Ordinance 1139-85 - Laserfiche WebLink

The pledge of Revenue of the System and other obligations of the City under the Bond Ordinance may be discharged at or prior to the maturity or redemption of the bonds of this issue upon the making of provision for the payment thereof on the terms and conditions set forth in the Bond Ordinance. The bonds of this issue are subject to redemption prior to maturity as follows: A. Optional Redemption. The City has reserved the right to redeem the outstanding bonds maturing on or after July 1, 1996, in whole, or in part in inverse order of maturity (and by lot within each maturity) , on July 1, 1995, or on any interest payment date thereafter, at par, plus accrued interest to the date of redemption. B. Mandatory Redemption. Unless previously redeemed as provided above, the 1985 Term Bonds (as defined in the Bond Ordinance) maturing on July 1, 2003 , shall be redeemed in the following amounts by lot on July 1 of the following years, solely from the payments required to be made therefor into the 1985 Sinking Fund Account ( as defined in the Bond Ordinance) , at a price of par plus accrued interest to the date of redemption: Year Amount 2000 $ 3, 290, 000 2001 3, 530, 000 2002 3, 330, 000 2003 3, 400, 000 For the purpose of selection of Term Bonds for mandatory redemption as set forth above, each $5, 000 principal amount of bonds shall be treated as a separate bond. The principal amount of any 1985 Term Bonds redeemed pursuant to the optional redemption provisions set forth above may be deducted from the principal amount of 1985 Term Bonds required to be redeemed on the next mandatory redemption date. C. Notice of Redemption. Notice of any call for redemption shall be given not less than thirty (30) nor more than forty (40) days prior to the date fixed for redemption by first class mail, postage prepaid, to the registered owner of any bond to be redeemed at the address appearing on the Bond Register. The requirements of the Bond Ordinance shall be deemed to have been complied with when notice is mailed as herein provided, regardless of whether or not it is actually received by the owner of any bond. In addition, such redemption notice shall also be mailed within the same time period, postage prepaid, to Seattle-Northwest Securities Corporation, Seattle, Washington, and to Drexel Burnham Lambert, Kirchner Moore & Co. Subsidiary, Seattle, Washington, or to their successors in business, if any, and 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. Interest on any bonds so called for redemption shall cease on such redemption date unless the same shall not be paid in full -45- WMD202 85/06/10