92-117 Ordinance - Laserfiche WebLink

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?.. ?. ? ? . . r . . - ? .,.? If optional redemption at a redemption price exceeding 100% of the principal amount to be redeemed is to take place as of any applicable Manda- tory Redemption Date, the Bonds, or portions thereof, to be redeemed shall be selected by lot priar to the selection by lot of the Bonds to be redeemed on the same date by operation of the mandatory redemption provisions of paragraph (a). Bonds to be redeemed pursuant to this paragraph shall be redeemed only upon written notice from the City to the Bond Registrar, given upon the direc- tion of the Council by adoption of a resolution or ordinance. That notice shall specify the redemption date and the principal amount of each maturity of Bonds to be redeemed, and shall be given at least 45 days prior to the redemp- tion date or such shorter period as shall be acceptable to the Bond Registrar. In the event that notice of redemption shall have been given by the Bond Registrar to the registered owners as hereinafter provided, there shall be deposited with the Bond Registrar on or prior to the redemption date, funds that, in addition to any other money available therefor and held by the Bond Registrar, will be sufficient to redeem at the redemption price thereof, plus interest accrued to the redemption date, all of the redeemable Bonds for which notice of redemption has been given. (c) Partiai Redemption. If fewer than all of the outstanding Bonds are called for redemption at one time, they shall be called in inverse order of their maturities. If fewer than all Bonds of a single maturity are to be redeemed, the selection of Bonds to be redeemed, or portions thereof in amounts of the minimum Authorized Denomination or any integrai multiple thereof, shall be made by lot in a manner determined by the Bond Registrar. In the case of a partial redemption of Bonds by lot when Bonds of denominations greater than the minimum Authorized Denomination are then outstanding, each unit of principal tliereof equal to the minimum Authorized Denomination shall be treated as though it were a separate Bond of the denomination of the minimum Authorized Denomination. If it is determined that one or more, but not all of such units of principal amount represented by a Bond are to be called for redemption, then upon notice of redemption of a unit or units equal to the minimum Authorized Denomination, the registered owner of that Bond shail surrender the Bond to the Bond Registrar (i) for payment of the redemption price of the unit or units equal to the minimum Authorized Denomination called for redemption (including, without limitation, the interest accrued to ttie date fixed for redemption and any premium), and (ii) for issuance, without charge to the registered owner thereof, of a new Bond or Bonds of any Authorized Denomination or Denominations in an aggregate principal amount equal to the unmatured and unredeemed portion of, and bearing interest at the same rate and maturing on the same date as, the Bond surrendered. (d) Notice of Redemption. The notice of the call for redemption of Bonds shall identify (i) by designation, letters, numbers or other distin- guishing marks, the Bonds or portions thereof to be redeemed, (ii) the redemp- tion price to be paid, (iii) the date fixed for redemption, and (iv) the place or places where the amounts due upon redemption are payable. The notice sha11 be given by the Bond Registrar on behalf of the City by mailing a copy of the redemption notice by first class mail, postage prepaid, at least 30 days prior to the date fixed for redemption, to tYie registered owner of each Bond subject to redemption in whole or in part at the registered owner's address shown on - 5 -