Ordinance 818-81 - Laserfiche WebLink

Bonds numbered 1512 to 3200 inclusive, unless previously redeemed pursuant to the foregoing paragraph, shall be redeemed in part by lot, on July 1, 2002, and each July 1 thereafter in accordance with the following schedule: Year Amount 2002 $1, 015, 000 2003 1, 145, 000 2004 1, 295, 000 2005 1, 465, 000 2006 1, 655, 000 2007 1, 870, 000 solely from the payments made therefor into the 2007 Sinking Fund Account. 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 . Notice of any such redemption shall be given by one publi- cation thereof in the official City newspaper not more than forty nor less than thirty days prior to said redemption date, and by mailing a like notice at the same time to the original purchaser, or account manager of the purchasers, of the bonds at their sale by the City, or the successor in business thereof at its main office. In addition, such notice of redemption shall also be mailed to Moody' s Investors Service, Inc . , and to Standard & Poor' s Corporation at their main offices in New York, New York, or to the business successors of such firms, if any, at their main offices. 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, Second, Third, Fourth, Fifth, Sixth and Seventh of Section 5 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 -8-