03-1462 Utility Bonds - Laserfiche WebLink

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SECTION 3. DESCRIPnON AND AUTHORIZATION OF SERIES 2003 PROJECT. The Series 2003 Project shall consist of the design, engineering, acquisition and construction of capital improvements to the System as described in Exhibit A attached hereto. The Issuer hereby authorizes and approves the construction of the Series 2003 Project which shall constitute an Additional Project under the Authorizing Resolution. SECTION 4. DESCRIPTION OF THE SERIES 2003A NOTE. The Issuer hereby authorizes the issuance of the Series 2003A Note in the aggregate principal amount not to exceed $5,400,000 to be known as the "City of Casselberry, Florida Utility System Revenue Note, Series 2003A," for the principal purpose of financing the costs of the Series 2003 Project. The Series 2003A Note shall be dated as of its date of issuance (Of such other date as shall be determined by the Mayor), shall be issued in the form of one fully registered note in the denomination of not to exceed $5,400,000, shall bear interest from its dated date, payable semi-annually, on April 1 and October 1 of each year, commencing on April I, 2004. Principal installments as set forth in the Series 2003A Note shall be due and payable on each October 1, beginning October 1,2013. The Series 2003A Note shall mature on or before October 1, 2020. As referenced above, the Series 2003A Note shall bear interest at such rates and yields, shall mature on October I of each of the years and in the principal amounts corresponding to such years, and shall have such redemption provisions as set forth in the form of Series 2003A Note attached hereto as Exhibit "B." SECTION 5. DESCRIPTION OF THE SERIES 2003B NOTE. The Issuer hereby authorizes the issuance of the Series 2003B Note in the aggregate principal amount not to exceed $5,351,000 to be known as the "City of Casselberry, Florida Utility System Revenue Refunding Note, Series 2003B," for the principal purpose of refunding the Series 2002 Note. The Series 2003B Note shall be dated as of its date of issuance (or such other date as shall be determined by the Mayor), shall be issued in the form of one fully registered note in the denomination of not to exceed $5,351,000, shall bear interest from its dated date, payable semi-annually, on April 1 and October I of each year, commencing on April 1 ,2004. Principal installments as set forth in the Series 2003B Note shall be due and payable on each October 1, beginning October I, 2004. The Series 2003B Note shall mature on or before October 1,2013. As referenced above, the Series 2003B Note shall bear interest at such rates and yields, shall mature on October 1 of each of the years and in the principal amounts corresponding to such years, and shall have such redemption provisions as set forth in the form of Series 2003B Note attached hereto as Exhibit "c." SECTION 6. CONDITIONS TO PURCHASE OF SERIES 2003 NOTES BY NOTE PURCHASER; SUPPLEMENTAL RESOLUTION ACTS AS BOND PURCHASE AGREEMENT. The Issuer shall not be required to sell the Series 2003 Notes to the Note Purchaser and the Note Purchaser shall not be required to purchase the Series 2003 Notes until such time as the following conditions have been satisfied: 3