BIL 142 Draft 01 1996-1998 - Laserfiche WebLink

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SECTION 3. Details of Bonds. To secure the payment of the Loan from USDA, the Bonds authorized for issuance and sale in Section 2 hereof shall be issued and sold to USDA in their entirety at one time as a separate series of general obligation bonds of the County or from time to time in series, all as shall be determined by the Director of Finance of the County to be in the best interest of the County. The Bonds of a series shall be issued in fully registered form without coupons in such denominations or as a single instrument, all 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 not later than five years from the date of the Bonds of such series and the last of such maturities to be not later than thirty-five years from the date of the Bonds of such series, may be redeemable prior to their stated maturity thereof at any time at prices not exceeding 105 % of the principal amount thereof, and shall bear interest at such rate or rates per annum as may be agreed to with USDA but in no event exceeding six per centum (6%) per annum. 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 series designation; the date of the Bonds of such series; the interest payment dates and the maturity dates of the Bonds of such series; the amount of principal of the Bonds of such series maturing on each maturity date; the registration privileges and place or places at which the Bonds of such series may be paid or registered which may include the office of the Director of Finance; whether or not the Bonds of such series shall be subject to redemption prior to their I8N33.1 018996 ORD