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2001-019 Ordinance
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2001-019 Ordinance
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North Olmsted Legislation
Legislation Number
2001-019
Legislation Date
3/21/2001
Year
2001
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aggregate principal amount equal to the uninatured and unredeemed <br />portion o? and bearing interest at the same rate and maturing on the <br />same date 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 ofbusiness 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 />(v) Payment of Redeemed Bonds. In the event that notice of <br />redemption shall have been given by the Bond Registrar to the <br />registered owners as provided above, there shall be deposited with <br />the Bond Registrar on or prior to the redemption date, moneys that, <br />in addition to any other moneys available therefor and held by the <br />Bond Registrar, will be sufficient to redeem at the redemption price <br />thereof plus accrued interest to the redemption date, all of the <br />redeemable Bonds for which notice of redemption has been given. <br />Notice having been mailed in the manner provided in the preceding <br />paragraph hereof the Bonds and portions thereof called for <br />redemption shall become due and payable on the redemption date, <br />and, subject to the provisions of subsection (d) of Section 3, upon <br />presentation and surrender thereof at the place or places specified in <br />that notice, shall be paid at the redemption price, plus accrued <br />interest to the redemption date. If moneys for the redemption of all <br />of the Bonds and portions thereof to be redeemed, together with <br />accrued interest thereon to the redemption date, are held by the Bond <br />Registrar on the redemption date, so as to be available therefor on <br />that date and, if notice of redemption has been deposited 'm the mail <br />as aforesaid, then from and after the redemption date those Bonds <br />and portions thereof called for redemption shall cease to bear interest <br />and no longer shall be considered to be outstanding. If those moneys <br />shall not be so available on the redemption date, or that notice shall <br />not have been deposited in the mail as aforesaid, those Bonds and <br />portions thereof shall continue to bear interest, until they are paid, at <br />the same rate as they would have borne had they not been called for <br />-8-
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