|
(iii) Partial Redem tp ion. If fewer than all of the outstanding Bonds are called for
<br />optional redemption at one time and Bonds of more than one maturity (or interest rate within a
<br />maturity) are then outstanding, the Bonds that are called shall be Bonds of the maturity or maturities
<br />and interest rate or rates selected by the City. If fewer than all of the Bonds of a single maturity or
<br />interest rate within a maturity are to be redeemed, the selection of Bonds of that maturity or interest
<br />rate to be redeemed, or portions thereof in amounts of $5,000 or any whole multiple thereof, shall be
<br />made by the Bond Registrar by lot in a manner determined by the Bond Registrar. In the case of a
<br />partial redemption of Bonds by lot when Bonds of denominations greater than $5,000 are then
<br />outstanding, each $5,000 unit of principal thereof shall be treated as if it were a separate Bond of the
<br />denomination of $5,000. If it is determined that one or mare, but not all, of the $5,000 units of
<br />principal amount represented by a Bond are to be called for redemption, then, upon notice of
<br />redemption of a$5,000 unit or units, the registered owner of that Bond shall surrender the Bond to the
<br />Bond Registrar (A) for payment of the redemption price of the $5,000 unit or units of principal
<br />amount called for redemption (including, without limitation, the interest accrued to the date fixed for
<br />redemption and any premium), and (B) for issuance, without charge to the registered owner, of a new
<br />Bond or Bonds of any Authorized Denomination or Denominations in an aggregate principal amount
<br />equal to the unmatured and unredeemed portion of, and bearing interest at the same rate, and
<br />maturing on the same date as, the Bond surrendered.
<br />(iv) Notice of Redemption. The notice of the call for redemption of Bonds shall
<br />identify (A) by designation, letters, numbers or other distinguishing marks, the Bonds or portions
<br />thereof to be redeemed, (B) the redemption price to be paid, (C) the date fixed for redemption, and (D)
<br />the place or places where the amounts due upon redemption are payable. The notice shall be given by
<br />the Bond Registrar on behalf of the City by mailing a copy of the redemption notice by first-class mail,
<br />postage prepaid, at least 30 days prior to the date fixed for redemption, to the registered owner of each
<br />Bond subject to redemption in whole or in part at the registered owner's address shown on the Bond
<br />Register maintained by the Bond Registrar at the close of business on the 15th day preceding that
<br />mailing. Failure to receive notice by mail or any defect in that notice regarding any Bond, however,
<br />shall not affect the validity of the proceedings for the redemption of any Bond.
<br />(v) Payment of Redeemed Bonds. In the event that notice of redemption shall
<br />have been given by the Bond Registrar to the registered owners as provided above, there shall be
<br />deposited with the Bond Registrar on or prior to the redemption date, moneys that, in addition to any
<br />other moneys available therefor and held by the Bond Registrar, will be sufficient to redeem at the
<br />redemption price thereof, plus accrued interest to the redemption date, all of the redeemable Bonds
<br />for which notice of redemption has been given. Notice having been mailed in the manner provided in
<br />the preceding paragraph hereof, the Bonds and portions thereof called for redemption shall become
<br />due and payable on the redemption date, and, subject to the provisions of subsection (d) of Section 3
<br />and Section 5, upon presentation and surrender thereof at the place or places specified in that notice,
<br />shall be paid at the redemption price, plus accrued interest to the redemption date. If moneys for the
<br />redemption of all of the Bonds and portions thereof to be redeemed, together with accrued interest
<br />thereon to the redemption date, are held by the Bond Registrar on the redemption date, so as to be
<br />available therefor on that date and, if notice of redemption has been deposited in the mail as aforesaid,
<br />then from and after the redemption date those Bonds and portions thereof called for redemption shall
<br />cease to bear interest and no longer shall be considered to be outstanding. If those moneys shall not
<br />be so available on the redemption date, or that notice shall not have been deposited in the mail as
<br />aforesaid, those Bonds and portions thereof shall continue to bear interest, until they are paid, at the
<br />-8-
|