Ordinance No. 19313 - Laserfiche WebLink

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expressed as a percentage of the principal amount, except in the case of Advance Refunding Certificates maturing on or after June 1, 2002, in which event redemption price is expressed as a percentage of the Compound Accreted value of such Advance R~fuding Certificates} as set forth below, together with accrued interest: Dates when Redeemable Redemption Price On June 1, 1994 through December 1, 1996 102.0$ On June 1, 1997 or December 1, 199? 101.5 On June 1, 1998 or December 1, 1998 lO1.D~ On June 1, 1999 or December 1, 1999 140.5 On June 1, 2000 and thereafter at 100.0 Notice of redemption shall be given as provided in the Refunding Indenture. Section 10. Redemption of Series 1981 Certificates. A11 of the Series 1981 Certificates then outstanding are irrevocably designated for redemption on June 1, 1992. The Escrow Agent as the Trustee for the 1981 Certificates is directed to exercise its election to call and redeem such outstanding certificates and shall cause notice of redemption to be given in the manner provided by law and in accordance with the provisions of the Trust Indenture dated as of June 1, 1981 between the City and the Trustee, and pursuant to instructions contained in the Escrow Deposit Agreement. Section 11. Use of Proceeds. The proceeds of the sale of the Advance Refunding Certificates shall be applied as follows: ~a~ The sum of $ the Debt Service Reserve Fund to for the payment of principal of, for accretion in value whichever Advance Refunding Certificates . shall be deposited into provide additional security premium, if any, and interest may be the case ~ on or of the ~b~ As provided in the Escrow Deposit Agreement dated as of March 1, 1985 between the City and First Interstate Bank of Oregon, N.A., as Escrow Holder, there shall be deposited in the Escrow Deposit Fund certain Government Obligations and cash initially transferred sufficient in amount that the maturing principal of and interest on such Government Obligations, together with other funds in the Escrow Deposit Fund, shall pay the principal of and interest on the outstanding Series 1981 Certificates as they mature to and including June 1, 1992 and as are called for redemption on June 1, 1992. oRDINANCE -PAGE 5.