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<br />. <br />I <br /> <br />I <br /> <br />I <br /> <br />. <br /> <br />set forth in the Resolution, Said Resolution is adopted under <br />and this Bond is issued under and is to be construed in <br />accordance with the laws of the State of California, <br /> <br />The outstanding Bonds maturing on or after December 1, <br />1997, may be called before maturity and redeemed at the option <br />of the Agency in whole or in part from any source of funds on <br />December 1, 1996, or on any interest payment date thereafter <br />prior to maturity. If less than all of the Bonds outstanding <br />are to be redeemed at anyone time, the Bonds to be redeemed <br />shall be redeemed in inverse order of maturity, and by lot <br />within a maturity. Bonds called for redemption shall be <br />redeemed at a redemption price (expressed as a percentage of <br />the principal amount of Bonds to be redeemed) plus accrued <br />interest to the redemption date as shown in the following table: <br /> <br />Redemption Dates <br /> <br />Redemption Price <br /> <br />December 1, <br />December 1, <br />December 1, <br />December 1, <br />December 1, <br /> <br />1996 <br />1997 <br />1998 <br />1999 <br />2000 <br /> <br />or June 1, 1997 <br />or June 1, 1998 <br />or June 1, 1999 <br />or June 1, 2000 <br />and thereafter <br /> <br />102 % <br />101 1/2% <br />101 % <br />100 1/2% <br />100 % <br /> <br />The Special Term Bonds are subject to special early <br />redemption in whole or in part, by lot at a redemption price of <br />100% of the principal amount thereof plus accrued interest to <br />the redemption date without premium, (i) on June 1, 1989 to the <br />extent of any moneys remaining in the Escrowed Proceeds Fund on <br />May 1, 1989; (ii) on any interest payment date prior to June 1, <br />1989 in the event that state law is modified to alter the <br />generation of Pledged Tax Revenues in a manner that lowers <br />Pledged Tax Revenues to the level that the Agency determines <br />will prohibit the transfer of all funds from the Escrowed <br />Proceeds Fund; and (iii) on the interest payment date next <br />succeeding the date the Agency determines that current market <br />conditions prohibit the investment of all or a portion of the <br />proceeds remaining in the Escrowed Proceeds Fund at a rate at <br />least equal to the true interest rate on the Special Term Bonds, <br /> <br />For the purpose of selecting Bonds by lot, Bonds in excess <br />of $5,000 will be assigned a separate number for each $5,000 of <br />principal they represent, <br /> <br />The Special Term Bonds maturing on December 1,2015 and the <br />Term Bonds maturing on December 1,2016 are also subject to <br />minimum sinking fund redemptions as provided in the Resolution. <br /> <br />This Bond is issued in fully registered form and may be <br />exchanged for a like aggregate principal amount of Bonds of <br />other authorized denominations of the same issue, all as more <br /> <br />05-23-86 <br />1665k/2281/06 <br /> <br />A-3 <br />