Laserfiche WebLink
<br />each Mandatory Redemption Date shall include an amount sufficient <br />to redeem on that Date the principal amount of Term Bonds payable <br />on that Date pursuant to Mandatory Sinking Fund Redemption <br />Requirements (less the amount of any credit as hereinafter provided). <br />The City shall have the option to deliver to the Bond <br />Registrar for cancellation Term Bonds in any aggregate principal <br />amount and to receive a credit against the then current or any <br />subsequent Mandatory Sinking Fund Redemption Requirement (and <br />corresponding mandatory redemption obligation) of the City, as <br />specified by the Director of Finance, for Term Bonds stated to <br />mature on the same Principal Payment Date and bear interest at the <br />same rate as the Term Bonds so delivered. That option shall be <br />exercised by the City on or before the forty-fifth day preceding any <br />Mandatory Redemption Date with respect to which the City wishes <br />to obtain a credit, by furnishing the Bond Registrar a certificate, <br />signed by the Director of Finance, setting forth the extent of the <br />credit to be applied with respect to the then current or any subsequent <br />Mandatory Sinking Fund Redemption Requirement for Term Bonds <br />stated to mature on the same Principal Payment Date and to bear <br />interest at the same rate as the Term Bonds so delivered. If the <br />certificate is not timely furnished to the Bond Registrar, the current <br />Mandatory Sinking Fund Redemption Requirement (and <br />corresponding mandatory redemption obligation) shall not be <br />reduced. A credit against the then current or any subsequent <br />Mandatory Sinking Fund Redemption Requirement (and <br />corresponding mandatory redemption obligation), as specified by the <br />Director of Finance, also shall be received by the City for any Term <br />Bonds which prior thereto have been redeemed (other than through <br />the operation of the applicable Mandatory Sinking Fund Redemption <br />Requirements) or purchased for cancellation and canceled by the <br />Bond Registrar, to the extent not applied theretofore as a credit <br />against any Mandatory Sinking Fund Redemption Requirement, for <br />Term Bonds stated to mature on the same Principal Payment Date <br />and bear interest at the same rate as the Term Bonds so redeemed or <br />purchased and canceled. <br />Each Term Bond so delivered, or previously redeemed, or <br />purchased and canceled, shall be credited by the Bond Registrar at <br />100% of the principal amount thereof against the then current or <br />subsequent Mandatory Sinking Fund Redemption Requirements (and <br />conesponding mandatory redemption obligations), as specified by <br />the Director of Finance, for Term Bonds stated to mature on the <br />same Principal Payment Date and bear interest at the same rate as the <br />Term Bonds so delivered, redeemed or purchased and canceled. <br />(ii) Optional Redemption. The Bonds maturing on or after <br />December 1, 2017 shall be subject to redemption, by and at the sole <br />option of the City, either in whole ar in part, in whole multiples of <br />$5,000, on any date on or after December 1, 2016, at a redemption <br />price of 100% of the principal amount redeemed, plus accrued <br />interest to the redemption date. <br />-5-