85-019 Ordinance - Laserfiche WebLink

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The Bonds shall bear interest (calculated on the outstanding principal amount of the B onds from time to time) at the fixed rate of eleven and one-half percent (11,5$) per annum, payable in immediately available funds on each semi-annual Interest Payment Date on the Bonds, commencing September 1, 1985, and continuing until the entire principal sum of $430,000 is paid. Commencing March 1, 1986, principal shall be payable on the B onds in immediately available funds in the amount of $21,500 on each March l, through and including March l, 2005. In any event, the principal and interest on the Bonds shall be paid in f ull on or before March 1, 2005. Each installment shall be applied first to interest due and the balance to repayment of principal. Interest shall be calculated on a 360 day per year basis. The Bonds are subject to optional redemption prior to maturity, in whole or in part by lot, on March 1, 1995, or on any Interest Payment Date on the Bonds thereafter, in the event of prepayment of the Note in full or in part by the Borrower as provided by the first paragraph of Section 6.1 of the Loan Agreement. The redemption date in any such event shall be the date set by the Borrower for prepayment of the Note in accordance with the provisions of such paragraph. The redemption price in any such event shall be equal to the following percentages of the principal amount redeemed, plus in each case accrued interest to the date fixed for redemption: Redemption Date Optional Redemption Price March 1, 1995 and September 1, 1995 105 3/4$ March 1, 1996 and September 1, 1996 104 3/4% March "l, 1997 and September 1, 1997 103 3/4$ M arch 1, 1998 and S eptember 1, 1998 102 3/4% March l, 1999 and September 1, 1999 101 3/4% March 1, 2000 and September l, 2000 100 3/4% March l, 2001 and thereafter 100% T he B onds are also subject to optional redemption in whole in the event of the exercise by the Borrower of its option to prepay the Note in full as provided by the fifth paragraph of Section 6.1 of the Loan Agreement, at a redemption price of 100% of the principal balance of the B onds outstanding on the date of redemption, plus accrued interest to the redemption date. The Bonds shall also be callable for redemption in whole or in part by lot, upon occurrence of any of the circumstances which operate to require prepayment of the Note in whole or in part by the Borrower in accordance with the provisions of the third paragraph of Section 6.1 and the first and third paragraphs of S ection 6.2 of the L oan Agreement. T he redemption date in any of such events shall be the date set by the B orrower, (or in default thereof, by the Trustee) for the prepayment of the Note in whole or in part in accordance with the provisions of the Loan Agreement. The redemption price in any of such events shali be 100$ of the principal amount of the B onds to be redeemed on the date of redemption, plus accrued interest to the redemption date; provided that upon any call for redemption of the B onds due to a Determination of Taxability, the redemption price shall be increased by an amount equal to the difference between (a)(i) the aggregate amount of interest which would have been payable on the Bonds if the interest rate on the B onds, commencing on the date of - 7 -