Ord 1999-003 - Laserfiche WebLink

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Section 4.03. Mandatorv Sinking Fund Redemption. (a) The Bonds scheduled to mature on August 15 in the years 2010 and 2019 ("Term Bonds") are subject to scheduled mandatory redemption by the Paying Agent/Registrar (or DTC or a successor securities depository, as applicable, if the Bonds are in Book-Entry form) by lot, or by any other customary method that results in a random selection, at a price equal to the principal amount thereof, plus accrued interest to the redemption date, out of moneys available for such purpose in the Interest and Sinking Fund, on the dates and in the respective principal amounts, set forth in the following schedule: Term Bond Maturity August 15.2010 Mandatory Redemption Date Principal Amount August 15,2007 August 15,2008 August 15,2009 August 15,2010 (maturity) $1,290,000 1,555,000 830,000 865,000 Term Bond Maturity August 15.2019 Mandatory Redemption Date Principal Amount August 15,2018 August 15,2019 (maturity) $610,000 640,000 (b) The District reserves the right to purchase Term Bonds, in lieu of redemption, at a price not exceeding the principal amount thereof, plus accrued interest, with moneys on deposit in the Interest and Sinking Fund which are available for mandatory redemption of the Term Bonds. Upon any such purchase in lieu of redemption, the District shall deliver such Term Bonds to the Paying Agent/Registrar prior to the selection of the Term Bonds for redemption, and the principal amount of Term Bonds so delivered shall be credited against the amount required to be called for redemption in that year. (c) The principal amount of Term Bonds required to be redeemed pursuant to the operation of the mandatory sinking fund redemption provisions hereof shall be reduced, at the option of the District, by the principal amount of any Term Bonds of the stated maturity which, at least 50 days prior to a mandatory redemption date (1) shall have been acquired by the District, at a price not exceeding the principal amount of such bonds plus accrued interest to the date of purchase thereof, and delivered to .the Paying Agent/Registrar for cancellation, (2) shall have been purchased and canceled by the Paying Agent/Registrar at the request of the District with moneys in the Interest and Sinking Fund at a price not exceeding the principal amount of such bonds plus accrued interest to the date of purchase thereof, or (3) shall have been redeemed pursuant to the optional redemption provisions and not theretofore credited against a mandatory sinking fund redemption requirement. (d) At least thirty (30) days prior to each scheduled Mandatory Redemption Date, the Paying Agent/Registrar shall select for redemption a principal amount of Term Bonds then to be subject to mandatory redemption equal to the aggregate Principal Amount of such Term Bonds to be redeemed, shall R:ISAI'IMARlGORL99\DOCS\ORDNCEFN .WPD 13