1994-06-21 Minutes - Laserfiche WebLink

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