of Bonds maturing 3