2006-067 - Laserfiche WebLink

Home Browse Search

Interest Rates Permitted The Series 2006 Bonds shall bear interest expressed in multiples of one-eighth (1/8th) or one - twentieth (1/20th) of one percent. There shall not be a difference greater than three hundred basis points (300 b.p.) between the lowest interest rate and the highest interest rate. Should an interest rate be specified which results in annual interest payments not being equally divisible between the semiannual payments in cents the first semiannual payment will be reduced to the next lower cent and the second semiannual payment will be raised to the next higher cent. It shall not be necessary that all Series 2006 Bonds bear the same rate of interest, provided that all Series 2006 Bonds maturing on the same date shall bear the same rate of interest. A rate of interest based upon the use of split or supplemental interest payments or a zero rate of interest will not be considered. Paying Agent and Registrar The Paying Agent and Registrar for the Series 2006 Bonds is J.P. Morgan Trust Company, N. A. through its designated office in Jacksonville, Florida. Security Principal of and interest on the Series 2006 Bonds to be issued pursuant to Resolution No. 2005-059, as supplemented, and all required sinking fund, and other payments shall be payable solely from the County's ad valorem taxes of up to' mil on all taxable property in the County; provided, however, that the Bonds, to be issued in the principal amount of not to exceed $50,000,000, shall be structured by the County in such a manner that at the time of issuance the millage rate required to make the maximum annual payment of the principal of and interest on the Series 2006 Bonds shall not exceed 1/2 mil of the assessed value of all lands situated in the County subject to ad valorem taxation. The County is limited to a levy of not more than 1/2 mil for the payment of principal and interest on the Bonds. The Series 2006 Bonds are limited general obligations of the County secured by the full faith and credit and taxing power of the County. In each year while any of the Series 2006 Bonds are outstanding and unpaid, there shall be levied and collected an ad valorem tax on all the taxable property within the County sufficient to pay the interest on the Series 2006 Bonds as it becomes due, and to provide for the payment of the principal on the Series 2006 Bonds at their maturity. The County is irrevocably and unconditionally obligated to levy and collect ad valorem taxes of up to' mil on all the taxable property within the County, sufficient in amount to pay all principal of, redemption premium, if any, and interest on the Series 2006 Bonds as the same shall become due and payable. 5