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2002-08-23 Proposed Right of Way Ordinance Memo
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2002-08-23 Proposed Right of Way Ordinance Memo
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<br />Book Entry System <br /> <br />The Bonds will be issued by means of a book entry system with no physical distribution <br />of Bonds made to the public. The Bonds will be issued in fully registered form and one Bond, <br />representing the aggregate principal amount of the Bonds maturing in each year, will be <br />registered in the name of Cede & Co. as nominee of The Depository Trust Company (nDTcn), <br />New York, New York, which will act as securities depository of the Bonds. Individual <br />purchases of the Bonds may be made in the principal amount of $5,000 or any multiple thereof <br />of a single maturity through book entries made on the books and records of DTC and its <br />participants. Principal and interest are payable by the registrar to DTC or its nominee as <br />registered owner of the Bonds. Transfer of principal and interest payments to participants of <br />DTC will be the responsibility of DTC; transfer of principal and interest payments to beneficial <br />owners by participants will be the responsibility of such participants and other nominees of <br />beneficial owners. The purchaser, as a condition of delivery ofthe Bonds, will be required to <br />deposit the Bonds with DTC. <br /> <br />Ootional Redemption <br /> <br />The City may elect on February 1, 2008, and on any day thereafter, to prepay Bonds due <br />on or after February 1,2009. Redemption may be in whole or in part and if in part at the option <br />of the City and in such manner as the City will determine. If less than all Bonds of a maturity are <br />called for redemption, the City will notifY DTC of the particular amount of such maturity to be <br />prepaid. DTC will determine by lot the amount of each participant's interest in such maturity to <br />be redeemed and each participant will then select by lot the beneficial ownership interests in <br />such maturity to be redeemed. Prepayments will be at a price of par plus accrued interest. <br /> <br />Mandatory Redemption <br /> <br />Any term bonds issued will be subject to mandatory sinking fund redemption in part prior <br />to their scheduled maturity dates on February 1 of certain years, as more fully described in the <br />Details of the Bonds section herein, at a price of par plus accrued interest to the date of <br />redemption. <br /> <br />Interest <br /> <br />Interest on the bonds will be payable on August 1, 2003, and semiannually thereafter on <br />each February 1 and August 1. Bonds maturing on the same date must bear interest from date of <br />issue until paid at a single, uniform rate. Each rate must be in an integral multiple of 1/20 or 1/8 <br />ofl%. Interest will be computed on the basis ofa 360-day year of twelve 30-day months. <br /> <br />SJB~219027vl <br />CE155-19 <br />
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