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ARTICLE II <br />AUTHORIZATION AND TERMS OF BONDS <br />SECTION 2.01. Authorization and Purpose of Bonds. The City has reviewed all <br />proceedings heretofore taken and has found, as a result of such review, and hereby <br />finds and determines that all things, conditions and acts required by law to exist, happen <br />or be performed precedent to and in connection with the issuance of the Bonds do exist, <br />have happened and have been performed in due time, form and manner as required by <br />law, and the City is now duly empowered, under each and every requirement of law, to <br />issue the Bonds in the manner and form provided in this Indenture. <br />The City hereby authorizes the issuance of the Bonds in the aggregate principal <br />amount of $ under the Authorizing Resolution and the Bond Law for the <br />purposes of providing funds to refinance the PERS Side Fund Obligations of the City as <br />provided herein. The Bonds are designated the "City of San Leandro 2012 Taxable <br />Pension Obligation Bonds ". <br />SECTION 2.02. Terms of the Bonds. The Bonds shall be issued in fully <br />registered form without coupons in denominations of $5,000 or any integral multiple <br />thereof. The Bonds shall be dated as of the Closing Date and mature on [June 1 ] in the <br />years and in the respective principal amounts and bear interest (calculated on the basis <br />of a 360 -day year comprised of twelve 30 -day months) at the respective rates per <br />annum, as set forth in the following table: <br />Maturity Date Principal Interest <br />June 1 Amount Rate <br />Interest on the Bonds is payable from the Interest Payment Date immediately <br />preceding the date of authentication thereof unless: <br />(a) a Bond is authenticated on or before an Interest Payment Date and <br />after the close of business on the preceding Record Date, in which <br />event it will bear interest from such Interest Payment Date, <br />(b) a Bond is authenticated on or before the first Record Date, in which <br />event interest thereon will be payable from the Closing Date, or <br />(c) interest on a Bond is in default as of the date of authentication <br />thereof, in which event interest thereon will be payable from the <br />date to which interest has been paid in full, payable on each Interest <br />Payment Date. <br />3 <br />