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The Bonds of each series maturing on and before August 1, <br />2006 shall not be subject to redemption prior to their stated <br />maturities. The Bonds of each series maturing on and after <br />August 1, 2007 (or port!ons thereof mn installments of <br />$5,000.00) shall be subject to redemption at the option of the <br />City prior to their stated maturities on or after August 1, <br />2006, in whole or in part at any time on any date, in such <br />order as may be determined by the City (except that if less <br />than all of the Bonds of a given maturity of either series are <br />called for redemptmon, the particular Bonds or portions thereof <br />in installments of $5,000.00 of such maturity of such series to <br />be redeemed shall be selected by lot), upon payment of the <br />following redemption prices (expressed as a percentage of <br />principal amount of Bonds to be redeemed), together with the <br />interest accrued to the date fixed for the redemption thereof: <br /> <br /> Redemption Prices <br /> Redemption Dates (Percentage of <br />(Both Dates Inclusive) Principal Amount) <br /> <br />August 1, 2006 to July 31, 2007 101% <br />August 1, 2007 to July 31, 2008 100 1/2 <br />August 1, 2008 and thereafter 100 <br /> <br /> The Public Improvement Bonds maturing on August 1, 2016, <br />shall be subject to mandatory sinking fund redemption on August <br />1, 2015 and on August 1st of each year thereafter to maturity <br />in the principal amounts in each year set forth below, with the <br />particular Public Improvement Bond or Bonds or portions thereof <br />to be redeemed to be selected by lot, upon payment of the <br />principal amount of the Public Improvement Bonds to be <br />redeemed, together with the interest accrued on the principal <br />amount to be redeemed to the date fixed for the redemption <br />thereof: <br /> <br /> Year <br /> (August 1st) Principal Amount <br /> <br /> 2015 $2,000,000.00 <br /> 2016 2,000,000.00 <br /> $4,000,000.00 <br /> <br /> <br />The City, at its option, may credit against such mandatory <br />sinking fund redemption requirement the principal amount of any <br />Public Improvement Bonds maturing on August 1, 2016 which have <br />been purchased and cancelled by the City or which have been <br />redeemed and not theretofore applied as a credit against such <br />mandatory sinking fund redemption requirement. <br /> <br />5 <br /> <br /> <br />