Ordinance 1976-504 - Laserfiche WebLink

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and maturing on October 1, as follows: Bond Numbers Interest Rate Amounts Years (All Inclusive) (Per Annum) Maturing Maturing 1 - 2 8.00% $ 10,000 1976 3 - 6 8.00% 20,000 1977 7 - 10 8.00% 20,000 1978 11 - 20 8.00% 50,000 1979 21 - 30 8.00% 50,000 1980 31 - 40 8.00% 50,000 1981 41 - 50 8.00% 50,000 1982 51 - 60 8.00% 50,000 1983 61 - 70 7.75% 50,000 1984 71 - 80 7.00% 50,000 1985 81 - 92 7.00% 60,000 1986 93 - 105 7.00% 65,000 1987 106 - 121 7.15% 80,000 1988 122 - 140 7.30% 95,000 1989 141 - 160 7.40% 100,000 1990 and WHEREAS, bonds of said 1975 Issue maturing on or after October 1, 1986, being redeemable at the option of the City on October I, 1985 and on any interest payment date thereafter, in inverse numerical order, upon payment of par and accrued interest; and WHEREAS, the City Council has determined that it is necessary and in the best interests of the City that the 1966, 1971 and 1975 Issues outstanding in the amount of $1,143,000 be refunded by the issuance of Refunding Bonds in the amount of $1,100,000 in order to reduce interest costs and effect other economies, all to the benefit of the City and its inhabitants; and WHEREAS, the net interest cost of, and the net effective interest rate on said Refunding Bonds shall be less than the net interest cost of, and the net effective interest rate on the 1966, 1971 and 1975 Issues to be re- funded; and WHEREAS, by such refunding the coupon rate on the combined Issues being refunded will be lowered; and WHEREAS, such refunding would allow for the restruc- turing of payment dates, providing for the more timely use of ~ -4-