Laserfiche WebLink
Section 3. REDEMPTION PROVISIONS. <br />(a) O:tional Redem. tion. The Bonds are subject to optional redemption as set forth <br />in the Form of Bond attached hereto as Exhibit A. <br />[(b) Mandatoa Redemption. The Bonds are subject to mandatory sinking fund <br />redemption as set forth in the Form of Bond attached hereto as Exhibit A.] <br />[(c)] Notice of Redemp tion. At least thirty days prior to the date fixed for any <br />redemption of Bonds, or portions thereof, prior to maturity, the City shall cause written notice of <br />such redemption to be sent by United States mail, first class, postage prepaid, to each Registered <br />Owner of a Bond to be redeemed, in whole or in part, at the address of the Registered Owner <br />appearing on the registration books of the Paying Agent/Registrar at the close of business on the <br />business day next preceding the date of mailing of such notice. All notices of redemption so <br />mailed shall be conclusively presumed to have been duly given irrespective of whether received <br />by the Registered Owner. <br />[(d)] Firm Banking and Financial Arrangements. By the date fixed for any prior <br />redemption, due provision shall be made with the Paying Agent/Registrar for the payment of the <br />required redemption price for the Bonds or portions thereof that are to be redeemed. If written <br />notice of redemption is mailed and if due provision for such payment is made, all as provided <br />above, the Bonds or portions thereof that are to be redeemed shall automatically be treated as <br />redeemed prior to their scheduled maturities, and they shall not bear interest after the date fixed <br />for redemption, and they shall not be regarded as being outstanding except for the right of the <br />Registered Owner to receive the redemption price from the Paying Agent/Registrar out of the <br />funds provided for such payment. If a portion of any Bond shall be redeemed, a substitute Bond <br />having the same maturity date, bearing interest at the same rate, in an Authorized Denomination, <br />at the written request of the Registered Owner, and in an aggregate principal amount equal to the <br />unredeemed portion thereof, will be issued to the Registered Owner upon the surrender thereof <br />for cancellation, at the expense of the City. <br />[(e)] Selection of Bonds for Redemption. If less than all Bonds of the same maturity <br />are to be redeemed on a redemption date, the Paying Agent/Registrar shall randomly select by lot <br />the Bonds within such maturity to be redeemed. <br />[(f)] Conditional Notice of Redemption. With respect to any optional redemption of <br />the Bonds, unless certain prerequisites to such redemption required by this Ordinance have been <br />met and money sufficient to pay the principal of and premium, if any, and interest on the Bonds <br />to be redeemed will have been received by the Paying Agent/Registrar prior to the giving of such <br />notice of redemption, such notice may state that said redemption may, at the option of the City, <br />be conditional upon the satisfaction of such prerequisites and receipt of such money by the <br />Paying Agent/Registrar on or prior to the date fixed for such redemption or upon any prerequisite <br />set forth in such notice of redemption. If a conditional notice of redemption is given and such <br />prerequisites to the redemption are not fulfilled, such notice will be of no force and effect, the <br />City will not redeem such Bonds, and the Paying Agent/Registrar will give notice in the manner <br />