92-116 Ordinance - Laserfiche WebLink

Home Browse Search

amount thereof 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 obiigations) 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 shall 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 shail 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 shail 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 Registrar, will be sufficient to redeem at the redemption price thereof, plus interest accrued to the redemption date, all of the redeemable Bonds for which notice of redemption has been given. (c) Partial Redemption. If fewer than all of the outstanding Bonds are called for redemption at one time, they shall be called in inverse order of their maturities. If fewer than all Bonds of a single maturity are to be redeemed, the selection of Bonds to be redeemed, or portions thereof in amounts of the minimum Authorized Denomination or any integral multiple thereof, shall be made by lot in a manner determined by the Bond Registrar. In the case of a partial redempti.on of Bonds by lot when Bonds of denominations greater than the minimum Authorized Denomination are then outstanding, each unit of principal thereof equal to the minimum Authorized - 4 -