2001 - 10-01-01 Regular Meeting - Laserfiche WebLink

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6i,OX 1~ P~GF 62'.1 G ' 8 3. The bonds to be issued pursuant to the bond orders described in paragraphs one and two of this resolution shall be issued as one consolidated bond issue of the aggregate principal amount of $1,885,000 and shall be designated "Public Improvement Bonds, Series 2001" (hereinafter referred to as the 'Bonds"). The Board of Commissioners has ascertained and hereby determines that the average period of usefulness of the capital projects described in paragraphs one and two of this resolution is not less than thirty years computed from November 1, 2001. 4. The Bonds shall be dated November 1, 2001 and shall bear interest from their date at a rate or rates which shall be hereafter determined upon the public sale thereof and such interest shall be payable on May 1, 2002 and semi-annually thereafter on November 1 and May 1. The Bonds shall mature, subject to the right of prior redemption as hereinafter set forth, annually on May I, as follows: Year Principal Amount Year Principal Amount 2003 $100,000 2010 $100,000 2004 100,000 2011 100,000 2005 100,000 2012 250,000 2006 100,000 2013 250,000 2007 100,000 2014 250,000 2008 100,000 2015 235,000 2009 100,000 Interest will be payable to the registered owners of the Bonds shown on the records of the hereinafter designated Bond Registrar of the Issuer on the record date which shall be the fifteenth day of the calendar month (whether or not a business day) next preceding an interest payment date. 5. The Bonds will be issued in fully registered form by means of a book entry system with no physical distribution of bond certificates made to the public. One bond certificate for each maturity will be issued to The Depository Trust Company, New York, New York ('DTC"), and immobilized in its custody. The book entry system will.evidence ownership of the Bonds in principal amounts of $5,000 or whole multiples thereof, with transfers of beneficial ownership effected on the records of DTC and its participants pursuant to rules and procedures established by DTC. Interest on the Bonds will be payable at the times stated in the preceding paragraph, and principal of the Bonds will be paid annually on May 1, asset forth in the foregoing maturity schedule, to DTC or its nominee as registered owner of the Bonds. . Transfer of.principal and interest payments to participants of DTC will be the responsibility of DTC; transfer of principal and interest payments to beneficial owners by participants of DTC will be the responsibility of such participants and other nominees of beneficial owners. The Issuer will not be responsible or liable for maintaining, supervising or reviewing the records maintained by DTC, its participants or persons acting through such participants. 28