92-115 Ordinance - Laserfiche WebLink

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cancelled by the Bond Registrar, to the extent not applied theretofore as a credit against any Mandatory Sinking Fund Requirement for Term Bonds stated to mature on the same Principal Payment Date as the Term Bonds so redeemed or cancelled. Each Term Bond so delivered, or previously redeemed, or purchased and cancelled, shall be credited by the Bond Registrar at 100% of the principal amount thereof against the then current Mandatory Sinking Fund Requirement (and corresponding mandatory redemption obligation) for Term Bonds stated to mature on the same Principal Payment Date as the Term Bonds so delivered, redeemed or cancelled. Any excess of that amount over the then current Mandatory Sinking Fund Requirement shall be credited against subsequent Mandatory Sinking Fund Requirements (and corresponding mandatory redemption obligations) for Term Bonds stated to mature on that Principal Payment Date in the order directed by the Director of Finance. (b) Partial 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 integral 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 thereof 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 a11 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 shall 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 the 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. (c) Notice of Redemption. The notice of the call for redemption of Bonds sliall 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 shall 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 the register.ed owner of each Bond subject to redemption in whole or in part at the registered owner's address shown on the Bond Register maintained by the Bond Registrar at the close of business on the 15th day preceding that mailing. Failure to receive notice by mail or any defect in that notice regarding any Bond, however, shall not affect the validity of the proceedings for the redemption of any Bond. - 4 -