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86-064 Ordinance
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86-064 Ordinance
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1/11/2014 12:50:43 PM
Creation date
1/7/2014 10:56:38 AM
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North Olmsted Legislation
Legislation Number
86-064
Legislation Date
7/15/1986
Year
1986
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<br /> <br />When less than the entire unmatured portion of the <br />Bonds shall be called for redemption at any time or trom time <br />to time, the Bonds or portions of Bonds to be redeemed shall be <br />selected by lot by the Trustee in such manner as the Trustee <br />may determine. <br />Notice of the call for any redemption of F3onds, <br />identifyinq by designation, letters, numbers, or other <br />distinquishing marks, the Bonds (in amounts ot $5,000 or any <br />multiple thereof) or portions of Bonds to be redeemed, the <br />reciemption price to be paid, the date fixed for redemption and <br />the place or places where the amounts due upon such redemption <br />are payable, shall be given by the Trustee on behalf of the <br />Issuer by mailing a copy of the redemption notice by reqistered <br />or certified mail at least thirty days prior to the date fixed <br />for redemption to the holder or holders thereof at the address <br />shown on the registration books kept by the Trustee; provided, <br />however, that tailure to give sucri notice to any Bondholder by <br />mailing, or any defects in such notice to any Bondholaer, shall <br />not atfect the validity of the proceedinqs for the redemption <br />ot any of the other Boncts. The holder or nolders of Bonds mav <br />waive any notice of redemption in writinq, and in such event, <br />no notice of any kind need be given with respect to the Bonds <br />of such holder or holders to be so redeemed. <br />13ona Service Charqes on tne Bonds shall be payable to <br />the persons appearing on the registration books (as provided <br />tor in the Indenture) as the reqistered holders thereof, in <br />immediately available funds, or by check or draft mailed or <br />delivered by the Trustee to such registered holders at their <br />adaresses as they appear on such registration books, at the <br />option ot the holders; provided that the final pa_yment of <br />principal of any Bond shall be payable at the corporate trust <br />office of the Trustee upon presentation and surrender of such <br />Bond. <br />Al1 payments of Bond Service Charqes shall be made in <br />lawful money of the United States of America, without deduction <br />tor services as paying agent. If any Bond Service Charges are <br />not paid when due, the Issuer shall also pay to the Trustee, <br />tor distribution to the Bondholders, a"late charqe" equal to <br />4% of such late payment wnich constitutes Bond Service Charqes <br />to cover the extra expenses involved in handlinq delinquent <br />payments. In addition, upon acceleration of the Bonds, the <br />amounts payable upon such acceleration, together with interest <br />thereon at the Interest Rate for Advances from the date of <br />acceleration, shall continue as an obligation of the Issuer <br />until paid. Moneys received by the Trustee as "late charqes" <br />ana interest at the Interest Rate for Advances shall be paicl by <br />the Trustee to the persons holdinq or formerly holding Bonds <br />whicn were not paid principal, premium and/or interest at the <br />time required herein. The fact and period of holding any Bond <br />shall be determined as provided in Section 9.01 ot the <br />Indenture. <br />-13-
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