92-112 Ordinance - Laserfiche WebLink

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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 Director 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). The Bonds shall be subject to redemption prior to stated maturity as follows: (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 amount redeemed, plus interest accrued to the redemption date, on the applicable 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 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 redemption obligation) of ttie 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 certi£icate, signed by the Director of Finance, setting forth the extent of the credit to be applied with respect to the then current Mandatory - 3 -