08-10-09 Common Council Meeting Agenda & Packet

Home Browse Search

series may be subject to mandatory sinking fund redemption as set forth herein. At the option of the successful bidder for the Bonds, all or a portion of the Bonds may be aggregated into one or more term. bonds payable from mandatory sinking fund redemption payments (the "Term Bonds") required to be made as set forth below. The Term Bonds shall have a stated maturity or maturities on December 1 of the years in which the Bonds are outstanding as determined pursuant to Section III hereof or as determined by the successful bidder. In the event that the successful bidder opts to aggregate certain Bonds into Term Bonds, such Term Bonds shall be 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 December 1 of each year and in the principal amounts corresponding to and consistent with the maturity schedule for the Bonds set forth in the Notice of Intent to Sell. The Registrar and Paying Agent shall credit against the current mandatory sinking fund requirement for a Term Bond of a particular maturity, any Bonds of such maturity delivered to the Registrar and Paying Agent for cancellation or purchased for cancellation by the Registrar and Paying Agent and cancelled by the Registrar and Paying Agent and not theretofore applied as a credit against any mandatory sinking fund requirement. Each Bond so delivered or purchased shall be credited by the Registrar and Paying Agent at 100% of the principal amount thereof against the mandatory sinking fund redemption requirements for the applicable Term Bond in order of mandatory sinking fund redemption (or final maturity) dates determined by the Clerk, and the principal amount of such Term Bond to be redeemed on such mandatory sinking fund -18- BDDBOI 5738468v 1