The town shall issue its sewage works revenue bonds in the amount of $953,000 for the purpose of procuring funds to apply to the cost of the works, as defined in the Act. The bonds shall be issued by the town in 3 separate series denominated hereinafter as Series A, Series B, and Series C. All bonds of each series shall be issued in fully registered form and in the denomination of $1,000 or any integral multiple thereof.
(A) Series A shall be issued in the principal amount of $620,000, with interest at the rate of 5% per annum, payable on December 1, 1984 and each year thereafter. Principal payments shall be made on December 1 in the years and amounts as follows:
Year | Payments to Principal ($) |
Year | Payments to Principal ($) |
1985 | 6,000 |
1986 | 6,000 |
1987 | 6,000 |
1988 | 7,000 |
1989 | 7,000 |
1990 | 7,000 |
1991 | 8,000 |
1992 | 8,000 |
1993 | 9,000 |
1994 | 9,000 |
1995 | 9,000 |
1996 | 10,000 |
1997 | 10,000 |
1998 | 11,000 |
1999 | 11,000 |
2000 | 12,000 |
2001 | 13,000 |
2002 | 13,000 |
2003 | 14,000 |
2004 | 15,000 |
Year | Payments to Principal ($) |
Year | Payments to Principal ($) |
2005 | 15,000 |
2006 | 16,000 |
2007 | 17,000 |
2008 | 18,000 |
2009 | 19,000 |
2010 | 19,000 |
2011 | 20,000 |
2012 | 22,000 |
2013 | 23,000 |
2014 | 23,000 |
2015 | 25,000 |
2016 | 26,000 |
2017 | 27,000 |
2018 | 29,000 |
2019 | 30,000 |
2020 | 32,000 |
2021 | 33,000 |
2022 | 35,000 |
(B) Series B shall be issued in the principal amount of $196,000, bearing interest at the rate of 9-3/4% per annum, payable on December 1, 1984 and each year thereafter. Principal shall be paid on December 1 in the years and amounts as follows:
Year | Payments to Principal ($) |
1985 | 1,000 |
1986 | 1,000 |
1987 | 1,000 |
Year | Payments to Principal ($) |
Year | Payments to Principal ($) |
1988 | 1,000 |
1989 | 1,000 |
1990 | 1,000 |
1991 | 1,000 |
1992 | 1,000 |
1993 | 1,000 |
1994 | 1,000 |
1995 | 1,000 |
1996 | 2,000 |
1997 | 2,000 |
1998 | 2,000 |
1999 | 2,000 |
2000 | 2,000 |
2001 | 3,000 |
2002 | 3,000 |
2003 | 3,000 |
2004 | 3,000 |
2005 | 4,000 |
2006 | 4,000 |
2007 | 5,000 |
2008 | 5,000 |
2009 | 6,000 |
2010 | 6,000 |
2011 | 7,000 |
2012 | 7,000 |
2013 | 8,000 |
2014 | 9,000 |
Year | Payments to Principal ($) |
2015 | 10,000 |
2016 | 11,000 |
2017 | 11,000 |
2018 | 13,000 |
2019 | 14,000 |
2020 | 15,000 |
2021 | 17,000 |
2022 | 11,000 |
(C) Series C shall be issued in the principal amount of $137,000, bearing interest at the rate of 9-1/8% per annum, payable December 1, 1984, and each year thereafter. Principal shall be paid on December 1 in the years and amounts as follows:
Year | Payment to Principal ($) |
Year | Payment to Principal ($) |
1985 | 1,000 |
1986 | 1,000 |
1987 | 1,000 |
1988 | 1,000 |
1989 | 1,000 |
1990 | 1,000 |
1991 | 1,000 |
1992 | 1,000 |
1993 | 1,000 |
1994 | 1,000 |
1995 | 1,000 |
1996 | 1,000 |
1997 | 1,000 |
1998 | 1,000 |
Year | Payment to Principal ($) |
Year | Payment to Principal ($) |
1999 | 1,000 |
2000 | 2,000 |
2001 | 2,000 |
2002 | 2,000 |
2003 | 2,000 |
2004 | 2,000 |
2005 | 3,000 |
2006 | 3,000 |
2007 | 3,000 |
2008 | 3,000 |
2009 | 4,000 |
2010 | 4,000 |
2011 | 4,000 |
2012 | 5,000 |
2013 | 5,000 |
2014 | 6,000 |
2015 | 6,000 |
2016 | 7,000 |
2017 | 7,000 |
2018 | 8,000 |
2019 | 9,000 |
2020 | 10,000 |
2021 | 10,000 |
2022 | 11,000 |
2023 | 6,000 |
(1989 Code, § 32.03) (Am. Ord. SB-83, passed 11-29-1983)