O-2005-2858 - Laserfiche WebLink

Browse Search

(b) The Obligations are subject to mandatory sinking fund redemption in the following amounts (subject to reduction as hereinafter provided), on the following dates, in each case at a redemption price equal to the principal amount of the Obligations or the portions thereof so called for redemption plus accrued interest to the date fixed for redemption: Mandatory Redemption Dates January 25, 2007 January 25, 2008 January 25,2009 January 25,2010 January 25,2011 January 25, 2012 January 25, 2013 January 25,2014 January 25, 2015 January 25,2016 Principal Amounts $262,500 262,500 262,500 262,500 262,500 262,500 262,500 262,500 262,500 262,500 The particular Obligations to be redeemed shall be selected by the Registrar by lot or other customary random selection method, on or before December 10 of each year immediately preceding a mandatory redemption date. The principal amount of Obligations to be mandatorily redeemed in each year shall be reduced by the principal amount of such Obligations that have been optionally redeemed pursuant to subparagraph (a) above on or before December 10 of such year and which have not been made the basis for a previous reduction. (c) Obligations may be redeemed only in such amounts as will result in the unredeemed balance of Obligations being outstanding in Authorized Denominations. Upon presentation and surrender of any Obligation for redemption in part, the Paying AgentfRegistrar, in accordance with the provisions of this Ordinance, shall authenticate and deliver in exchange therefor an Obligation or Obligations of like maturity and interest rate in an aggregate principal amount equal to the unredeemed portion of the Obligation so surrendered. (d) Not less than thirty (30) days prior to a redemption date for the Obligations, a notice of redemption will be sent by U.S. mail, first class postage prepaid, in the name of the City to each Owner of an Obligation to be redeemed in whole or in part at the address of such Owner appearing on the Register at the close of business on the business day next preceding the date of mailing; provided, however, that so long as Wachovia Bank, National Association, is the Paying Agent/Registrar and the sole Registered Owner of the Obligations, no such notice shall be required. Such notices shall state the redemption date, the redemption price, the place at which Obligations are to be surrendered for payment and, if less than all Obligations Outstanding are to be redeemed, the numbers of Obligations or portions thereof to be redeemed. Any notice of redemption so mailed as provided in this Section will be conclusively presumed to have been duly given, whether or not the Registered Owner receives such notice. By the date fixed for redemption, due provision shall be made with the Paying AgentfRegistrar for payment of the redemption price of the Obligations or portions thereof to be redeemed. When Obligations have been called for redemption in whole or in part and notice of redemption has been given as herein provided, the Obligations or portions thereof so redeemed shall no longer be regarded to be Outstanding, except for the purpose of receiving payment solely from the funds so provided for redemption, and interest which would otherwise accrue after the redemption date on any HOU:2516661.4 6