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11 <br />The Bonds shall be authenticated with the manual signature of an authorized <br />representative of the Registrar, and no Bond shall be valid or obligatory for any purpose or <br />be entitled to any security or benefit under this Resolution until the certificate of <br />authentication on such Bond shall have been so executed. <br />SECTION 2. The Bonds maturing on February 1, 2004, and thereafter, are <br />redeemable prior to maturity on February 1, 2003, or any date thereafter, at the option of <br />the Commission in whole or in part in the amount of Five Thousand Dollars ($5,000), or <br />integral multiples thereof, in order of maturities determined by the Commission and by lot <br />(in such manner as the Registrar shall determine) within a maturity. Bonds so redeemed <br />shall be redeemed on such redemption date at a redemption price expressed as a percentage <br />of the principal amount of each Bond to be redeemed plus accrued interest to the <br />redemption date on the principal amount to be redeemed in accordance with the following: <br />Redemption Date <br />(Both Dates Inclusive) Redemption Price <br />February 1, 2003, or thereafter on or 101% <br />before January 31, 2004 <br />February 1, 2004, or thereafter on or 100.5% <br />before January 31, 2005 <br />February 1, 2005, and thereafter prior 100% <br />prior to maturity <br />At the option of the underwriter, the underwriter may aggregate the Bonds <br />into one or more term bonds payable from mandatory sinking fund redemption payments <br />(the "Term Bonds ") required to be made as set forth below. The Term Bonds shall have <br />a stated maturity or maturities on February 1. Such Term Bonds shall be subject to <br />mandatory sinking fund redemption prior to maturity at a redemption price equal to 100% <br />of the principal amount thereof, plus accrued interest to the redemption date, but without <br />premium, on February 1 in the years and in the principal amounts as selected by the <br />underwriter. The Trustee shall credit against the mandatory sinking fund requirement for <br />the Bonds aggregated into Term Bonds, and corresponding mandatory redemption <br />obligation, in the order determined by the Commission, any of the Bonds aggregated into <br />Term Bonds which have been previously redeemed (otherwise than as a result of a previous <br />mandatory redemption requirement) or delivered to the Trustee for cancellation or <br />purchased for cancellation by the Commission and not therefore applied as a credit against <br />any redemption obligation. Each Bond maturing as a Term Bond so delivered or cancelled <br />shall be credited by the Trustee at one hundred (100 %) percent of the principal amount <br />thereof against the mandatory sinking fund obligation on such mandatory sinking fund date, <br />and any excess of such amount shall be credited on future redemption obligations, and the <br />principal amount of the Bonds to be redeemed by operation of the mandatory sinking fund <br />requirement shall be accordingly reduced; provided, however, that the Trustee shall only <br />ME <br />