Resolutions - Jersey City

Continuation of ResolutionCity Clerk File No. Res. 09-766Agenda No., LO.Z.38Pg. # ;¿TITLE:SEP 0 9 2009authorized the issùance of bonds in the amount indicated, and the CJty has determined to issue atthis time, pursuant to said Ordinance, the following amount ofbonds:Ord. DateNumber AdoptedPurposeAmount of BondsAuthorizedofPeriodUsefulnessBonds tobe Issued09-069 06/17/09 Acquisition of various firedepartment equipment andapparatus.$2,000,000 10 years $2,000,000SECTION 2. In accordance with the Act, there shall be issued bonds of the Citypursuant to the Ordinance set forth in Section 1 above, in the aggregate principal amount of$2,000,000 (the "Bonds"). The Bonds shall constitute' a single issue and shall be designated"Qualified General Improvement Bonds, Series 2009" and are hereby issued and sold inaccordance with the provisions of this resolution and are entitled to the benefits of the MunicipalQualified Bond Act. The Bonds shall mature in the principal amounts on August i in each of theyears set forth in the table below,as follows:Year2010201120122013201420152016201720182019PrincipalAmount$162,000170,000178,000186,000194,000203,000212,000222,000232,000241,000SECTION 3. The Bonds as to principal, when' due, wil be payable upon presentationand surender at the prinCipal corporate trt offce of The Ban of New York Meilon (the"Trustee"), c/o The Bank of New York Mellon, Woodland Park: New Jersey; trtee for theAuthority. . The Bonds shall bear interest payable to the Authority atthe pricipal corporatetrst offcq ofthe Trutee on October 30, 2009,or such other date as may be required by theAuthority, and thereafter on the last Business' Day of each month. The interest rate shall be .calculated from time to time by the Administrtor of the Authority Loan Progr in accrdacewith the provisions of Section 603 of the AuthoritY Resolution &id shall be the rate necssar to 'collect an amount to pay the proportonate share (as defined in the Authority Resolution) ofinterest on the Progr Bonds (including inteest at the "Ban Rate", "Default Rate", or