ERMU RES 16-8 - Laserfiche WebLink

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Interest Interest Year Amount Rate Year Amount Rate 2019 $410,000 4.00% 2028 $550,000 2.00% 2020 435,000 4.00% 2029 560,000 2.25% 2021 445,000 4.00% 2030 575,000 2.25% 2022 470,000 3.00% 2031 585,000 2.50% 2023 480,000 3.00% 2032 600,000 2.50% 2024 495,000 3.00% 2033 615,000 2.75% 2025 510,000 3.00% 2034 630,000 3.00% 2026 525,000 2.00% 2035 650,000 3.00% 2027 540,000 2.00% 2036 680,000 3.00% As may be requested by the Purchaser, one or more term Series 2016A Bonds may be issued having mandatory sinking fund redemption and final maturity amounts conforming to the foregoing principal repayment schedule and corresponding additions may be made to the provisions of the applicable Series 2016A Bond(s). The Series 2016A Bonds shall be issuable only in fully registered form. The interest thereon and, upon surrender of each Series 2016A Bond, the principal amount thereof, shall be payable by check or draft issued by the Registrar. 5.02. Interest Payment Dates. The Series 2016A Bonds shall bear interest payable semiannually on February 1 and August 1 of each year, commencing February 1, 2017, calculated on the basis of a 360-day year of twelve 30-day months to the person in whose name the Series 2016A Bond is registered in the Bond Register at the close of business on the 15th day of the immediately preceding month,whether or not such day is a business day. 5.03. Optional Redemption. The City may elect on February 1,2025, and on any day thereafter to prepay Bonds due on or after February 1, 2026. Redemption may be in whole or in part and if in part, at the option of the City and in such manner as the City will determine. If less than all Bonds of a maturity are called for redemption, the City will notify DTC (as defined in Section 8 hereof) of the particular amount of such maturity to be prepaid. DTC will determine by lot the amount of each participant's interest in such maturity to be redeemed and each participant will then select by lot the beneficial ownership interests in such maturity to be redeemed. Prepayments will be at a price of par plus accrued interest. 5.04. Application of Proceeds. Immediately upon delivery of the Series 2016A Bonds to the Purchaser, the amount received as accrued interest on the Series 2016A Bonds shall be credited to the Debt Service Account and the remaining proceeds, net of the amount deposited in the Reserve Account pursuant to Section 3.02, shall be deposited in the Project Account and used to pay costs of issuance of the Series 2016A Bonds and costs of financing the Project, as provided in Section 13. Section 6. Registration; Appointment of Registrar; Book-Entry System. 7 479938v3 JSB EL185-41