HomeMy WebLinkAbout01736Consecutive Annual Semiannual
Year of Term Rental Payment
14. 1969-70 $ 113,948.50 $ 56,974.25
15. 1970-71 113,908.50 56,954.25
16. 1971-72 113,8o8.50 56,9oif.25
17. 1972-73 113,648.50 56,824.25
18. 1973-74 113,428.50 56,711E-25
19. 1974-75 114,148.50 57,074.25
20. 1975-76 113,699.50 56,849.75
21. 1976-77 114,188.50 57,094.25
22. 1977-78 113,584.50 56,792.25
23. 1978-79 113,918.50 56,959.25
24. 1979-80 114,159.50 57,079.75
25. i98o-81 114,307.50 57,153.75
26. 1981-82 114,362.50 57,181.25
27. 1982-83 114,324.50 57,162.25
28. 1983-84 114,143.00 57,071.50
29. 1984-85 113,867.00 56,933.50
30. 1985-86 114,496.50---------
$3,395,84o.50
(2) Reduced Rental Contingencies. Not-
withstanding anything heretofore set forth to the
contrary, rent payments to be made during the first
thirty years of the term of said lease may be reduced
on and after the occurrence of either one or both of
the two following events, to -wit:
(a) If any surplus money out of the
proceeds of the sale of the bonds is transferred to
the Bond Redemption Fund as authorized in Section 3
of Ordinance No. 1318, the semiannual rent payment
next coming due after such transfer may be reduced
by the amount so transferred.
(b) If all the outstandingg bonds of
the issue authorized by Ordinance No. 1318 of the City
and described in Section IV E of said lease or.if all
the outstanding bonds issued to refund the same are
retired by the issuance of refunding bonds that will
require smaller amounts to be paid each year for
principal and interest coming due thereon than re-
quired in the same years for payment of the princi-
pal of and interest on the bonds being refunded, the
semiannual rental payments provided for in this sec-
tion may be correspondingly reduced to the amounts
required each year to pay only the principal of and
interest on such refunding bonds.
Whenever Lessee has paid rentals to the City
in an amount that is sufficient, with all interest
earned by the investment of any rental payments, to
redeem and retire all of such bonds, or any bonds
issued to refund the same with interest and premiums
if any to the date of such redemption, and all of such
bonds have been redeemed in full and retired, then no
more rentals need be paid the City by Lessee for the
first thirty years of said lease.
6.