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a credit against the then current or any subsequent Mandatory Sinking <br />Fund Redemption Requirement (and corresponding mandatory redemption <br />obligation) of the City, as specified by the Director of Finance, for Term <br />Bonds stated to mature on the same Principal Payment Date as the Term <br />Bonds so delivered. That option shall be exercised by the City on or before <br />the forty-fifth day preceding any Mandatory Redemption Date with respect <br />to which the City wishes to obtain a credit, by furnishing the Bond <br />Registrar a certificate, signed by the Director of Finance, setting forth the <br />eatent of the credit to be applied with respect to the then current or any <br />subsequent Mandatory Sinking Fund Redemption Requirement for Term <br />Bonds stated to mature on the same Principal Payment Date as the Term <br />Bonds so delivered. If the certificate is not timely furnished to the Bond <br />Registrar, the current Mandatory Sinking Fund Redemption Requirement <br />(and corresponding mandatory redemption obligation) shall not be reduced. <br />A credit against the then current or any subsequent Mandatory Sinking <br />Fund Redemption Requirement (and corresponding mandatory redemption <br />obligation), as specified by the Director of Finance, also shall be received <br />by the City for any Term Bonds wliich prior thereto have been redeemed <br />(other than through the operation of the applicable Mandatory Sinking <br />Fund Redemption Requirements) or purchased for cancellation and <br />canceled by the Bond Registrar, to the extent not applied theretofore as a <br />credit against any Mandatory Sinking Fund Redemption Requirement, far <br />Term Bonds stated to mature on the same Principal Payment Date as the <br />Term Bonds so redeemed or purchased and canceled. <br />Each Term Bond so delivered, or previously redeemed, or purchased <br />and canceled, shall be credited by the Bond Registrar at 100% of the <br />principal amount thereof against the then current or subsequent Mandatory <br />Sin.king Fund Redemption Requirements (and corresponding mandatory <br />redemption obligations), as specified by the Director of Finance, for Tertn <br />Bonds stated to mature on the same Principal Payment Date as the Term <br />Bonds so delivered, redeemed or purchased and canceled. <br />(ii) Optional Redemption. The Bonds maturing on or after <br />December 1, 2012 shall be subject to redemption, by and at the sole option <br />of the City, on or after December 1, 2011, either in whole at any time or in <br />part on any Interest Payment Date, in integral multiples of $5,000, at the <br />following redemption prices (expressed as percentages of the principal <br />amount redeemed), plus accrued interest to the redemption date: <br />-6-