96-126 Ordinance - Laserfiche WebLink

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?.?,. (ii) Ontional Redem tion. The Current Interest Bonds maturing on or after December 1, 2007 shall be subject to redemption, by and at the sole option of the City, on or after December 1, 2006, either in whole at any time or in part on any Interest Payment Date, in integral multiples of $5,000, at the following redemption prices (expressed as percentages of the principal amount redeemed), plus accrued interest to the redemption date: Redemption Redemption Dates Price December 1, 2006 through November 30, 2007 102 % December 1, 2007 through November 30, 2008 101 December 1, 2008 and thereafter 100 If optional redemption of Term Bonds at a redemption price exceeding 100 % of the principal amount to be redeemed is to take place as of any Mandatory Redemption Date applicable to those Term Bonds, the Term Bonds, or portions thereof, to be redeemed optionally shall be selected by lot prior to the selection by lot of the Term Bonds of the same maturity to be redeemed on the same date by operation of the Mandatory Sinking Fund Redemption Requirements. Bonds to be redeemed pursuant to this paragraph shall be redeemed only upon written notice from the Director of Finance to the Bond Registrar, given upon the direction of this Council by adoption of a resolution or passage of an 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 redemption date or such shorter period as shall be acceptable to the Bond Registrar. (iii) Partial Redemption. If fewer than all of the outstanding Bonds are called for optional redemption at one time and Bonds of more than one maturity are then outstanding, the Bonds that are called shall be Bonds of the maturity or maturities selected by the City. If fewer than all of the Bonds of a single maturity are to be redeemed, the selection of Bonds of that maturity to be redeemed, or portions thereof in amounts of $5,000 or any integral multiple thereof, shall be made by the Bond Registrar by lot in a manner determined by the Bond Registrar. In the case of a partial redemption of Bonds by lot when Bonds of denominations greater than $5,000 are then outstanding, each $5,000 unit of principal thereof shall be treated as if it were a separate Bond of the denomination of $5,000. If it is determined that one or more, but not all, of the $5,000 units of principal amount represented by a Bond are to be called for redemption, then, upon notice of redemption of a$5,000 unit or units, the registered owner of that Bond shall sunender the Bond to the Bond Registrar (i) for payment of the redemption price of the $5,000 unit or units of principal amount called for redemption (including, without limitation, the interest accrued to the date fixed for redemption and any premium), and (ii) for issuance, without charge to the registered owner, of a new Bond or Bonds of any Authorized - 11 - D03:[00523.DOCS.NOR05228]BONDORDINANCE STREETS $7 840. _.,it . __1_1,. -. _,._