Ordinance 546-78 - Laserfiche WebLink

Section 3 . The general obligation bonds herein authorized to be issued shall be serial in form; the bonds may be issued in one or more series as required and may be combined for sale with one or more other authorized bond issues; the bonds shall bear interest payable semiannually (except for the first interest coupon of each series if the City Council so determines) ; and each series shall mature in from two to not more than twenty years from date of issue (the life of the Street Projects to be acquired and constructed by the bonds being at least twenty years ) in such amounts as nearly as practicable annually as will result in a difference of not more than $5, 000 between the highest and the lowest annual payment of princi- pal and interest, excluding the first two years from date of issue, computed on such anticipated effective interest rate as the City Council shall in its discretion determine will be borne by such bonds. The bonds shall be paid by annual tax levies sufficient in amount to pay both principal and interest when due, which annual tax levy shall be made without limitation as to rate or amount, and the bonds shall so provide. The bonds shall also be payable from any other money legally available and determined by the City Council to be used therefor. The date of issue, interest rate or rates, maturities, options of redemption, form and covenants of the bonds shall be hereafter fixed by ordinance of the City Council , and the bonds shall be issued and sold when the proceeds thereof may be required. Section 4 . Supplemental or matching funds from federal, state or local public or private sources may become available to pay a portion of the cost of one or more Projects described in Section 1 or to supplement or enlarge such Projects. Whenever the City shall obtain matching or supplemental funds for any such Project, the amount of bond proceeds estimated to be applied to the cost of such - 4 -