ERMU RES 14-2 - Laserfiche WebLink

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Section 5. Series 2014A Bond Terms Execution and Delivery. 5.01. Maturities, Interest Rates, Denominations, Payment and Dating of Bonds. The City shall forthwith issue and deliver the Series 2014A Bonds which shall be in the denomination of$5,000 each or any integral multiple thereof of a single maturity, shall bear a date of original issue, shall mature on August 1 in the years and amounts set forth below and shall bear interest from date of original issue until paid or duly called for redemption at the rates per annum set forth below: Interest Interest Year Amount Rate Year Amount Rate 2014 $430,000 2017 $425,000 2015 420,000 2018 430,000 2016 420,000 As may be requested by the Purchaser, one or more term Series 2014A 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 2014A Bond(s). The Series 2014A Bonds shall be issuable only in fully registered form. The interest thereon and, upon surrender of each Series 2014A Bond, the principal amount thereof, shall be payable by check or draft issued by the Registrar. 5.02. Interest Payment Dates. The Series 2014A Bonds shall bear interest payable semiannually on February 1 and August 1 of each year, commencing August 1, 2014, calculated on the basis of a 360-day year of twelve 30-day months to the person in whose name the Series 2014A 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. No Optional Redemption. Series 2014A Bonds will not be subject to prepayment prior to their maturity. 5.04. Application of Proceeds. Immediately upon delivery of the Series 2014A Bonds to the Purchaser, the amount received as accrued interest on the Series 2014A Bonds shall be credited to the Debt Service Account and the remaining proceeds shall be deposited in the Refunding Account and used to pay costs of issuance of the Series 2014A Bonds and costs of refunding the Refunded Bonds, as provided in Section 13. Section 6. Registration; Appointment of Registrar; Book-Entry System. 6.01. Registration. The City, by the Commission, shall appoint, and shall maintain, a bond registrar, transfer agent and paying agent (the "Registrar"). The effect of registration and the rights and duties of the City and the Registrar with respect thereto shall be as follows: 14 43808Iv3 JSB EL185-25