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DETAILS OF THE BONDS
<br />The Bonds will be dated as of the date of delivery and will bear interest payable on February 1 and
<br />August 1 of each year, commencing February 1, 2022. Interest will be computed on the basis of a 360-
<br />day year of twelve 30-day months.
<br />The Bonds will mature August 1 in the years and amounts* as follows:
<br />2022 $335,000 2028 $410,000 2034 $445,000 2040 $500,000 2046 $570,000
<br />2023 $395,000 2029 $410,000 2035 $450,000 2041 $510,000 2047 $585,000
<br />2024 $395,000 2030 $415,000 2036 $460,000 2042 $520,000 2048 $600,000
<br />2025 $400,000 2031 $420,000 2037 $470,000 2043 $535,000 2049 $615,000
<br />2026 $400,000 2032 $430,000 2038 $480,000 2044 $545,000 2050 $630,000
<br />2027 $405,000 2033 $435,000 2039 $490,000 2045 $560,000 2051 $645,000
<br />* The City reserves the right, after proposals are opened and prior to award, to increase or reduce the principal
<br />amount of the Bonds or the amount of any maturity or maturities in multiples of $5,000. In the event the
<br />amount of any maturity is modified, the aggregate purchase price will be adjusted to result in the same gross
<br />spread per $1,000 of Bonds as that of the original proposal. Gross spread for this purpose is the differential
<br />between the price paid to the Cityfor the new issue and the prices at which the proposal indicates the securities
<br />will be initially offered to the investing public.
<br />Proposals for the Bonds may contain a maturity schedule providing for a combination of serial bonds and
<br />term bonds. All term bonds shall be subject to mandatory sinking fund redemption at a price of par plus
<br />accrued interest to the date of redemption scheduled to conform to the maturity schedule set forth above.
<br />In order to designate term bonds, the proposal must specify "Years of Term Maturities" in the spaces
<br />provided on the proposal form.
<br />BOOK ENTRY SYSTEM
<br />The Bonds will be issued by means of a book entry system with no physical distribution of Bonds made
<br />to the public. The Bonds will be issued in fully registered form and one Bond, representing the aggregate
<br />principal amount of the Bonds maturing in each year, will be registered in the name of Cede & Co. as
<br />nominee of The Depository Trust Company ("DTC"), New York, New York, which will act as securities
<br />depository for the Bonds. Individual purchases of the Bonds may be made in the principal amount of
<br />$5,000 or any multiple thereof of a single maturity through book entries made on the books and records of
<br />DTC and its participants. Principal and interest are payable by the registrar to DTC or its nominee as
<br />registered owner of the Bonds. Transfer of principal and interest payments to participants of DTC will be
<br />the responsibility of DTC; transfer of principal and interest payments to beneficial owners by participants
<br />will be the responsibility of such participants and other nominees of beneficial owners. The lowest bidder
<br />(the "Purchaser"), as a condition of delivery of the Bonds, will be required to deposit the Bonds with
<br />DTC.
<br />REGISTRAR
<br />The City will name the registrar which shall be subject to applicable regulations of the Securities and
<br />Exchange Commission. The City will pay for the services of the registrar.
<br />OPTIONAL REDEMPTION
<br />The City may elect on February 1, 2031, and on any day thereafter, to redeem Bonds due on or after
<br />February 1, 2032. Redemption may be in whole or in part and if in part at the option of the City and in
<br />such manner as the City shall determine. If less than all Bonds of a maturity are called for redemption,
<br />the City will notify DTC of the particular amount of such maturity to be redeemed. DTC will determine
<br />by lot the amount of each participant's interest in such maturity to be redeemed and each participant will
<br />then select by lot the beneficial ownership interests in such maturity to be redeemed. All redemptions
<br />shall be at a price of par plus accrued interest.
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<br />EL185-68-699667.v2
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