1994-06-21 Minutes - Laserfiche WebLink

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The owners of Bonds subject to mandatory purchase who tender their Bonds (with any necessary endorsements) to the Principal Office of the Tender Agent by 10:00 am. , New York City time, on such date will be paid a purchase price equal to 100 % of the principal amount thereof, plus accrued interest thereon, if any, to the date of purchase by 3:00 p.m., New York City time; provided, however, that owners of Bonds bearing interest at an Adjustable Long Rate who duly tender such Bonds for purchase on a Renewal Date will be paid a purchase price equal to (a) the then applicable optional redemption price, or (b) if such purchase shall occur during the No- Call Period for such Bonds, a purchase price of 103 % of the principal amount to be purchased plus accrued interest, if any, to the Renewal Date. Bondholder's Failure to Deliver the Bonds In the event that sufficient moneys are on deposit in the Bond Purchase Fund to pay the purchase price of any Tendered Bond, such Tendered Bond will be deemed to have been purchased for all purposes whether or not delivered by the Bondholder thereof on the date such Tendered Bond is to be purchased. The purchase price for such Tendered Bonds will be held on deposit with the Tender Agent for a period of years. Such Tendered Bonds will not be deemed to be outstanding under the Indenture, and new Bonds may be executed, authenticated, and delivered in the place of such Tendered Bonds, and the Remarketing Agent may offer and sell the Bonds authenticated and delivered in place of such Tendered Bonds. Redemption Optional Redemption. Optional Redemption Durine Weekly Mode. Bonds in a Weekly Mode shall be subject to redemption prior to Maturity, at the option of the Authority, from money on deposit in the LOC Redemption Account of the Redemption Fund, in whole or in part (and if in part in an Authorized Denomination) on any Business Day during such Weekly Mode, at a redemption price equal to 100 % of the principal amount thereof plus accrued interest, if • any, to the redemption date. Optional Redemption During Adjustable Long Mode or After Conversion to Fixed Rate. Bonds is an Adjustable Long Mode or Fixed Mode shall be subject to redemption prior to Maturity, at the option of the Authority, from money on deposit in the LOC Redemption Account of the. Redemption Fund for Bonds in an Adjustable Long Mode, and from amounts on deposit in the Redemption Fund for Bonds in the Fixed Mode, in whole on any Business Day or in part (and if in part in an Authorized Denomination) on any Interest Payment Date applicable to such Bonds after the No Call Period described below and at the redemption prices (expressed as the percentage of the principal amount of Bonds called for redemption) set forth below plus interest accrued, if any, to the redemption date: NO-CALL LENGTH OF RATE PERIOD~i~ PERIOD REDEMPTION PRICE greater than 12 years 10 years from 102 %, declining .5 % per the Rate Change 6 months to 10040 Date ~~ less than or equal to 12 years until 2 years 102 °lo , declining . 5 % per and greater than 4 years prior to end 6 months to 10040 of Rate Period ~'~ less than or equal to 4 years length of NOT SUBJECT TO Rate Period o~ OPTIONAL REDEMPTION • -12-