Ordinance 99-86 - Laserfiche WebLink

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The City may prepay the Bond in whole or in part, at any time or from time to time, without penalty or premium, by paying to the Bondholder all or part of the principal amount of the Bond, together with the unpaid interest accrued on the amount of principal so prepaid to the date of such prepayment. Each prepayment shall be made on such date and in such principal amount as shall be specified by the City in a written notice delivered to the Bondholder not less than ten (10) business days prior thereto. If such prepayment shall be for only a portion of the unpaid principal balance of the Bond, such prepayment shall be applied against the obligation of the City to pay future amortization installments on the Bond in the inverse order in which such amortization installments shall become due. Notice having been given as aforesaid, the principal amount stated in such notice shall become due and payable on the prepayment date stated in such notice; and the amount of principal shall be paid (i) in case the entire unpaid balance of the principal of the Bond is to be paid, upon presentation and surrender of the Bond to the office of the Paying Agent (the designated corporate trust office, if the Paying Agent is not the City's Finance Department), and (ii) in case only part of the unpaid balance of principal of the Bond is to be paid, upon presentation of such Bond at the office of the Paying Agent (the designated corporate trust office, if the Paying Agent is not the City's Finance Department) for notation thereon of the amount of principal then paid or for issuance of a replacement Bond in the principal amount not redeemed. Notwithstanding the provisions of clause (ii) above, so long as the Bond shall be registered in the name of the Bondholder, a partial prepayment may be effected by payment to the Bondholder of the principal without surrender of the Bond. If, on the prepayment date, funds for the payment of the principal amount to be prepaid shall have been provided to the Paying Agent, as above provided, then from and after the prepayment date interest on such principal amount of the Bond shall cease to accrue. If said funds shall not have been so paid on the prepayment date with respect to principal and on the next succeeding Payment Date with respect to interest, the principal amount of the Bond shall continue to bear interest until payment thereof. The First Tranche of the Bond shall be subject to purchase by the City in whole or in part at the option of the Bondholder on December 15, 2009 at a purchase price equal to the advanced principal amount of the First Tranche of the Bond then unpaid, plus interest accrued to the date of purchase. In order to exercise such option, the Bondholder shall provide the City with written notice thereof not later than June 15, 2009. The Second Tranche of the Bond shall be subject to purchase by the City in whole or in part at the option of the Bondholder on December 30, 2009 at a purchase price equal to the advanced principal amount of the Second Tranche of the Bond then unpaid, plus interest accrued to the date of purchase. In order to exercise such option, the Bondholder shall provide the City with written notice thereof not later than June 30, 2009. The Third Tranche of the Bond shall be subject to purchase by the City in whole or in part at the option of the Bondholder on January 14,2010 at a purchase price equal to the advanced principal amount of the Third Tranche of the Bond then unpaid, plus interest accrued to the date of purchase. In order to exercise such option, the Bondholder shall provide the City with written notice thereof not later than July 15,2009. (B) THE BOND ANTICIPATION NOTE. The text of the Bond Anticipation Note shall be substantially in the form attached hereto as Exhibit B with such omissions, insertions and variations as may be necessary and desirable, as evidenced by the City's execution thereof. 11