RES 94045A - Laserfiche WebLink

Fund (excluding amounts required for payment of past due principal or interest not presented for payment), and the Insurance and Condemnation Fund shall be applied towards the payment of the applicable prepayment price to be paid by the City. If the City shall have given notice to the Trustee of its intention to prepay, but shall not have deposited the prepayment puce with the Trustee on the date specified in such notice, the City shall continue to pay Lease Payments as if no such notice had been given. Section 903. Release of Authority's Interest. Upon exercise by the City of its option to prepay and the payment by the City of all other amounts due under the Lease Agreement, all right and interest of the Authority in and to the Project shall be transferred to the City. Section 904. Terms of Option to Prepay. In the event the City exercises its option to prepay its Lease Payments as provided for in this Article, the prepayment price shall be the principal amount of Lease Payments to be prepaid, plus a prepayment premium calculated as follows: Prepavment Period Prenavment Premium May 1, through ...................................0.25% per yeaz or portion of a year from April 30, date of redemption to date of maturity, but not more than 2%. May 1, and thereafter......_ ..................0% In the event of the City's exercise of its option to prepay in part the principal component of Lease Payments, the amount of Lease Payments to be paid by the City over the remaining term of the Lease Agreement shall be adjusted so as to reflect such prepayment of the principal component of Lease Payments. ARTICLE X MISCELLANEOUS Section 1001. Notices. All notices, certificates or other communications hereunder shall be sufficiently given and shall be deemed to have been received forty-eight (48) hours after deposit in the United States mail with postage fully prepaid when sent to the addresses shown on Exhibit C hereto. 20 9amsc~u.Lni