1996 008 Ordinance - Laserfiche WebLink

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ORDINANCE NO. 96-08 PAGE 2 The Bonds shall mature or be. payable pursuant to mandatory sinking fund redemption requirements on December 1 of each of the following years (the Principal Payment Dates) in the following principal amounts: Principal Principal Maturity Amount Maturity Amount Year Maturing Year Maturing 1997 $ 95,000 2007 $ 145,000 1998 100,000 2008 155,000 1999 105,000 2009 160,000 2000 105,000 2010 170,000 2001 110,000 2011 180,000 2002 115,000 2012 185,000 2003 120,000 2013 195,000 2004 125,000 2014 210,000 2005 135,000 2015 220,000 2006 140,000 2016 230,000 Consistent with the foregoing and in accordance with his determination of the best interests of and financial advantages to the Village, the Director of Finance shall specify in the Certificate of Award (i) the principal amount of the Bonds payable in each year; (ii) the Principal Payment Date or Dates on which Bonds not subject to mandatory sinking fund redemption (Serial Bonds) shall mature; (iii) the Principal Payment Date or Dates on which any Bonds subject to mandatory sinking fund redemption (Term Bonds) shall be stated to mature; (iv) the Principal Payment Date or Dates on which any Term Bonds shall be subject to mandatory sinking fund redemption (Mandatory Redemption Dates); and (v) the interest rate on the Bonds for each maturity. The Bonds shall be subject to redemption prior to stated maturity as follows: (a) Mandatorv Sinking Fund Redemption. If requested by the Original Purchaser and confirmed in the Certificate of Award, the principal maturity amount in 2016 may be consolidated with one or more consecutive preceding annual principal maturity amounts through 2006 into a simple aggregate principal amount stated to mature on that final annual maturity date. In that case, those Bonds then stated to mature in 2016 (the Term Bonds) shall be subject to mandatory sinking fund redemption in part by lot and be redeemed at a redemption price of 100% of the principal amount redeemed, plus interest accrued to the redemption date, on the applicable Mandatory Redemption Dates and in the principal amounts payable on those dates as set forth in the Certificate of Award (such dates and amounts, the Mandatory Sinking Fund Redemption Requirements). The aggregate amount of money to be deposited with the Bond Registrar (as defined in Section 4 below) for payment of principal of and interest on Term Bonds on each Mandatory Redemption Date shall include amounts sufficient to redeem on that Date the principal amount of Term Bonds payable on that Date pursuant to Mandatory Sinking Fund Redemption Requirements (less the amount of any credit as provided below). The Village shall have the option to deliver to the Bond Registrar for cancellation Term Bonds in any aggregate principal amount and to receive a credit against the then current