BIL 180 Draft 01 1996-1998 - Laserfiche WebLink

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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 Bond 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, and shall bear interest at such rate or rates per annum, not exceeding nine percent (9%) 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 not to exceed $40,000,000; the series designation of such series of Bonds; the date of the Bonds of such series; the interest payment dates and maturity dates of the Bonds of such series; the amount of principal of such series of Bonds 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 the stated maturity thereof and, if subject to such prior redemption, the times, prices, methods and other provisions for such prior redemption; whether the Bonds of such series shall bear interest at fixed rates or at a rate or rates which vary from time to time and the methodology for determining such variable rate or rates; -3- 191918.1 014110 OF