Laserfiche WebLink
• Section 2. Sale of Bonds. <br />2.01. Award to the Purchaser and Interest Rates. The proposal of Morgan Keegan <br />(the "Purchaser") to purchase the Bonds of the City described in the Terms of Proposal thereof <br />is hereby found and determined to be a reasonable offer and is hereby accepted, the proposal <br />being to purchase the Bonds at a price of $7,020,412.80 plus accrued interest to date of delivery, <br />for Bonds bearing interest as follows: <br />Year Interest Rate Year Interest Rate <br />2014 1.00% 2024 2.00% <br />2015 1.00 2025 2.00 <br />2016 1.50 2026 2.25 <br />2017 2.00 2027 2.25 <br />2018 2.00 2028 2.375 <br />2019 2.00 2029 2.50 <br />2020 2.00 2030 2.50 <br />2021 2.00 2031 2.50 <br />2022 2.00 2032 2.50 <br />2023 2.00 2033 2.50 <br />2.02. Purchase Contract. The sum of $69,750 being the amount proposed by the <br />Purchaser in excess of $6,905,250 shall be credited to the Debt Service Fund hereinafter created <br />or deposited in the Construction Fund under Section 5.01 hereof, as determined by the City's <br />financial advisor and the City Finance Director. The City Finance Director is directed to retain <br />the good faith check of the Purchaser, pending completion of the sale of the Bonds, and to return <br />the good faith checks of the unsuccessful proposers. The Mayor and City Finance Director are <br />directed to execute a contract with the Purchaser on behalf of the City. <br />2.03. Terms and Principal Amounts of Bonds. The City will forthwith issue and sell <br />the Bonds pursuant to the (the "Act") to the Purchaser in the total principal amount of <br />$6,975,000. The Bonds will be originally dated as of March 15, 2012 in the denomination of <br />$5,000 each or any integral multiple thereof, numbered No. R-1 upward, bearing interest as <br />above set forth and maturing serially on February 1 in the years and amounts as follows: <br />Year Amount Year Amount <br /> <br />2014 $290,000 2024 $350,000 <br />2015 295,000 2025 355,000 <br />2016 300,000 2026 360,000 <br />2017 305,000 2027 370,000 <br />2018 310,000 2028 380,000 <br />2019 315,000 2029 385,000 <br />2020 320,000 2030 395,000 <br />• <br />2021 325,000 2031 405,000 <br />398211v3 JSB EL185-15 3 <br />