Ordinance 902-82 - Laserfiche WebLink

part in inverse numerical order, on December 1, 1995, or any semiannual interest payment date thereafter at par plus accrued interest to date of redemption. Notice of such intended redemption shall be published in the official newspaper of the City or, if there is no official newspaper, in a newspaper of general circulation in the City, at least once not less than 30 nor more than 45 days prior to the call date, and a copy of such notice shall be mailed within the same period to the main office of the principal underwriter or account manager of the successful bidder for the Bonds, or its successor. In addition, such redemption notice shall be sent to Moody' s Investors Service, Inc. , and Standard & Poor ' s Corporation at their offices in New York, New York, but the mailing of such notice to such New York firms shall not be a condition precedent to the redemption of such Bonds. Interest on any Bonds so called for redemption shall cease on such call date upon payment of the redemption price into the Bond Fund. The City further reserves the right to purchase any or all of the Bonds in the open market at any time at a price not in excess of par plus accrued interest to date of purchase. Section 2. The City irrevocably pledges to levy taxes annually, without limitation as to rate or amount, on all prop- erty in the City subject to taxation in an amount sufficient, together with other money legally available and to be used therefor, to pay the principal of and interest on the Bonds as the same shall become due, and the full faith, credit and resources of the City are pledged irrevocably for the payment of the principal of and interest on such Bonds. Section 3. The City covenants that it will spend the prin- cipal proceeds of the Bonds with due diligence to completion of the purposes specified in this ordinance and will make no use of the proceeds of the Bonds or of its other money at any time - 3 -