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83-86 Bonds - Hospital
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83-86 Bonds - Hospital
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Last modified
5/14/2013 3:06:56 PM
Creation date
9/8/2003 7:57:43 AM
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Office Of Council
Document Type
Ordinances
Date
9/8/2003
Date Adopted
7/21/1986
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redemption obligation) payable on such Mandatory Redemption Date shall <br />not be reduced. <br /> <br />Extraordinary ~ana~tory Redemptio~. <br /> <br /> (i) Prior to the Crossover Date. Prior to the Crossover <br />Date, the Refunding Bonds shall be subject to extraordinary mandatory <br />redemption on the Crossover Date at a redemption price of one hundred <br />percent (100%) of the principal amount to be redeemed, plus interest <br />accrued to the Crossover Date, in the event of condemnation of the <br />Hospital Facilities or any part thereof to the extent provided in <br />Section 5.10 of the Trust Indenture, or in the event of damage or <br />destruction of the Hospital Facilities or any part thereof to the extent <br />provided in Section 5.11 of the Trust Indenture, or in the event of the <br />sale of the Hospital Facilities by the Issuer pursuant to Section 5.14 <br />of tbs Trust Indenture and to the extent provided therein, or upon the <br />occurrence of an Event of Default under the Trust Indenture. If the <br />Refunding Bonds are called for redemption in any of such events, the <br />redemption price therefor shall be payable solely from amounts on <br />deposit in the Escrow Account. <br /> <br /> (ii) Afte~ the Crossover Date. After the Crossover Date, <br />the Refunding Bonds shall be subject to extraordinary mandatory redemp- <br />tion under the same conditions, at the same times, and on the same terms <br />as the Series 1983 Bonds are subject to extraordinary mandatory redemp- <br />tion under Subsection '(g) of the Series 1983 Bond Legislation included <br />in the Trust Indenture. <br /> <br /> (i) Method of Redemption. Notice of call for any redemption <br />of Refunding Bonds, identifying the Refunding Bonds or portions thereof <br />to be redeemed, the date fixed for redemption and the places where the <br />amounts due upon such redemption are payable, shall be given prior to <br />the Crossover Date by the Refunding Trustee and thereafter by the <br />Trustee on behalf of the Issuer by mailing a copy of the redemption <br />notice by registered or certified mail at least thirty days prior to the <br />date fixed for redemption to the holder or holders of each Refunding <br />Bond or portion thereof to be called for redemption at the address shown <br />on the register; provided, however, that failure to give such notice to <br />the holder of any Refunding Bond or anY defect in such notice shall not <br />affect the validity of the proceedings for the redemption of any other <br />Refunding Bond. <br /> <br /> If Refunding Bonds or portions thereof are duly called for <br />redemption and if on such redemption date moneys for the redemption of <br />all Refunding Bonds to be redeemed, together with interest to the <br />redemption date and any applicable redemption premium, shall be held <br />prior to the Crossover Date by the Refunding Trustee or thereafter by <br />the Trustee or Paying Agents so as to be available therefor, then from <br />and after such redemption date such Refunding Bonds or portions, thereof <br />shall cease to bear interest. <br /> <br /> (~) Certificate of Award. The Executive and the Fiscal <br />Officer are, and each of them is, hereby authorized and directed <br /> <br />-9- <br /> <br /> <br />
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