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Authorize- Issuance of Revenue Bonds $11,960,000
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Authorize- Issuance of Revenue Bonds $11,960,000
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Last modified
3/21/2011 3:56:49 PM
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3/21/2011 3:56:47 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
4/28/1997
Ord-Res Number
8778-97
Bill Number
34-97
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'. ti <br /> to the remaining principal amount thereo£ At the time the payment of the principal of, premium, <br /> if any, and interest on any Bonds called for redemption, such Bonds shall be surrendered for <br /> cancellation. <br /> Upon the payment of the redemption price of the Bonds(or portions thereo�being <br /> redeemed and, if so directed by the City, each check or other transfer of funds issued for such <br /> purpose shall bear the CUSIP number identifying, by issue and maturity, the Bonds (or portions <br /> thereo fl being redeemed with the proceeds of such check or other transfer. <br /> (b) Mandatory Sinkin� Fund Redemption. At the option of the successful bidder <br /> for the Bonds, all or a portion of the Bonds may be aggregated into one or more term bonds <br /> payable from mandatory sinking fund redemption payments (the "Term Bonds") required to be <br /> made as set forth below. The Term Bonds shall have a stated maturity or maturities on <br /> February 1 and August 1 of the years 1998 through 2017, or such other years as may be set forth <br /> in the Issuer's Certificate or as determined by the successful bidder. <br /> In the event that the successful bidder opts to aggregate certain Bonds into Term <br /> Bonds, such Term Bonds shall be subject to mandatory sinking fund redemption prior to maturity <br /> at a redemption price equal to 100% of the principal amount thereof, plus accrued interest to the <br /> redemption date, but without premium, on February 1 and August 1 of each year and in the <br /> principal amounts corresponding to and consistent with the maturity schedule for the Bonds set <br /> forth in the Issuer's Certificate. <br /> The Registrar and Paying Agent shall credit against the current mandatory sinking <br /> fund requirement for a Term Bond of a particular maturity, any Bonds of such maturity delivered <br /> to the Registrar and Paying Agent for cancellation or purchased for cancellation by the Registrar <br /> and Paying Agent and cancelled by the Registrar and Paying Agent and not theretofore applied <br /> as a credit against any mandatory sinking fund requirement. Each Bond so delivered or <br /> purchased shall be credited by the Registrar and Paying Agent at 100% of the principal amount <br /> thereof against the mandatory sinking fund redemption requirements for the applicable Term <br /> Bond in order of mandatory sinking fund redemption (or final maturity) dates determined by the <br /> Board, and the principal amount of such Term Bond to be redeemed on such mandatory sinking <br /> fund redemption dates by operation of the mandatory sinking fund requirements shall be reduced <br /> accordingly; provided, however, the Registrar and Paying Agent shall only credit Bonds against <br /> the mandatory sinking fund requirements to the extent such Bonds are received on or before <br /> 45 days preceding the applicable mandatory sinking fund redemption date. <br /> The Registrar shall determine by lot(treating each$5,000 principal amount of each <br /> Bond as a separate Bond for such purpose) the Bonds within a Term Bond of a particular <br /> maturity to be redeemed pursuant to the mandatory sinking fund redemption requirements on <br /> February 1 and August 1 of each year. <br /> Notice of any such mandatory sinking fund redemption shall be given in the same <br /> manner as notice of optional redemption is required to be given pursuant to this Section 10 of <br /> -16- <br />
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