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9951-09 Authorizing the aquisitions, constructions and installation of certain improvements and extensions
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9951-09 Authorizing the aquisitions, constructions and installation of certain improvements and extensions
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Last modified
12/3/2009 11:51:05 AM
Creation date
8/20/2009 12:22:25 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
8/10/2009
Ord-Res Number
9951-09
Bill Number
56-09
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The principal of the BANS shall be refunded and retired out of the proceeds from the <br />issuance and sale hereunder of the Bonds. The principal of the BANs, and the principal and <br />interest of BANs prepaid in accordance with Section V herein, shall be refunded by the issuance <br />of the Bonds pursuant to, and in the manner prescribed by, the Act. The interest on the BANS <br />shall be payable either from the Net Revenues of the Sewage Works or from proceeds from the <br />issuance and sale hereunder of the Bonds. <br />Section V. Optional Prepayment of BANs; Redemption of the Bonds. <br />(a) Optional Prepayment of BANS. The BANS are prepayable by the <br />City, in whole or in part, at any time, upon seven (7) days' notice to the owner of the <br />BANS, without any premium. In the case of prepayment, the principal and accrued <br />interest due on the BANs shall be paid only from proceeds of the Bonds, except that such <br />principal and interest due on the BANs may also be paid from other revenues and funds <br />legally available therefor, if any, including federal or state funds available for application <br />to the Project; provided, however, that such funds are not pledged to the payment of the <br />BANs. <br />(b) Optional Redemption. The Bonds shall be subject to redemption at <br />the option of the City upon such terms as determined by the Controller based on the <br />advice of the City's financial advisor, to be set forth in a written certificate of the <br />Controller prior to the issuance of the Bonds, provided that the redemption premium shall <br />not exceed two percent (2%) of the par amount of the Bonds to be redeemed. <br />Official notice of such redemption shall be mailed by the Registrar and <br />Paying Agent by certified or registered mail at least sixty (60) days and not more than <br />ninety (90) days prior to the scheduled redemption date to each of the registered owners <br />-15- <br />BDDBOI 5738468v1 <br />
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