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January 8, 1991
<br />
<br /> Redemption Dates
<br />(Both Dates Inclusive)
<br />
<br />August 1, 2000 ~o July 31, 2001
<br />August 1, 2001 ~o July 31, 2002
<br />August 1, 2002 to July 31, 2003
<br />August 1, 2003 ko July 31, 2004
<br />August 1, 2004 and thereafter
<br />
<br /> Redemption Prices
<br /> (Percentage
<br />of Principal Amount)
<br />
<br /> 102 %
<br />
<br /> 100 1/2
<br /> 100
<br />
<br /> The Public Utility Bonds maturing on August 1, 2019
<br />shall be subject ~o mandatory sinking fund redemption on August
<br />l, 2012 and on August 1 of each year thereafter to maturity in
<br />-the principal amounts in each year set forth below, with the
<br />particular Bond or Bonds or portions thereof to be selected by
<br />lot, upon payment of a redemption price equal to 1~0% of the
<br />principal amount of the Bonds to be redeemed, together with the
<br />interest accrued on the principal amount to be redeemed to the
<br />date fixed for the redemption thereof:
<br />
<br /> Year
<br /> fAu~ust 1~ Principal A~ount
<br />
<br />2012 $ 480,000
<br />2013 515,000
<br />2014 550,000
<br />2015 585,000
<br />2016 630,000
<br />2017 670,000
<br />2018 720,000
<br />2019' 770,000
<br />
<br />*Maturity
<br />
<br />The City, at its option, may credit against such mandatory
<br />sinking fund redemption regulrement, the principal amount of any
<br />public Utility Bonds maturing on August 1, 2019 which have been
<br />purchased and cancelled by the City or which have been redeemed
<br />and not theretofore applied as a credit against such mandatory--
<br />sinking fund redemption requirement.
<br />
<br /> If any Bond of either issue (or any portion of the
<br />principal amount thereof in installments of $5,000) shall be
<br />called for redemption, notice of the redemption thereof,
<br />specifying the date, number and maturity of such Bond, the date
<br />and place or places fixed for its redemption, the premium, if
<br />any, payable upon such redemption, and if less than the entire
<br />principal amount of such Bond is to be redeemed, that such Bond
<br />mas= be surrendered in exchange for the principal amount thereof
<br />to be redeemed and a new Bond or Bonds issued equalling in
<br />principal amount that portion of the principal amount thereof not
<br />to be redeemed, shall be mailed no= less than thirty (30) days
<br />prior to the date fixed for redemp5lon by first class mail,
<br />postage prepaid, to the registered owner of such Bond at his
<br />address as it appears on the books of registry kept by the
<br />Registrar for the Bonds as of the close of business on the forty-
<br />fifth (45th) day preceding the date fixed for redemption. If
<br />notice of the redemption of any Bond shall have been given as
<br />aforesaid, and payment of the principal amount of such Bond (or
<br />the portion of the principal amount thereof =o be redeemed) and
<br />of the accrued interest ~d premium~ if a~y, payable upon such
<br />redemption shall have been duly made or provided for, interest on
<br />
<br />such Bond shall cease to accrue from and after the date so
<br />specified for the redemption thereof.
<br />
<br /> ~ - The Bonds shall be issued only in fully registered form
<br />without coupons. One Bond representing each maturity of each
<br />issue of the Bonds will be issued ~o and registered in the name
<br />of cede & CO., as nominee of The Depository Trust Company, New
<br />York, New York ("DTC"), as registered owner of the Bonds and
<br />each such Bond shall be i~lmobilized in ths custody of DTC. DTC
<br />will ack as securities depository for the Bonds. Individual
<br />purchases~will be made in book-entry form only, in the principal
<br />amount of $5,000 or any integral multiple thereof. Purchasers
<br />will no= receive physical delivery of certificates representing
<br />their interest in the Bonds purchased.
<br />
<br /> Principal, premlum, if any, and interest payments on
<br />the Bonds will be made by the Director of Finance of the City, as
<br />Registrar and Paying Agent for the Bonds, =o DTC or its nominee,
<br />Cede & Co., as registered owner of the Bonds, which will in turn
<br />remit such paymen=s to the DTC participants for subsequen=
<br />disbursal to the beneficial owners of the Bonds. Transfer of
<br />
<br />participants will be the responsibility of DTC. Transfers of
<br />such payments to beneficial owners of the Bonds by DTC
<br />participants will be the responsibility of such participants and
<br />other nominees of such beneficial owners. Transfers of ownership
<br />interests in the Bonds will be accomplished by book entries made
<br />by DTC and, in turn, by thee DTC participan=s who act on ~ehalf of
<br />the indirect participan=s of DTC and the beneficial owners of the
<br />Bonds.
<br />
<br />
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