Ordinance 2002-1402 - Laserfiche WebLink

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(provided, however, that the principal amount of the Bonds shall not exceed $2,215,000). Section 11-57-204 of the Supplemental Act provides that a public entity, including the City, may elect in an act of issuance to apply all or any of the provisions of the Supplemental Act. The City Council hereby elects to apply all of the Supplemental Act to the Bonds. The Bonds are issued under the authority of the Acts and shall so recite as provided in Section 7 hereof. Pursuant Section 11-57-210 C.R.S., such recital conclusively imparts full compliance with all provisions of said sections, and the Bonds issued containing such recital shall be incontestable for any cause whatsoever after their delivery for value. Pursuant to Section 11-57-205 of the Supplemental Act, the City Council hereby delegates to the City Manager or Finance Director the authority to accept the proposal of the Purchaser to purchase the Bonds, as well as the authority to make determinations in relation to the Bonds contained in the Sale Certificate subject to the parameters and restrictions contained in Section 5 of this Ordinance. Section 5. Bond Details. The Bonds shall be issued in fully registered form (i.e., registered as to both principal and interest) initially registered in the name of Cede & Co. as nominee for The Depository Trust Company, New York, New York, as securities depository for the Bonds. The Bonds shall be dated as of November 15, 2002, shall be issued in denominations of $5,000 or any integral multiples thereof (provided that no Bond may be in a denomination which exceeds the principal coming due on any maturity date, and no individual Bond will be issued for more than one maturity) and shall be numbered in such manner as the Registrar may determine. The Bonds shall mature, bear interest from their dated date to maturity and be sold, all as provided in the Sale Certificate; provided that (a) the aggregate principal amount of the Bonds shall not exceed $2,215,000; (b) the maximum net effective interest rate of the Bonds is 4.5% as hereby determined by the City Council; (c) the net effective interest rate of the Bonds does not exceed the maximum net effective interest rate authorized; (d) the Bonds shall mature no later than November 1, 2012; and (e) the purchase price of the Bonds shall not be less than 99.5%. Interest on the Bonds shall be calculated on the basis of a 360-day year of twelve 30-day months, payable semiannually on May 1 and November 1, commencing May 1, 2003 as provided in the Sale Certificate. 6