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(e) Redemption Provisions. The Capital Appreciation Bonds, if any, shall not be <br /> subject to redemption prior to stated maturity. Except as may otherwise be specified by the Mayor <br /> and the Director of Finance in the Certificate of Award consistently with their determination of the <br /> best interest of and financial advantages to the City, the Current Interest Bonds shall be subject to <br /> redemption prior to stated maturity as follows: <br /> (i) Mandatory Sinking Fund Redemption of Term Bonds. If any of <br /> the Current Interest Bonds are issued as Term Bonds, the Term Bonds shall <br /> be subject to mandatory redemption in part by lot and be redeemed <br /> pursuant to mandatory sinking fund requirements, at a redemption price of <br /> 100% of the principal amount redeemed, plus accrued interest to the <br /> redemption date, on the applicable Mandatory Redemption Dates and in the <br /> principal amounts payable on those Dates, for which provision is made in <br /> the Certificate of Award (such Dates and amounts, the Mandatory Sinking <br /> Fund Redemption Requirements). <br /> The aggregate of the moneys to be deposited with the Bond Registrar <br /> for payment of principal of and interest on the Bonds on each Mandatory <br /> Redemption Date shall include an amount sufficient to redeem on that Date <br /> the principal amount of Term Bonds payable on that Date pursuant to <br /> Mandatory Sinking Fund Redemption Requirements (less the amount of <br /> any credit as hereinafter provided). <br /> The City shall have the option to deliver to the Bond Registrar for <br /> cancellation Term Bonds in any aggregate principal amount and to receive <br /> a credit against the then current or any subsequent Mandatory Sinking <br /> Fund Redemption Requirement (and corresponding mandatory redemption <br /> obligation) of the City, as specified by the Director of Finance, for Term <br /> Bonds stated to mature on the same Principal Payment Date and bear <br /> interest at the same rate as the Term Bonds so delivered. That option shall <br /> be exercised by the City on or before the 45th day preceding any <br /> Mandatory Redemption Date with respect to which the City wishes to <br /> obtain a credit, by furnishing the Bond Registrar a certificate, signed by the <br /> Director of Finance, setting forth the extent of the credit to be applied with <br /> respect to the then current or any subsequent Mandatory Sinking Fund <br /> Redemption Requirement for Term Bonds stated to mature on the same <br /> Principal Payment Date and to bear interest at the same rate as the Term <br /> Bonds so delivered. If the certificate is not timely furnished to the Bond <br /> Registrar, the current Mandatory Sinking Fund Redemption Requirement <br /> (and corresponding mandatory redemption obligation) shall not be reduced. <br /> A credit against the then current or any subsequent Mandatory Sinking <br /> Fund Redemption Requirement (and corresponding mandatory redemption <br /> obligation), as specified by the Director of Finance, also shall be received <br /> by the City for any Term Bonds which prior thereto have been redeemed <br /> (other than through the operation of the applicable Mandatory Sinking <br /> - 8 - <br />