THE LAKEWOOD CITY COUNCIL CHAMBERS OCTOBER 18 2010 ...

e detemuned by the Director ofFinance subject to subsection ofthis Section in the Certificate
of Award which deternnation shall be consistent with the best interests of and financial
advantages tothe City
Consistent with the foregoing and in accordance with the determination ofthe best interest
of and fmancial advantages to the City the Director of Finance shall specify in the Certificate of
Awardi the aggregate principal amount of the Bonds to be issued as Serial Bonds if any the
Principal Payment Date or Dates on which those Serial Bonds shall be stated to mature and the
principal amount thereof that shall be stated to mature oneach such Principal Payment Date andii
the aggregate principal amount of the Bonds if any to be issued as Term Bonds the principal
amount thereof that shall be stated to mature on each such Principal Payment Date and the
Mandatory Sinking Fund Redemption Date and the Mandatory Sinking Fund Redemption
applicable to those Term Bonds
c Conditionsfor Establishment ofInterest Rates and Principal Payment Dates and
Amounts The rate or rates of interest per year tobe borne by the Bonds and the principal amount
ofBonds maturing shall be such that the total principal and interest payments on the Bonds in any
fiscal year in which principal is payable is not more than three times the amount ofthose payments
in any other fiscal year The net interest rate per year for the Bonds determined by taking into
account the respective principal amounts ofthe Bonds and terms to maturity or Mandatory Sinking
Fund Redemption ofthose principal amountsofBonds shall not exceed 6 per year
d Payment of Bonds The principal of and interest and any premium on the Bonds
shall be payable in lawful money ofthe United States ofAmericawithout deduction forthe services
of the Bond Registrar as paying agent Principal of and any premium on the Bonds shall be
payable when due upon presentafion and surrender of the Bonds at the designated corporate trust
office ofthe Bond Registrar Interest on a Bond shall be paid on each Interest Payment Date by
check or dra mailed to the person in whose name the Bond was registered and to that person s
address appearing on the Bond Register at the close of business on the 15th day ofthe calendar
month next preceding that Interest Payment Date Notwithstanding the foregoing if and so long as
the Bonds are issued in a book entry system principai of and interest and any premium
on the
Bonds shall be payable in the manner provided in any agreement entered into by the Director of
Finance in the name and on behalfofthe City in connection with the bookentry system
maturity
e Redemption Provisions The Bonds shall be subject to redemption prior to stated
as follows
i Mandatory Sinking Funa Redemption If any ofthe Bonds are issued as
Term Bonds the Term Bonds shall be subject to and redeemed pursuant to Mandatory
Sinking Fund Redemption on the MandatorySix ldng Fund Redemption Dates applicable to
the Term Bonds set forth in the Certificate of Award at a price equal to 100 of the
principal amount ofthe Term Bonds to be redeemed plus accrued interest to the applicable
Mandatory Sinking FundRedemption Date
The Cityshall have the optionto deliverto the Bond Registrarfor cancellation Term
Bonds in any aggregate principal amount and to receive a credit against the then current or
6