RES 94045A - Laserfiche WebLink

Section 512. Redemption. (a) Extraordinary Casualty Redemption. The Bonds are subject [o extraordinary redemption on the earliest possible date, upon notice as hereinafter provided, in whole or in part, from funds received by the City due to a casualty loss or governmental taking of the Project or portions thereof, along with such other moneys transferred pursuant to Section 303 hereof to the Redemption Account, under the circumstances and upon the conditions and terms prescribed herein and in the Lease Agreement, at a redemption price equal to the sum of the principal amount evidenced [hereby plus accrued interest accrued to the date fixed for redemption, without premium. (b) Optional Aedemotion. The Bonds maturing on or after May 1, _, are subject to redemption prior to maturity as a whole or in part (but not in an amount less than $20,000) on ady Payment Date on or after May 1, _~ at [he option of the City, in the event the City exercises its option under the Lease Agreement to prepay in whole or in part the principal component of its Lease Payments in order to cause redemption in whole or in part (in an integral multiple of $5,000 but not in an amount of less than $20,000) of the Bonds, at a redemption price, equal to the principal amount of the Bonds to be redeemed, together with accrued interest to the redemption daze, plus a redemption premium calculated as follows: Redemption Period Aedemotion Premium May I, through ...................................0.25% per year or portion of a year from date of redemption to date of maturity, but not more than 2%: May t, and thereafter.__ .....................0% (c) Mandatory Sinkinc Fund Aedemotion. (i) Bonds maturing on May 1, ` (the "`Term Bonds") are also subject to mandatory redemption in whole, or in part by lot, on May 1 in each year commencing May 1, ~ from sinking fund payments made by the City pursuant to the Lease Agreement, at a redemption price equal to the principal amount evidenced thereby to be redeemed, without premium, in the aggegate respective principal amounts and on May I in the respective years as set forth in the following table; provided, however, that if some but not all of such Tenn Bonds have been redeemed pursuant [o the two preceding paragraphs, the total amount of all future sinking fund payments shall be reduced by the aggregate principal amount of such _ Tenn Bonds so redeemed, to be allocated among such sinking fund payments on a pro rata basis in integral multiples of $5,000 as determined by the Authority: 25 9406901M.LA1