1998-10-19 Resolution 130 - Laserfiche WebLink

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. ~ • F • Section 3.06. At the request of the Authority, expressed by a resolution of the Board of Directors, or a copy thereof certified by the Secretary-Treasurer and delivered to the Trustee, the Trustee may remove funds from the Operation and Reserve Fund and the Sinking Fund to be used for the redemption of Bonds, or for the purchase of Bonds if the Authority and Trustee agree that the purchase of Bonds would be advantageous to the Authority. Section 3.07. A pledge of all moneys paid or deposited into the Sinking Fund, and of all rentals paid pursuant to the Lease other than pursuant to Section 3(b) thereof, is hereby made, and the same are hereby pledged to the Trustee to secure the payment of the principal and redemption price of and interest on the Bonds, all to the extent herein provided. The rentals so .,pledged and hereafter received by the Trustee or Authority, shall immediately be subject to the Tien of such pledge without any physical delivery thereof or further act; and the lien of such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the Authority, irrespective of whether such parties have notice thereof. ARTICLE IV. Redemption of Bonds Section 4.01. (a) Optional Redemption. The Authority shall have the right, at its • option, to redeem, according to the procedure hereinafter provided, all or any part of the Bonds secured by this Agreement maturing on or after March 1, 2007, in whole multiples of $5,000 in such order of maturities as the Authority shall direct and by lot within maturities, on March 1, 2006, from any moneys made available for that purpose at a redemption price equal to the following percentage of the principal amount redeemed plus in each case accrued interest to the date fixed for redemption: Redemption Date Price March 1, 2006, or thereafter on or before February 28, 2007 102% March 1, 2007, or thereafter on or before February 29, 2008 101% March 1, 2008, and thereafter prior to maturity 100% (b) Mandatorv Redemption: The Bonds are also subject to mandatory sinking fund redemption as follows: (i) The Bonds maturing ,are also subject to mandatory sinking fund redemption prior to maturity at a redemption price equal to 100% of the principal amount thereof, plus accrued interest to the redemption date, but without premium on the dates and in the principal amounts indicated below: ::ODMA\PCDOCS\SBDOCS 1\24203\2 -15-