1995-152 - Laserfiche WebLink

Home Browse Search

Mandatory Tender provisions The Series B Bonds are subject to mandatory tender for purchase in whole or in part. (without any right to retain) on each Mandatory Tender Date at a purchase price equal to 100% of the principal amount thereof, plus accrued interest, if any, from proceeds of the remarketing of such Series B Bonds and other moneys available therefor tinder the Indenture and will bear interest to and including the day preceding the applicable Mandatory Tender Date at the rate of 3.65$ per annum. Series B Bonds in an amount designated to be subject to mandatory tender are to be purchased at a purchase price equal to the principal amount thereof, plus accrued interest to the Mandatory Tender Date. If the conditions for the remarketing of a Series B Bond, as set forth in the Indenture, are not satisfied as of any Mandatory Tender Date which is prior to April 1, 1997, such Series B Bond will not be purchased and will either be redeemed on such Mandatory Tender Date or be returned to the owner thereof, who will be restored to such owner's original position. The Mandatory Tender Date for the Series B Bonds has been established as April 1, 1997; provided, however, the Authority may designate any Business Day prior to such date and after January 15, 1997 as the Mandatory Tender Date for al'_ or a designated portion of the Series B Bonds then outstanding, upon not less than thirty- five (35) days' notice from the Authority to the Trustee. The Trustee will mail notice of a Mandatory Tender Date occurring prior to April 1, 1997 to the registered owners of Series B Bonds subject to such mandatory tender not less than thirty (30) days prior to such Mandatory Tender Date, Any Series B Bonds subject to mandatory purchase on a Mandatory Tender Date not delivered for purchase to the Trustee on or prior to the Mandatory Tender Date ("Undelivered Series B Bonds") for which there has been irrevocably deposited in trust with the Trustee by the Remarketing Agent the purchase price equal to the principal amount of such Series B Bonds plus accrued interest to such Mandatory Tender Date, shall be deemed to have been tendered and purchased on the Mandatory Tender Date, whether or not delivered for purchase by the owner thereof and the P.ondholder thereof shall have no right to retain its Bond. Holders of Undelivered Series B Bonds shall not be entitled to any payment (including any interest to accrue on or after the Mandatory Tender rate) other than the principal amount of such Series B Bonds plus accrued interest to such Mandatory Tender Date, and said Holders _,.All no longer be entitled to the 1— nefits of the Indenture, xc,pt for the purpose of Payment of the purchase price (equal to he principal amount of such Series S Bonds plus accrued intereat o such Mandatory Tender Dstel. Ysiot to the remarketing of the Series b Bonds -n the WOMI& CWT Tender Date. the Authority must deliver to the `trustee iii executed counterparts of an origination agrew.nt, a m:pgcas eds"totrati-ow and servicing agrswrt an4 a I)