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55A - RESO - GAS TAX BONDS
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11/05/2019
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55A - RESO - GAS TAX BONDS
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Last modified
10/30/2019 12:55:49 PM
Creation date
10/30/2019 11:40:51 AM
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City Clerk
Doc Type
Agenda Packet
Agency
Finance & Management Services
Item #
55A
Date
11/5/2019
Destruction Year
2024
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If there exists a default in payment of interest due on any Interest Payment Date, interest will be payable <br />on a payment date established by the Trustee to the persons in whose names the Bonds are registered at the close <br />of business on a special record date for the payment of such defaulted interest established by notice mailed by the <br />Trustee to the registered Owners of the Bonds not less than 15 days preceding such special record date. <br />Principal of and premium (if any) on any Bond will be paid upon presentation and surrender thereof at <br />the Principal Corporate Trust Office of the Trustee. Both the principal of and interest and premium (if any) on <br />the Bonds will be payable in lawful money of the United States of America. <br />Calculation of Interest. The Bonds will be dated the Closing Date and bear interest based on a 360-day <br />year comprised of twelve 30-day months from the Interest Payment Date next preceding the date of authentication <br />thereof, unless said date of authentication is an Interest Payment Date, in which event such interest is payable <br />from such date of authentication, and unless said date of authentication is prior to May 15, 2020, in which event <br />such interest is payable from the Closing Date; provided, however, that if, as of the date of authentication of any <br />Bond, interest thereon is in default, such Bond will bear interest from the date to which interest has previously <br />been paid or made available for payment thereon in full. <br />Redemption <br />Optional Redemption. The Bonds maturing on or before June 1, 20 are not subject to optional <br />redemption prior to maturity. The Bonds maturing on June 1, 20 and thereafter are subject to redemption prior <br />to their stated maturity at the option of the City, as a whole or in part on any date, by such maturities as are selected <br />by the City from any available source of funds on or after June 1, 20 at a redemption price equal to the principal <br />amount of the Bonds to be redeemed, together with accrued interest thereon to the date fixed for redemption. <br />Mandatory Sinking Fund Redemption. The Bonds maturing June 1, 20 are subject to redemption in <br />part by lot, on June 1, in each year commencing June 1, 20 from Sinking Account payments made by the City <br />into the Sinking Account, at a redemption price equal to the principal amount to be redeemed, without premium, <br />in the aggregate respective principal amounts and on June 1 in the respective years set forth in the following table, <br />or in lieu thereof may be purchased as described below. See "— Purchase in Lieu of Redemption." <br />If some but not all of the Bonds have been optionally redeemed, the total amount of all future sinking <br />account payments with respect to the Bonds of a particular maturity will be reduced by the aggregate principal <br />amount of the Bonds of such maturity so redeemed or purchased, to be allocated among such sinking fund <br />payments in integral multiples of $5,000 as determined by the City. <br />The Sinking Account payments applicable to the Bonds maturing June 1, 20 are as follows: <br />Sinking Fund Account <br />Redemption Date Sinking Fund Payment <br />June 1 Redeemed or Purchased <br />Selection of Bonds for Redemption. Whenever provision is made in the Indenture for the optional <br />redemption of less than all of the Bonds, the Trustee will select the Bonds to be redeemed from all Bonds or such <br />given portion thereof not previously called for redemption, among maturities as directed by the City and by lot <br />within a maturity in any manner which the Trustee in its sole discretion will deem appropriate and fair; provided, <br />however, that if less than all of the Bonds are called for redemption at any one time, upon the written direction of <br />the City, the City will specify a reduction in any pending Sinking Account payments. <br />55A-91 <br />
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