85-019 Ordinance - Laserfiche WebLink

Home Browse Search

the Event of Taxability, had been the Taxable Rate of Interest, plus (ii) any penalties and interest payable by the Bondholders to any taxing authority as a result of the loss of the tax-exempt status of interest on the Bonds, plus (iii) all attorneys fees and other costs incurred by the Bondholders in contesting or resisting the loss of the tax-exempt status of interest on the Bonds, and (b) the aggregate amount of interest actually paid on the B onds to the redemption date. hiotice from the Borrower to the Trustee that the Note is to be prepaid in whole or in part pursuant to the Agreement shall constitute the direction of the Issuer to the Trustee to call a portion or all, as the case may be, of the then outstanding Bonds, and no separate notice from the Issuer to the Trustee shall be required. When less than the entire unmatured portion of the B onds shall be called for redemption at any time or from time to time, the Bonds to be redeemed shall be selected by lot by the Trustee in such manner as the Trustee may determine. Notice of the call for any redemption of Bonds, identifying by designation, letters, numbers, or other distinguishing marks, the Bonds (in amounts of $5,000 or any multiple thereof) to be redeemed, the redemption price to be paid, the date fixed for redemption and the place or places where the amounts due upon such redemption are payable, shall be given by the Trustee on behalf of the Issuer by mailing a copy of the redemption notice by certified mail, return receipt requested at ieast thirty days prior to the date fixed for redemption to the holder or holders thereof at the address shown on the registration books kept by the Trustee; provided, however, that failure to give such notice to any B ondholder by mailing, or any defects in such notice to any Bondholder, shall not affect the validity of the proceedings for the redemption of any of the other Bonds. The holder or holders of Bonds may waive any notice of redemption in writing, and in such event, no notice of any kind need be given with respect to the Bonds of such holder or holders to be so redeemed. Bond Service Charges on the Bonds shall be payable to the persons appearing on the registration books (as provided for in the Indenture) as the registered holders thereof, by check or draft mailed or delivered by the Trustee to such registered holders at their addresses as they appear on such registration books; provided that the final payment of principal of any Bond shall be payable at the corporate trust office of the Trustee upon presentation and surrender of such Bond. All payments of Bond Service Charges shall be made in lawful money of the United States of America, without deduction for services as paying agent. If any Bond Service Charges are not paid when due, the Issuer shall also pay to the Trustee, for distribution to the Bondholders, a"late charge" equal to 4$ of such Bond Service Charges to cover the extra expenses involved in handling delinquent payments. In addition, upon acceleration of the B onds, the amounts payable upon such acceleration, together with interest thereon at the Interest Rate for Advances from the date of acceleration, shall continue as an obligation of tr,e Issuer until paid. Moneys received by the Trustee as "late charges" and interest at the Interest Rate for Advances shall be paid by the Trustee to the persons holding or formerly holding Bonds which were not paid principal, premium and/or interest at the time required herein. T he fact and period of holding any B ond shall be determined as provided in Section 9.01 of the Indenture. - 8 -