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Regarding Issurance of economic development revenue refunding bonds Regency Place Project
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Regarding Issurance of economic development revenue refunding bonds Regency Place Project
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Last modified
5/13/2013 1:13:30 PM
Creation date
10/11/2012 11:14:15 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
11/9/1992
Ord-Res Number
8314-92
Bill Number
87-92
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[ <br /> ARTICLE III <br /> REDEMPTION OF BONDS <br /> Section 301. Redemption of Bonds. The Bonds are subject to redemption prior to <br /> maturity as provided below. <br /> (a) Optional Redemption. The Bonds are subject to redemption prior to maturity by the <br /> Issuer, but only upon the request of the Developer, in whole at any time, or in part by lot <br /> thereafter, from optional prepayments of principal on the Mortgage Note made by the Developer <br /> and deposted in the Redemption Fund established under the Trust Indenture, in an aggregate <br /> amount which, together with all such prior redemptions under this paragraph during the then <br /> current calendar year, does not exceed fifteen percent (15%) of the original principal amount <br /> of the Mortgage Note, as initially endorsed by FHA. Any such redemption shall be made at a <br /> redemption price of one hundred percent (100%) of the principal amount thereof, plus interest <br /> accrued to the redemption date. <br /> The Bonds are also subject to redemption prior to maturity by the Issuer, but only upon <br /> the request of the Developer, in whole at any time from optional prepayments of principal on <br /> the Mortgage Note made by the Developer and deposited in the Redemption Fund established <br /> under this Indenture. Any such redemption shall be made at a redemption price (shown below <br /> as a percentage of the principal amount to be redeemed which is in excess of the amounts <br /> redeemed pursuant to the preceding paragraph during the then current calendar year), plus <br /> interest accrued to the redemption date: <br /> Redemption Period Redemption Price <br /> Closing Date to July 31, 1993 102% <br /> August 1, 1993 to July 31, 1994 101-1/2% <br /> August 1, 1994 to July 31, 1995 101% <br /> August 1, 1995 to July 31, 1996 100-1/2% <br /> August 1, 1996 and thereafter 100% <br /> (b) Redemption Provisions. The Bonds are subject to special mandatory redemption <br /> prior to their respective stated maturities upon payment of the applicable redemption price, <br /> without premium, by such maturity or maturities as are determined in accordance with <br /> Section 4.03 (1) as a whole, or in part (and if in part, the Bonds maturing February 1, 2011 <br /> shall be redeemed first, until all such Bonds have been redeemed, and then the Bonds maturing <br /> August 1, 2011 shall be redeemed, and by lot within a maturity in integral multiples of$5,000 <br /> on the first day of any month for which notice of redemption may be timely given, from moneys <br /> transferred from the Bond Fund to the Redemption Fund, and (2) as a whole on any interest <br /> 3152.1 18 <br />
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