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theretofore as a credit against any mandatory <br />obligation. <br /> <br />redemption <br /> <br /> Each Term Bond so delivered, or previously redeemed, or <br />purchased and canceled, shall be credited by the Registrar at 100 <br />percent of the principal amount thereof against the then current <br />Mandatory Sinking Fund Redemption Requirement (and corresponding <br />mandatory redemption obligation). Any excess of that amount over <br />the then current Mandatory Sinking Fund Redemption Requirement <br />shall be credited against subsequent Mandatory Sinking Fund <br />Redemption Requirements (and corresponding mandatory redemption <br />obligations) in the order directed by the Fiscal Officer. <br /> <br /> (b) Optional Redemption. The Bonds shall be subject to <br />redemption prior to maturity by and at the option of the City, in <br />whole at any time, or in part on any Interest Payment Date, on the <br />dates and for the prices specified in the Certificate of Award, <br />provided, however, that the Fiscal Officer may determine in the <br />Certificate of Award that it is in the best interest of the City <br />that the Bonds not be subject to redemption prior to maturity. If <br />the Bonds are subject to redemption, the maximum redemption price <br />shall be no greater that 103% of the principal amount redeemed, <br />plus accrued interest to the redemption date. <br /> <br /> If optional redemption at a price exceeding 100% of the <br />principal amount to be redeemed is to take place as of any <br />applicable Mandatory Redemption Date, the bonds, or portions <br />thereof, to be redeemed optionally shall be selected by lot prior <br />to the selection by lot of the bonds to be redeemed on the same <br />date by operation of the Mandatory Sinking Fund Redemption <br />Requirements of paragraph (a). The bonds shall be redeemed <br />pursuant to this paragraph only upon written notice from the Fiscal <br />Officer to the Registrar, given upon the direction of the Council <br />of the City by passage of an ordinance. That notice shall specify <br />the redemption date and the principal amount of each maturity of <br />bonds to be redeemed, and shall be given at least 45 days prior to <br />the redemption date or such shorter period as shall be acceptable <br />to the Registrar. In the event that notice of redemption shall <br />have been given by the Registrar to the registered owners as <br />hereinafter provided, there shall be deposited with the Registrar <br />on or prior to the redemption date, funds which, in addition to any <br />other moneys available therefor and held by the Registrar, will be <br />sufficient to redeem at the redemption price thereof, plus interest <br />accrued to the redemption date, all of the redeemable bonds for <br />which notice of redemption has been given. <br /> <br /> (c) Partial RedemDtion. If fewer than all of the <br />outstanding bonds are called for redemption at one time, they shall <br />be called in inverse order of their maturities, and if fewer than <br />all bonds of a single maturity are to be redeemed, the selection of <br />bonds to be redeemed, or portions thereof in amounts of $5,000 or <br />any integral multiple thereof, shall be made by lot by the <br />Registrar in any manner which the Registrar may determine. In the <br />case of a partial redemption of bonds by lot when bonds of <br />denominations greater than $5,000 are then outstanding, each $5,000 <br />unit of principal thereof shall be treated as though it were a <br />separate bond of the denomination of $5,000. If it is determined <br />that one or more, but not all of the $5,000 units of principal <br />amount represented by a bond are to be called for redemption, then <br />upon notice of redemption of a $5,000 unit or units, the registered <br />owner of that bond shall surrender the bond to the Registrar <br />(i) for payment of the redemption price of the $5,000 unit or units <br />called for redemption (including, without limitation, the interest <br />accrued to the date fixed for redemption and any premium), and <br />(ii) for issuance, without charge to the registered owner thereof, <br /> <br /> <br />