My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
1981-040 CRA
Clerk
>
Resolutions
>
COMMUNITY REDEVELOPMENT AGENCY (1974-2012)
>
1973-1989
>
1981
>
1981-040 CRA
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
1/3/2012 12:22:40 PM
Creation date
5/5/2005 11:19:15 AM
Metadata
Fields
Template:
City Clerk
Doc Type
Resolution
Doc #
CRA 1981-40
Date
5/26/1981
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
85
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
<br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />ARTICLE IV <br />REDEMPTION OF BONDS <br /> <br />401. Privilege of Redemption and Redemption Price. <br /> <br />(A) The Bonds are subject to (i) special mandatory redemption <br />prior to maturity pursuant to subsection (B) (ii) .optional redemption prior to, <br />maturity pursuant t.o subsection (C); and (iii) mandat.ory redemption from <br />Sinking Fund Installments pursuant to subsection (D). <br /> <br />(B) On or after 'May 1, 1982, the Bonds are subject to special <br />mandatory redempti.on in whole or in part at a Redemption Price equal to one <br />hundred percent (100%) of the principal amount thereof plus accrued intèrest <br />to the Redemption Date, without premium, from funds in the Prior Redemption <br />Fund. Bonds to be redeemed from amounts deposited in the Prior Redemption <br />Fund in acc.ordance with subdivision (i) of this Section 401(B) shall be <br />selected and redeemed in accordance with the provisions of Section 401(E) <br />without regard to priority hereof. Bonds to be redeemed in part in accordance <br />with subdivisions (ii) and (iii) of this Section 401(B) shall be selected and <br />redeemed in the following order of priority: (1) first, t.o the redemption of <br />B.onds maturing May 1, 1996;(2) second, to the redemption of the Bonds <br />maturing May 1, 2002; and (3) lastly, on a pro rata basis to the redemption of <br />the remaining Bonds. The following amounts are required to be deposited in <br />the Pri.or Redemption Fund: (i) amounts in the Mortgage L.oan Program Account <br />that have not been appl ied to the purchase of the Mortgage Loan Participation <br />or to make the Loan to Lender within thirty-four (34) months of the date .of <br />delivery of the Bonds or within forty-six (46) months, if the Agency shall <br />exercise its authorization to extend the period, as provided in Section 504; <br />(ii) after May 1, 1982, amounts in the Asset Accumulati.on Fund; and (iii) <br />prepayments of the Loan pursuant to Section 2.4 of the Loan Agreement. <br /> <br />(C) The Bonds maturing after May 1, 1991 are subject t.o <br />redemption at the option of the Agency, from any source of available funds on <br />or after May 1, 1991, either as a whole on any date or in part, on any <br />Interest Payment Date, in the order of priority by maturity as hereinafter <br />provided, and by lot within a maturity, upon notice as herein provided. In <br />the event Bonds are to be redeemed in, part the Bonds to be redeemed shall be <br />selected and redeemed in the following order of priority; (1) first, to the <br />redemption of Bonds maturing May 1, 1996; (i1) second, to the redemption of <br />all Bonds maturing May 1, 2002; and (ifi) lastly, on a pro rata basis to the <br />redemption of the remaining Bonds. When Bonds are so redeemed in any periOd <br />shown in the following table, at the Redemption Price (expressed as <br />percentages of the principal amount of such Bonds to be so redeemed) set forth <br />opposite such period in said table, plus accrued interest to the Redemption <br />Date. <br /> <br />24 <br /> <br />
The URL can be used to link to this page
Your browser does not support the video tag.