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1994-06-21 Minutes
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1994-06-21 Minutes
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(e) Sinking Fund Deposits--Mandatory Deposits. <br />(i) With respect to the payment of Bonds on Maturity or <br />by mandatory Sinking Fund redemption through the Sinking Fund, the <br />Authority shall have on deposit in the Sinking Fund (A) if and to <br />the extent prior to the Conversion Date with respect to a Bond, on <br />the first Business Day occurring on or after February 1, 2005, and <br />on the first Business Day occurring on or after each February 1 <br />thereafter, to and including February 1, 2019, or (B) if and to the <br />extent subsequent to the Conversion Date with respect to a Bond, <br />on February 1 of each year occurring on or after such Conversion <br />Date, to and including February 1, 2019 and (C) on February 1, <br />2019, moneys in the amounts and at the times, respectively, as <br />follows: <br />February 1 Principal February 1 Principal <br />of the Year Amount of the Year Amount <br />provided, that such amounts shall be reduced (I) by the amount of <br />Bonds acquired and delivered in accordance with Section 404(h) <br />hereof in satisfaction of such Sinking Fund requirements, and <br />• (II) in connection with a partial .redemption of Bonds if the <br />Authority elects to reduce mandatory Sinking Fund redemptions for <br />the Bonds in the manner provided in Section 510(d)(iv) hereof. <br />Moneys on deposit in the Sinking Fund on February 1 (or, with <br />respect to Bonds bearing interest at a Weekly Rate or an Adjustable <br />Long Rate, the first Business Day thereafter) of each of the years <br />through shall be applied to the redemption of Bonds <br />selected as provided in Section 513 hereof on to reimburse the <br />Credit Facility Issuer and moneys on deposit in the Sinking Fund <br />on February 1, 2019, shall be applied to the payment of the Bonds <br />maturing on such date. Payment or redemption of the Bonds through <br />the Sinking Fund shall be without premium. The Bonds shall be <br />redeemed by the Trustee pursuant to the provisions of this <br />paragraph without any notice from or direction by the Authority. <br />(ii) Prior to each conversion of any or all of the Bonds <br />to a Fixed Rate pursuant to Section 603 hereof, the Trustee shall <br />determine, as set forth below, the Bonds to be converted to a Fixed <br />Rate which will be redeemed or mature on each mandatory Sinking <br />Fund redemption date or maturity date or paid on February 1, 2019, <br />pursuant to the schedule set forth in subparagraph (e)(i) of this <br />Section 510 so as to facilitate the remarketing of such Bonds on <br />the Conversion Date therefor at various Fixed Rates reflecting the <br />various terms to Maturity of the Bonds to be so converted. Unless <br />the Authority agrees to another method and there is delivered to <br />• the Trustee an Opinion of Bond Counsel to the effect that <br />52 <br />
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