Ordinance 1981-712 - Laserfiche WebLink

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The maximum net effective interest rate au horized for the Series 1981 Bond is eleven and three tenths perce t (11.30%). Upon a Determination of Taxability, as defined in the Loan Agree- ment, whereby the interest accruing on the Bond becomes includable in the gross income of the Holder, at the Holder's option, the Bond either shall be redeemed or shall bear interest t an annual rate of 1% over the prime rate of interest charged y the First National Bank in Boulder, but such rate of interest shall never exceed the maximum net effective interest rate of 3 .00% hereby authorized. The Series 1981 Bond shall be payable a the First National Bank in Boulder, in Boulder, Colorado. Section 3. Form and Execution of The Bond shall be signed by the manual signature of yor of the City, shall be sealed with an impression of the corpo ate seal of the City, and shall be countersigned and attested b the manual signature of the City Clerk. Should any officer hose manual signature appears on said Bond cease to be such of before delivery of the Bond to the purchaser, such manual sig ature shall nevertheless be valid and sufficient for all purposes. The Series 1981 Bond shall be issued as a ully reg is- tered bond. The Bond shall be subject to redemption prior to maturity on the terms set out in the Indenture. The form of the Series 1981 Bond is contained in Exhibit A to this Ordinance. Section 4. Determinations. It is hereby fund, deter- mined and declared that: ~ (a) the amount necessary in each year to pay the principal of and the interest on the Series 1981 Bond: ( i ) is as set forth in Exhibit B atta hed hereto, assuming that the tax exempt interest rate of 1.00% is in effect, and (ii) is as set forth in Exhibit C atta hed hereto, assuming, pursuant to a Determination of Taxabi ity and the election of the Holder to increase the interes rate, that the maximum taxable . interest rate of 30.00% i in effect. (b) a Bond Fund and a Construction Fu d shall be established in connection with the issuance of the Series 1981 - 5 -