92-111 Ordinance - Laserfiche WebLink

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??..? . _ •??...a..v..??._b?w _ _ ,..w....._ 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 principai amount redeemed, plus interest accrued to the redemption date, on the applic- able 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 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 corre- sponding 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 llirector of Finance, setting forth the extent of the credit to be appiied 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 tiot furnished timely to the Bond Regis- trar, the Mandatory Sinking Fund Requirement (and corresponding mandatory redemption obligation) shall not be reduced. A credit against the then cur- rent Mandatory Sinking Fund Requirement (and corresponding mandatory redemp- tion 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 canr_elled 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, shall be credited by the Bond Registrar at 100% of the principal 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 shail be credited against subsequent Mandatory Sinking Fund Requirements (and corresponding mandatory redemption obligations) for Term Bonds stated to mature on ttiat Principal Payment Date in the order directed by the Director of Finance. (b) Optional Redem tion. 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 - 4 -