2012-06-01 - Laserfiche WebLink

Home Browse Search

the majority of the legal voters of the City voting on the questions approved the issuance of the bonds. Reference is hereby made to the Authorizing Ordinance for the details of the nature and extent of the security and of the rights and obligations of the City, the Trustee and the registered owners of the bonds. The bonds are special obligations of the City, payable from (a) a 0.5% sales and use tax levied by the City under the authority of Title 26, Chapter 75, Subchapter 2 of the Arkansas Code of 1987 Annotated and Ordinance No. 2011-12-05 adopted on December 27, 2011 (the "Bond Tax") and (b) a 0.5% sales and use tax levied by the City under Title 26, Chapter 75, Subchapter 2 of the Arkansas Code of 1987 Annotated and Ordinance No. 2011-12- 03 adopted on December 27, 2011 (the "Permanent Tax), and the City hereby pledges the collections of the Bond Tax and the Permanent Tax for the payment of this bond. The bonds are subject to extraordinary, optional and mandatory sinking fund redemption prior to maturity as follows: (1) The bonds shall be redeemed by the City from Surplus Bond Tax Receipts (defined below) and from proceeds of the bonds not needed for the purposes intended, in whole at any time or in part on any interest payment date, at a redemption price equal to the principal amount being redeemed plus accrued interest to the redemption date, in inverse order of maturity(and by lot within a maturity in such manner as the Trustee may determine). In the case of any defeasance of the bonds, redemption of defeased bonds shall be scheduled on the basis of the mandatory redemption requirements and assuming collections of the Bond Tax in an amount equal to receipts for the most recent twelve-month period. • (2) The bonds are subject to redemption at the option of the City, on and after September 1, 2019, in whole at any time or in part on any interest payment date, at a redemption price equal to the principal amount being redeemed plus accrued interest to the redemption date. If fewer than all of the bonds shall be called for redemption, the particular maturities to be redeemed shall be selected by the City in its discretion. If fewer than all of the bonds of any one maturity shall be called for redemption, the particular bonds or portion thereof to be redeemed from such maturity shall be selected by lot by the Trustee. (3) To the extent not previously redeemed, the bonds maturing on September 1 in the years 2029, 2035 and 2037 are subject to mandatory sinking fund redemption by lot in such manner as the Trustee shall determine, on September 1 in the years and in the amounts set forth below, at a redemption price equal to the principal amount being redeemed plus accrued interest to the date of redemption: Bonds Maturing September 1, 2029 Principal Year Amount 2026 $1,005,000 2027 1,050,000 2028 1,100,000 2029 (maturity) 1,150,000 8