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®
<br />of PARITY solely as a communication mechanism to conduct the electronic bidding for the
<br />®
<br />Bonds, and PARITY is not an agent of the City.
<br />
<br />®
<br />If any provisions of this Terms of Proposal conflict with information provided by PARITY, this
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<br />Terms of Proposal shall control. Further information about PARITY, including any fee charged,
<br />may be obtained from:
<br />
<br />®nd
<br />PARITY, 1359 Broadway, 2 Floor, New York, New York 10018
<br />Customer Support: (212) 849-5000
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<br />DETAILS OF THE BONDS
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<br />The Bonds will be dated as of the date of delivery and will bear interest payable on June 1 and
<br />December 1 of each year, commencing June 1, 2020. Interest will be computed on the basis of a
<br />360-day year of twelve 30-day months.
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<br />The Bonds will mature December 1 in the years and amounts* as follows:
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<br />2021 $605,000 2025 $1,015,000 2030 $1,240,000 2035 $1,190,000 2040 $1,740,000
<br />2022 $870,000 2026 $1,060,000 2031 $1,285,000 2036 $1,535,000 2041 $1,795,000
<br />2022 $905,000 2027 $1,100,000 2032 $1,340,000 2037 $1,585,000 2042 $1,855,000
<br />2023 $940,000 2028 $1,145,000 2033 $1,390,000 2038 $1,630,000 2043 $1,920,000
<br />2024 $980,000 2029 $1,190,000 2034 $1,450,000 2039 $1,685,000 2044 $1,985,000
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<br />*
<br /> The City reserves the right, after proposals are opened and prior to award, to increase or reduce the principal amount of the Bonds or the
<br />amount of any maturity or maturities in multiples of $5,000. In the event the amount of any maturity is modified, the aggregate
<br />purchase price will be adjusted to result in the same gross spread per $1,000 of Bonds as that of the original proposal. Gross spread for
<br />this purpose is the differential between the price paid to the City for the new issue and the prices at which the proposal indicates the
<br />securities will be initially offered to the investing public.
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<br />Proposals for the Bonds may contain a maturity schedule providing for a combination of serial
<br />bonds and term bonds. All term bonds shall be subject to mandatory sinking fund redemption at a
<br />price of par plus accrued interest to the date of redemption scheduled to conform to the maturity
<br />schedule set forth above. In order to designate term bonds, the proposal must specify “Years of
<br />Term Maturities” in the spaces provided on the proposal form.
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<br />BOOK ENTRY SYSTEM
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<br />The Bonds will be issued by means of a book entry system with no physical distribution of Bonds
<br />made to the public. The Bonds will be issued in fully registered form and one Bond, representing
<br />the aggregate principal amount of the Bonds maturing in each year, will be registered in the name of
<br />Cede & Co. as nominee of The Depository Trust Company (“DTC”), New York, New York, which
<br />will act as securities depository for the Bonds. Individual purchases of the Bonds may be made in
<br />the principal amount of $5,000 or any multiple thereof of a single maturity through book entries
<br />made on the books and records of DTC and its participants. Principal and interest are payable by
<br />the registrar to DTC or its nominee as registered owner of the Bonds. Transfer of principal and
<br />interest payments to participants of DTC will be the responsibility of DTC; transfer of principal and
<br />interest payments to beneficial owners by participants will be the responsibility of such participants
<br />and other nominees of beneficial owners. The lowest bidder (the “Purchaser”), as a condition of
<br />delivery of the Bonds, will be required to deposit the Bonds with DTC.
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<br />589683v1EL185-44
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