Laserfiche WebLink
<br /> <br />Bonds to be redeemed pursuant to this paragraph shall be <br />redeemed only upon written notice from the Director of Finance to <br />the Bond Registrar, given upon the direction of this Council by <br />adoption of a resolution or passage of an ordinance. That notice shall <br />specify the redemption date and the principal amount of each <br />maturity, and interest rate within a maturity, of Bonds to be <br />redeemed, and shall be given at least 45 days prior to the redemption <br />date or such shorter period as shall be acceptable to the Bond <br />Registrar. <br />(iii) Partial Redemption. If fewer than all of the outstanding <br />Bonds are called for optional redemption at one time and Bonds of <br />more than one maturity or interest rate within a maturity are then <br />outstanding, the Bonds that are called shall be Bonds of the maturity <br />or maturities and interest rate or rates within a maturity selected by <br />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 <br />Bonds of that maturity or interest rate within a maturity to be <br />redeemed, or portions thereof in amounts of $5,000 or any whole <br />multiple thereof, shall be made by the Bond Registrar by lot in a <br />manner determined by the Bond Registrar. In the case of a partial <br />redemption of Bonds by lot when Bonds of denominations greater <br />than $5,000 are then outstanding, each $5,000 unit of principal <br />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 more, but not <br />all, of the $5,000 units of principal amount represented by a Bond are <br />to be called for redemption, then, upon notice of redemption of a <br />$5,000 unit or units, the registered owner of that Bond shall <br />surrender the Bond to the Bond Registrar (i) for payment of the <br />redemption price of the $5,000 unit or units of principal amount <br />called for redemption (including, without limitation, the interest <br />accrued to the date fixed for redemption), and (ii) for issuance, <br />without charge to the registered owner, of a new Bond or Bonds of <br />any Authorized Denomination or Denominations in an aggegate <br />principal amount equal to the unmatured and unredeemed portion of, <br />and bearing interest at the same rate and maturing on the same date <br />as, the Bond surrendered. <br />(iv) Notice of Redemption. The notice of the call for <br />redemption of Bonds shall identify (A) by designation, letters, <br />numbers or other distinguishing marks, the Bonds or portions thereof <br />to be redeemed, (B) the redemption price to be paid, (C) the date <br />fixed for redemption, and (D) the place or places where the amounts <br />due upon redemption are payable. The notice shall be given by the <br />Bond Registrar on behalf of the City by mailing a copy of the <br />redemption notice by first class mail, postage prepaid, at least 30 <br />days prior to the date fixed for redemption, to the registered owner of <br />each Bond subject to redemption in whole or in part at the registered <br />owner's address shown on the Bond Register maintained by the <br />Bond Registrar at the close of business on the fifteenth day preceding <br />that mailing. Failure to receive notice by mail or any defect in that <br />notice regarding any Bond, however, shall not affect the validity of <br />the proceedings for the redemption of any Bond. <br />-6-