Ordinance 1139-85 - Laserfiche WebLink

to Standard & Poor' s Corporation and Moody' s Investors Service, Inc . in New York, New York, or their successors, if any, at the main place of business of such firms, but none of such mailings shall be a condition precedent to the call of any Bonds for redemption. D. Effect of Call . Interest on any Bonds so called for redemption shall cease on such redemption date unless the same shall not be redeemed upon presentation made pursuant to such call . E. Partial Redemption of Bonds. Portions of any Bond, in installments of $5, 000 or any integral multiple of such $5, 000, may be redeemed in accordance with the schedules set forth above. If less than all of the principal amount of any Bond is redeemed, upon surrender of such Bond at the principal office of the Bond Registrar there shall be issued to the registered owner, without charge therefor, for the then unredeemed balance of the principal amount or thereof, a new Bond or Bonds of like maturity and inter- est rate in any of the denominations authorized by this Ordinance . F. Purchase of Bonds In Open Market. The City further reserves the right to use at any time any surplus Revenue of the System available after providing for the payments required by paragraphs First through Seventh, inclusive, of Section 6 of this ordinance, or other available funds, to purchase any of the Bonds in the open market for retirement only, if the same may be purchased at a price not exceeding that at which they could be called for redemption on the first succeeding date on which they may be called, plus accrued interest. The principal amount of any 1985 Term Bonds purchased pursuant to this subsection may be deducted from the principal amount of 1985 Term Bonds required to be redeemed on the next mandatory redemption date. -16- WMD202 85/06/10