83-110 Ordinance - Laserfiche WebLink

Home Browse Search

provisions of Section 3(d) of this Bond Legisla- tion, which adjustment raises such rate above the maximum rate then permitted by Ohio law, the Bondholders are granted the option under Section 3(d) to direct the Issuer to redeem the Project Bonds in f ull upon 180 days prior written notice. Upon the exercise of such option, the Project Bonds shall be redeemed at a redemption price of one hundred percent (100$) of the unpaid principal amount thereof, without premium or penalty, plus accrued interest to the date fixed for redemption. (v) Optional at Premium. The Project Bonds are subject to redemption on any Payment Date on or after the first Payment Date occurring d uring the eleventh Loan Year ancl prior to maturity at the option of the Issuer as directed by the Com- pany, as a whole, or in part, by the Company pay- ing to the Bondholders, and directing the Bond- holders on behalf of the Issuer to redeem Project Bonds in an amount equal to the redemption prices, expressed as percentages of the unpaid principal amount of eac'h such Project Bond or portion there- of to be redeemed, set forth in the table below, plus accrued interest to the date fixed for re- demption; Redemption ? Redem tion Dates Prices During the llth Loan Year 107.00$ During the 12th Loan Year 106.00$ During the 13th Loan Year 105.00$ During the 14th Loan Year 104.00% During the 15th Loan Year and thereafter 100.00$ (vi) Op tional Upon Determination of Tax abil- i?ty• If there is a Final Determination (as here- inafter defined) that interest on the Project Bonds is, as a result of any action or.inaction of the Company and other than because of any action or inaction of the Issuer or the Bondholders, includ- ible for Federal income tax purposes in the gross income of any Holder or former Holder of the Proj- ect Bonds (other than because such holder is a "substantial user" of the Project or a"related 11