86-064 Ordinance - Laserfiche WebLink

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_ ??,. 4 , The Bonds shall bear interest from their respective dates at a fixed rate of nine percent (9$) per annum on the outstanding principal amount thereof. Interest on the Bonds shall?be payable semiannually on each September 1 and March l, commencing March 1, 1987. Interest snall be calculated on a 360 day per year basis. Al1 principal and interest shall be paia in tull on or before March 1, 2007. The principal payable on any outstanding Bond in accordance with the foregoing paragraph shall be an amount which bears the same ratio to the aggregate amount bf principal payable on all outstanding Bonas as the outstanding principal amount of such Bond bears to the aqqreqate outstanding principal amount of all Bonds. The Bonds are subject to optional redemption prior to maturity, in whole or in part by lot, on September 1, 1996, or on any Interest Payment Date on the Bonds thereatter, in the event ot prepayment of the Note in full or in part by the Borrowers as providea by the first paragraph of Section 6.1 of the Loan Agreement. The redemption date in any such event shall be the aate set by tne Borrowers tor prepayment of the Note in accordance with the provisions of such paragraph. The redemption price in any such event shall be equal to the tollowing percentages of the principal amount redeemed, plus in each case accrued interest to the date fixed for redemption: Redemption Date Optional Redemption Price September 1, 1996 or March 1, 1997 104-1/2$ September l, 1997 or March 1, 1998 103-1/2% September l, 1998 or March l, 1999 102-1/2$ September l, 1999 or March 1, 2000 101-1/2$ September 1, 2000 or March 1, 2001 100-1/2$ September 1, 2001 and thereafter 100% The Bonds are also subject to optional redemption in whole in the event of the exercise by the Borrowers of their options to prepay the Note in tull as providea by the fourth paragraph of Section 6.1 ot the Aqreement. The redemption date in any of such events shall be the date set by the Borrowers for prepayment of the Note in accordance with the provisions of such paragraph. The redemption price in any ot such events shall be 100$ of the principal balance of the Bonds outstanciing on the date of redemption, plus accrued interest to the redemption date. The Bonds are also callable for redemption in part on any Interest Payment Date upon prepayment of the Note in part as provided in Section 6.2 of the Loan Agreement. The redemption date in any such event shall be the date set by the Borrowers (or, in derault thereof, by the Trustee) for prepayment of the -11-