|
-7-
<br />DEBT SERVICE REQUIREMENTS
<br />
<br />The following table sets forth the annual installment payment requirements under the
<br />2017 Installment Purchase Contract, the 2015 Installment Purchase Contract and the 2013
<br />Installment Purchase Contract, which provide revenues to support the Authority’s debt service
<br />requirements on the Bonds, the 2015 Bonds and the 2013 Bonds (assuming no optional
<br />redemption or mandatory redemption from proceeds of insurance, sale or condemnation). The
<br />obligation of the City to make 2017 Installment Payments under the 2017 Installment Purchase
<br />Contract is secured by a pledge of Net Revenues on a parity with its pledge of Net Revenues as
<br />security for its obligation to make payments under the 2015 Installment Purchase Contract and
<br />the 2013 Installment Purchase Contract.
<br />
<br /> 2013 Bonds 2015 Bonds 2017 Bonds
<br />February 1 Total Total Principal Interest Total Total
<br />2018 $ 2,061,112.50 $ 1,419,493.75
<br />2019 2,059,850.00 1,416,843.75
<br />2020 2,060,650.00 1,420,843.75
<br />2021 2,059,850.00 1,418,443.75
<br />2022 2,062,450.00 1,419,843.75
<br />2023 2,058,250.00 1,419,843.75
<br />2024 2,061,000.00 1,418,443.75
<br />2025 2,060,750.00 1,420,643.75
<br />2026 2,062,500.00 1,421,243.75
<br />2027 2,061,000.00 1,420,243.75
<br />2028 2,061,250.00 1,418,293.75
<br />2029 2,063,000.00 1,420,443.75
<br />2030 2,061,000.00 1,421,543.75
<br />2031 2,060,250.00 1,420,137.50
<br />2032 2,060,500.00 1,421,137.50
<br />2033 2,061,500.00 1,420,837.50
<br />2034 2,058,000.00 1,421,037.50
<br />2035 — 1,419,662.50
<br />TOTALS $35,032,912.50 $25,558,981.25
<br />
<br />
<br />THE BONDS
<br />
<br />General Provisions
<br />
<br />The Bonds will be dated their date of delivery, will bear interest from such date at the
<br />rates per annum set forth on the inside cover page hereof, payable semiannually on each
<br />February 1 and August 1, commencing August 1, 2017, and will mature on February 1 in each of
<br />the designated years in the principal amounts set forth on the inside cover page hereof. Interest
<br />on the Bonds will be payable from the Interest Payment Date next preceding the date of
<br />authentication thereof, unless (a) a Bond is authenticated after the fifteenth (15th) calendar day
<br />of the month preceding such Interest Payment Date and on or before the following Interest
<br />Payment Date, in which event it will bear interest from such Interest Payment Date, or (b)
<br />unless a Bond is authenticated on or before July 15, 2017, in which event it will bear interest
<br />from its date of delivery; provided, however, that if, as of the date of authentication of any Bond,
<br />interest thereon is in default, such Bond will bear interest from the Interest Payment Date to
<br />which interest has previously been paid or made available for payment thereon.
<br />
<br />Book-Entry Only System
<br />
<br />The Bonds, when issued, will be registered in the name of Cede & Co., as registered
<br />owner and nominee of The Depository Trust Company, New York, New York (“DTC”). DTC
<br />will act as securities depository for the Bonds so purchased. Individual purchases will be made
<br />8.C. - Page 32
|