Resolutions-2018-005

Bonds. The Bonds shall not directly or indirectly obligate the City to make any payments thereon during a fiscal year beyond those for which funds have been appropriated by the City Council for such fiscal year. Lack of Rating: The Bonds are unrated. If an investor attempts to resell the Bonds, this absence of a rating could adversely affect the market price and marketability thereof. No assurance can be given concerning the existence of a secondary market for the Bonds. Inability of Market/Lack of Secondary Market: No assurance can be given for the future marketability of the Bonds. Issuance of Additional Obligations for Repayment of Other Debt: In the future, the City will continue to have the authority to issue additional general obligation debt secured by the City’s pledge of its full faith and credit and its unlimited ad valorem property taxing authority. To the extent the City issues such additional general obligation debt, future funding and tax rate pressures could impact City Council determinations to appropriate, or not appropriate, funds for the payment of principal of and interest on the Bonds. DESCRIPTION OF THE BONDS Details of Certain Terms The Bonds will be dated, as originally issued, as of the date of delivery (estimated to be April 4, 2018), and will be issued as fully registered Bonds in the denominations of $5,000 or any integral multiple thereof. Principal, including mandatory redemptions on the Bonds, if applicable, will be payable annually June 1, commencing June 1, 2019. Interest on the Bond will be payable semiannually on each June 1 and December 1, commencing December 1, 2018. The Bonds when issued, will be registered in the name of Cede & Co. (the “Registered Holder”), as nominee of The Depository Trust Company, New York, New York (“DTC”), the initial custodian for the Bonds, to which principal and interest payments on the Bonds will be made so long as Cede & Co. is the Registered Holder of the Bonds. See “Book-Entry System” in Description of the Bonds herein for additional information. So long as the Book-Entry Only System is used, individual purchases of the Bonds will be made in book-entry form only, in the principal amount of $5,000 or any integral multiple thereof (“Authorized Denominations”). Individual purchasers (“Beneficial Owners”) of the Bonds will not receive physical delivery of bond certificates, and registration, exchange, transfer, tender and redemption of the Bonds with respect to Beneficial Owners shall be governed by the Book-Entry Only System. So long as the Book-Entry Only System is used, payments from Cede & Co., as the Registered Holder, to the Beneficial Owners shall be governed by the Book-Entry Only System. If the Book-Entry Only System is discontinued, the principal of and premium, if any, on the Bonds will be payable upon presentation and surrender at the offices of the Paying Agent and Bond Registrar or a duly appointed successor. Interest on the Bonds will be paid by check or draft mailed by the Bond Registrar to the registered holders thereof as such appear on the registration books maintained by the Bond Registrar as of the close of business on the fifteenth day (whether or not a business day) of the calendar month next preceding such interest payment date (the “Record Date”). Registration, Transfer and Exchange So long as the Book-Entry Only System is used, payments from Cede & Co., as the Registered Holder, to the Beneficial Owners shall be governed by the Book-Entry Only System. If the Book-Entry Only System is discontinued, the Bonds may be transferred upon surrender of the Bonds at the principal office of the Bond Registrar, duly endorsed for transfer or accompanied by an assignment duly executed by the registered owner or his or her attorney duly authorized in writing. The Bonds, upon surrender thereof at the principal office of the Bond Registrar may also be exchanged for other Bonds of the same series, of any authorized denominations having the same form, terms, interest rates and maturities as the Bonds being exchanged. The Bond Registrar will require the payment by the Bond holder requesting such exchange or transfer of any tax or governmental charge required to be paid with respect to such exchange or transfer. The Bond Registrar is not required to (i) issue, transfer or exchange any Bond during a period beginning at the opening of business fifteen days before any selection of Bonds of a particular stated maturity for redemption in accordance with the provisions of the Bond