92-117 Ordinance - Laserfiche WebLink

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. . . .. reA?.._ ?. ......=..w9...+.s?.«v.w},..wu-44..F+o-?naw?w.wu?.....a...r,...... ._.. . . e?'?ap Term Bonds on each Mandatory Redemption Date shall include an amount sufficient to redeem on that Date the principal amount of Term Bonds payable on that Date pursuant to Mandatory Sinking Fund Redemption Requirements (less the amount of any credit as provided below). The City shall have the option to deliver to the Bond Registrar for cancellation Term Bonds in any aggregate principal amount and to receive a credit against the then current Mandatory Sinking Fund Requirement (and corre- sponding mandatory redempt.ion obligation) of the City for Term Bonds stated to mature on the same Principal Payment Date as the Term Bonds so delivered. That option shall be exercised by the City on or before the forty-fifth day preceding the applicable Mandatory Redemption Date, by furnishing the Bond Registrar a certificate, signed by the Director of Finance, setting forth the extent of the credit to be applied with respect to the then current Mandatory Sinking Fund Requirement for Term Bonds stated to mature on the same Principal Payment Date. If the certificate is not furnished timely to the Bond Regis- trar, the Mandatory Sinking Fund Requirement (and corresponding mandatory redemption obligation) shail not be reduced. A credit against the then current Mandatory Sinking Fund Requirement (and corresponding mandatory re- demption obligation) also shall be received by the City for any Term Bonds which prior thereto have been redeemed (other than through the operation of ttie Mandatory Sinking Fund Requirements) or purcliased 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, shail be credited by the Bond Registrar at 100% of the principal amount tliereof against the then current Mandatory Sinking Fund Requirement (and corresponding mandatory redemption obligation) for Term Bonds stated to mature on the same Principal Payment Date as the Term Bonds so delivered, redeemed or cancelled. Any excess of that amount over the then current Manda- tory Sinking Fund Requirement shall be credited against subsequent Mandatory Sinking Fund Requirements (and corresponding mandatory redemption obligations) for Term Bonds st.ated 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 Dates December 15, 2002 and June 15, 2003 December 15, 2003 and June 15, 2004 December 15, 2004 and thereafter - 4 - Redemption Prira 102% 101 100 , ,..., . _