92-117 Ordinance - Laserfiche WebLink

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Principal Year Amount Principal Year Amount 1993 $2,000 2003 $10,000 1994 7,000 2004 10,000 1995 8,000 2005 11,000 1996 7,000 2006 12,000 1997 4,000 2007 16,000 1998 8,000 2008 12,000 1999 8,000 2009 14,000 2000 8,000 2010 18,000 2001 9,000 2011 16,000 2002 9,000 2012 17,000 Those annual principal installments are determined to be such that the total principal. and interest payments on the Bonds in any fiscal year in which prin- cipal is payable are not more than three times the amount of those payments in any other such fiscal year. The principal amount maturing or payable pursuant to mandatory sinking fund redemption requirements on each Principal Payment Date may be revised as determined by the Uirector of Finance in the Certificate of Award; provided that, based on the actual interest rates borne by the Bonds and the authorized denominations of Bonds, the total principal and interest payments on the Bonds in any fiscal year in which principal is payable shall be not more than three times the amount of those payments in any other such fiscal year. Consistent with the foregoing and in accordance with his determina- tion of the best interest of and financial advantage to the City, the Director of Finance shall specify in the Certificate of Award (i) the principal amount of Bonds maturing or payable pursuant to mandatory sinking fund redemption requirements on each Principal Payment Date, (ii) the Principal Payment Dates on which Bonds not subject to mandatory sinking fund redemption (Serial Bonds) shall mature; (iii) the Principal Payment Date or Dates on which Bonds subject to mandatory sinking fund redemption (Term Bonds) shall be stated to mature; and (iv) the Principal Payment Date or Dates on which Term Bonds shall be subject to mandatory sinking fund redemption (Mandatory Redemption Dates). follows: The Bonds shall be subject to redemption prior to stated maturity as (a) Mandatory Sinking Fund Redemption. Term Bonds shall be subject to mandatory redemption in part by lot and be redeemed pursuant to mandatory sinking fund requirements, at a redemption price of 100% of the principal amoAznt redeemed, plus interest accrued to the redemption date, on the applicabie Mandatory Redemption Dates and in the principal amounts payable on those dates as provided above (such Dates and amounts, the Mandatory Sinking Fund Redemption Requirements). The aggregate amount of money to be deposited with the Bond Registrar (as defined in Section 4 below) for payment of principal of and interest on - 3 -