92-120 Ordinance - Laserfiche WebLink

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Bond Registrar, the Mandatory Sinking Fund Requirement (and corresponding mandatory redemption obligation) shall not be reduced. A credit against the then current Mandatory Sinking Fund Requirement (and corresponding mandatory redemption obligation) also shall be received by the City for any Term Bonds which prior thereto have been redeemed (other than through the operation of the Mandatory Sinking Fund Requirements) or purchased for cancellation and cancelled by the Bond Registrar, to the extent not applied theretofore as a credit against any Mandatory Sinking Fund Requirement for Term Bonds stated to mature on the same Principal Payment Date as the Term Bonds so redeemed or cancelled. Each Term Bond so delivered, or previously redeemed, or purchased and cancelled, shall be credited by the Bond Registrar at 100% of the principal amount thereof against the then current Mandatory Sinking Fund Requirement (and corresponding mandatory redemption obligation) for Term Bonds stated to mature on the same Principai Payment Date as the Term Bonds so delivered, redeemed or cancelled. Any excess of that amount over the then current Mandatory Sinking Fund Requirement shall be credited against subsequent Mandatory Sinking Fund Requirements (and corresponding mandatory redemption obligations) for Term Bonds stated to mature on that Principal Payment Date in the order directed by the Director of Finance. (b) Optional Redemption. The Bonds maturing on or after December 15, 2003, shall be subject to redemption by and at the option of the City, in whole or in part on any Interest Payment Date, on or after December 15, 2002 in integral multiples of the minimum Authorized Denomination at the redemption prices equal to the following percentages of the principal amount redeemed plus, in each case, accrued interest to the redemption date: Redemption Redemption Dates Price December 15, 2002 and June 15, 2003 102% December 15, 2003 and June 15, 2004 101 December 15, 2004 and thereafter 100 If optional redemption at a redemption price exceeding 100% of the principal amount to be redeemed is to take place as of any applicable Manda- tory Redemption Date, the Bonds, or portions thereof, to be redeemed shall be selected by lot prior to the selection by lot of the Bonds to be redeemed on the same date by operation of the mandatory redemption provisions of paragraph (a). Bonds to be redeemed pursuant to this paragraph shall be redeemed only upon written notice from the City to the Bond Registrar, given upon the direc- tion of the Council by adoption of a resolution or ordinance. That notice shali specify the redemption date and the principal amount of each maturity of Bonds to be redeemed, and shall be given at least 45 days prior to the redemp- tion date or such shorter period as shall be acceptable to the Bond Registrar. In the event that notice of redemption shall have been given by the Bond Registrar to the registered owners as hereinafter provided, there shall be deposited with the Bond Registrar on or prior to the redemption date, funds that, in addition to any other money available therefor and held by the Bond - 4 -