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January 28, 1992
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<br /> The Bonds of each issue maturing on and before August 1. 2001 shall not be
<br />subject to redemption prior to their stated maturities. The Bonds of each issue maturing
<br />on and after August 1, 2002 (or portions thereof in installments of $5.000) shall be subject
<br />to redemption at the option of the City prior to their stated maturities on or after August
<br />t, 2001 in whole at any time, or in part from time to time on any mternst payment date in
<br />any order determined by the City (except that if less than all of the Bonds of a given
<br />maturity of either issue are called for redemption, the particular Bonds or portions thereof
<br />in installments of $5,000 of such maturit~ of such issue to be redeemed shall be selected by
<br />lot), upon payment of the following redemption prices (expressed as a percentage of
<br />principal amount of Bonds to be redeemed), together with the interest accrued :on the
<br />principal amount to be redeemed to the date fixed for the redemption thereof.'
<br />
<br />Redemption Dates
<br />(Both Dates Inclusive)
<br />
<br /> Redemption Prices
<br />(Percentage
<br />of Principal Amountl
<br />
<br />August I, 2001 to July 31, 2002
<br />August 1, 2002 to July 31, 2003
<br />Augast 1. 2003 to July 31. 2004
<br />August 1. 2004 to July 31, 2005
<br />August 1, 2005 and thereafter
<br />
<br />102 %
<br />101 22
<br />101
<br />100 1/2
<br />100
<br />
<br /> If any Bond of either issue (or any portion of the principal amount thereof in
<br />installments of $5,000) shall be called for redemption, notice of the redemption thereof.
<br />specifying the date, number and maturity of such Bond. the date and place or places fixed
<br />fi3r its redemption, the premium, if any, payable upon such redemption, and if less than the
<br />entire principal amount of such Bond is to be redeemed, that such Bond must be
<br />surrendered in exchange for the principal amount thereof to be redeemed and the issuance
<br />of a new Bond or Bonds equalling in principal amount that portion of the principal amount
<br />thereof not to be redeemed, shall be mailed not less than thirty (30) days prior to the date
<br />fixed for redemption by first class mail, postage prepaid, to the registered owner of such
<br />Bond at his address as it appears on the books of registxy kept by the Registrar for the
<br />Bonds as of the close of business on the forty-fifth C45th) day next preceding the date fixed
<br />for redemptiorz If notice of the redemption of any Bond shall have been given as aforesaid.
<br />and payment of the principal mount of such Bond (or the portion of the principal amount
<br />thereof to be redeemed) and of the accrued interest and premium, if any, payable upon such
<br />mdempfion shall have been duly made or provided for. interest on such Bond shall cease
<br />£o accrue from and after the date so specified for the redemption thereoi
<br />
<br /> The Bonds shall be issued only in fully registered form without coupons. One
<br />Bond representing each maturity of each issue of the Bonds will be issued m and registered
<br />hq the name of Cede & Co., as nominee of The Depository Trust Company, New York. New
<br />York C'DTC'), as registered owner of the Bonds and each such Bond shall be immobilized
<br />in the custody of DTC. DTC will act as securities depository for the Bonds. Individual
<br />purchases will be made in book-entry form only, in the principal amount of $5.000 or any
<br />inmgral multiple thereof· Purchasers will not receive physical delivexy of certificates
<br />representing their interest in the Bonds purchased.
<br />
<br /> Principal, premium, if any, and interest payments on the Bonds will be made
<br />by the Director of Finance of the City, as Registrar and Paying Agent for the Bonds, to DTC
<br />or its nominee, Cede & Co., as registered owner of the Bonds, which will in turn remit such
<br />payments to the DTC participants for subsequent disbursal to the beneficial owners of the
<br />Bonds. Transfer of principal, premium, if any, and interest payments to DTC participants
<br />will be the respons~llity of DTC. Transfers of such payments to beneficial owners of the '
<br />Bonds by DTC participants will be the responsibility of such participants and other nominees .2¢
<br />of such beneficial owners. Transfers of ownership interests in the Bonds will be
<br />accomplished by book ~ntries made by DTC and, in turn, by the DTC participants who act
<br />on behalf of the indirect participants of DTC and the beneficial owners of the Bonds.
<br />
<br /> The City will not be responsible or liable for sending transaction statements
<br />or for maintaining, supervising or reviewing records maintained by DTC, its participants or
<br />persons acting through such participants or for transmitting payments to, communicating
<br />with, notifying, or otherwise dealing with any beneficial owner of the Bonds. So long as the
<br />Bonds are in book-entry only form, the Director of Finance will serve as Registrar and
<br />Paying Agent for the Bonds. The City reserves the right to designate ~suecessor Registrar
<br />and Paying Agent for the Bonds if the Bonds at any time cease to be in book-entry only
<br />form.
<br />
<br /> So long as the Bonds are in book-eatxy only form, any notice of redemption
<br />va'il be given rmfy to DTC or its nominee. The City shall not be responsible for providing
<br />any beneficial owner of the Bonds any notice of redemption.
<br />
<br /> SECTION 5. Execution and Defiverv of the Bonds. The Mayor, the City
<br />CIerk, the Director of Finance and other appropriate officers, employees and agents of the
<br />City are authorized and directed to take all such action and to execute such instruments as
<br />shall be deemed by them to be necessary or appropriate to effect the printing, execution and
<br />issuance of the Bonds and the delivery of the Bonds to the Purchaser m accordance w~tH the
<br />terms of the Proposal, the Detaffed Notice of SaleT, amd this resolution, upon receipt of the
<br />purchase price therefor as set forth in Section 2 hereof, and for the proper application and
<br />use of the proceeds of such sale.
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