1996 008 Ordinance - Laserfiche WebLink

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ORDINANCE NO. 96- 08 PAGE 3 Mandatory Sinking Fund Requirement (and corresponding mandatory redemption obligation) of the Village for Term Bonds stated to mature on the same Principal Payment Date as the Term Bonds so delivered. That option shall be exercised by the Village on or before the 45th day preceding the applicable Mandatory Redemption Date, by furnishing the Bond Registrar a certificate, executed by the Director of Finance, setting forth the extent of the credit to be applied with respect to the then current Mandatory Sinking Fund Redeinption Requirement for Term Bonds stated to mature on the same Principal Payment Date. If the certificate is not timely furnished to the Bond Registrar, the Mandatory Sinking Fund Redemption Requirement (and corresponding mandatory redemption obligation) shall not be reduced. A credit against the then current Mandatory Sinking Fund Redemption Requirement (and corresponding mandatory redemption obligation) also shall be received by the Village for any Term Bonds which prior thereto have been redeemed (other than through the operation of the Mandatory Sinking Fund Redemption Requirements) or purchased for cancellation and cancelled by the Bond Registrar, to the extent not applied theretofore as a credit against any Mandatory Sinking Fund Reclemption Requirement for Term Bonds stated to mature on the same Principal Payment Date as the Term Bonds so redeemed or cancelled. Each Term Bond so delivered, or previously redeemed, or purchased and cancelled, shall be credited by the Bond Registrar at 1.00 percent of the principal amount thereof against the then current Mandatory Sinking Fund Redemption Requirement (and corresponding inandatory redemption obligation) for Term Bonds stated to mature on the same Principal Payment Date as the Term Bonds so delivered, redeemed or cancelled. Any excess of that amount over the then current Mandatory Sinking Fund Redemption Requirement shall be credited against subsequent Mandatory Sinking Fund Redemption Requirements (and corresponding mandatory redemption obligations) for Term Bonds stated to mature on that Principal Payment Date in the order directed by the Director of Finance. (b) Optional Redemption. The Bonds maturing on or after December 1, 2007. shall be subject to redemption by and at the option of the Village, in whole or iiz part on any Interest Payment Date, on or after December 1, 2006, in integral multiples of $5,000 at the redemption prices equal to the following percentages of the principal amount redeemed plus. in each case, accrued interest to the redemption date: Redemption Redemption Dates Price December l, 2006 and 102% June 1, 2007 December 1, 2007 and 101% June 1, 2008 December 1, 2008 and 100% thereafter If optional redemption at a redemption price exceeding 100% of the principal amount to be redeemed is to take place as of any applicable Mandatory Redemption Date, the Bonds, or portions thereof, to be redeemed shall be selected by lot prior to the selection by lot of the Bonds to be redeemed on the same date by operation of the mandatory redemption provisions of paragraph (a). Bonds to be redeemed pursuant to this paragraph shall be