92-115 Ordinance - Laserfiche WebLink

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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 substantially equal. Consistent with the foregoing and in accordance with his determina- tion of the best interest of and financiai advantage to the City, the Director of Finance shall specify in the Certificate of Award (i) the principal amount of the Bonds maturing or payable pursuant to mandatory sinking fund redemption requirements on each Principal Payment Dat.e, (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. to mandatory redemption in part by lot and be sinking fund requirements, at a redemption pr amount redeemed, plus interest accrued to applicable Mandatory Redemption Dates and in tr those dates as provided above (such Dates and Fund Redemption Requirements). Term Bonds shall be subject redeemed pursuant to mandatory ice of 100% of the principal the redemption date, on the e principal amounts payable on amounts, the Mandatory Sinking 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 Term Bonds on each Mandatory Redemption Date shall include an amount suffi- cient 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 corresponding mandatory redemption 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 Registrar, the Mandat.ory 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 - 3 -