BIL 025 Draft 01 2016-2018 - Laserfiche WebLink

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general obligation bonds of the County to USDA to evidence and secure the Loan and thereby provide funding for the Project. (d) It is advisable, expedient and in the best interest of the County to authorize the issuance and sale of general obligation bonds of the County, as requested by the Water Department, in an aggregate principal amount not to exceed Four Million One Hundred Five Thousand Dollars ($4,105,000). - SECTION 2. Authorization of Bonds. There are hereby authorized for issuance and sale, in one or more series, general obligation bonds of the County (the "Bonds") to evidence and secure the Loan and thereby provide funding for the costs of the Project, including planning, design, engineering, legal, consulting and other predevelopment costs of the Project, the cost of constructing, acquiring and installing public facilities and infrastructure included as components of the Project, and costs of issuance associated with the Bonds. SECTION 3. Details of Bonds. The Bonds authorized for issuance and sale hereunder shall be issued and sold to USDA in their entirety, at one time as a single series or from time to time as two or more separate series, 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 either as a single instrument or in such 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 (if the term to maturity of such series exceeds two years) 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 thirty-five years from the date of the Bonds of such series. The Bonds of a 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 five and one-half percent (5 1/2%) per annum, as shall be agreed to with USDA. 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 2