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07-27-09 Common Council Meeting Agenda & Packet
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07-27-09 Common Council Meeting Agenda & Packet
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9/10/2009 2:52:27 PM
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7/23/2009 1:06:53 PM
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City Council - City Clerk
City Council - Document Type
Agendas
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series may be subject to mandatory sinking fund redemption as set forth herein. At the <br />option of the successful bidder for the Bonds, all or a portion of the Bonds may be <br />aggregated into one or more term bonds payable from mandatory sinking fund <br />redemption payments (the "Term Bonds") required to be made as set forth below. The <br />Term Bonds shall have a stated maturity or maturities on December 1 of the years in <br />which the Bonds are outstanding as determined pursuant to Section III hereof or as <br />determined by the successful bidder. <br />In the event that the successful bidder opts to aggregate certain Bonds into <br />Term Bonds, such Term Bonds shall be subject to mandatory sinking fund redemption <br />prior to maturity at a redemption price equal to 100% of the principal amount thereof, <br />plus accrued interest to the redemption date, but without premium, on December 1 of <br />each year and in the principal amounts corresponding to and consistent with the maturity <br />schedule for the Bonds set forth in the Notice of Intent to Sell. <br />The Registrar and Paying Agent shall credit against the current mandatory <br />sinking fund requirement for a Term Bond of a particular maturity, any Bonds of such <br />maturity delivered to the Registrar and Paying Agent for cancellation or purchased for <br />cancellation by the Registrar and Paying Agent and cancelled by the Registrar and Paying <br />Agent and not theretofore applied as a credit against any mandatory sinking fund <br />requirement. Each Bond so delivered or purchased shall be credited by the Registrar and <br />Paying Agent at 100% of the principal amount thereof against the mandatory sinking <br />fund redemption requirements for the applicable Term Bond in order of mandatory <br />sinking fund redemption (or final maturity) dates determined by the Clerk, and the <br />principal amount of such Term Bond to be redeemed on such mandatory sinking fund <br />-18- <br />BDDBOI 5738468v1 <br />
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