HomeMy WebLinkAboutC.054.93011_1018Transfer Agent Medallion Program (STAMP) or enlargement or any change whatever.
similar program.
Certificated Bonds issuable hereunder shall be in substantially the form of the Bonds registered in
the name of Cede & Co. with such changes as are necessary to reflect the provisions of this resolution that
are applicable to Certificated Bonds.
Section 4. The Bonds maturing prior to February 1, 2017 will not be subject to redemption prior to
maturity. The Bonds maturing on February 1, 2017 and thereafter will be redeemable, at the option of the
Issuer, from any moneys that may be made available for such purpose, either in whole or in part on any date
not earlier than February 1, 2016, at a redemption price equal to 100% of the principal amount of Bonds to
be redeemed, plus interest accrued thereon to the date fixed for redemption.
If less than all of the Bonds of any one maturity shall be called for redemption, the particular Bonds
or portions of Bonds of such maturity to be redeemed shall be selected by lot in such manner as the Issuer in
its discretion may determine; provided, however, that the portion of any Bond to be redeemed shall be in the
principal amount of 55,000 or some multiple thereof and that, in selecting Bonds for redemption, each Bond
shall be considered as representing that number of Bonds which is obtained by dividing the principal
amount of such Bond by $5,000; provided further, however, that, so long as a book -entry system with DTC
is used for determining beneficial ownership of Bonds, if less than all of the Bonds within a maturity are to
be redeemed, DTC shall determine by lot the amount of the interest of each DTC direct participant in the
Bonds to be redeemed. If less than all of the Bonds shall be called for redemption, the maturities of the
Bonds or portions of Bonds to be redeemed shall be determined by the Issuer.
Not more than sixty (60) nor less than thirty (30) days before the redemption date of any Bonds to
be redeemed, whether such redemption be in whole or in part, the Issuer shall cause a notice of such
redemption to be filed with the Bond Registrar and to be mailed, postage prepaid, to the registered owner of
each Bond to be redeemed in whole or in part at his address appearing upon the registration books of the
Issuer, provided that such notice to Cede & Co. shall be given by certified or registered mail. Failure to
mail such notice or any defect therein shall not affect the validity of the redemption as regards registered
owners to whom such notice was given as required hereby. Each such notice shall set forth the date
designated for redemption, the redemption price to be paid and the maturities of the Bonds to be redeemed.
In the event that Certificated Bonds are outstanding, each such notice to the registered owners thereof shall
also set forth, if less than all of the Bonds of any maturity then outstanding shall be called for redemption,
the distinctive numbers and letters, if any, of such Bonds to be redeemed and, in the case of any Bond to be
redeemed in part only, the portion of the principal amount thereof to be redeemed. If any Bond is to be
redeemed in part only, the notice of redemption shall state also that on or after the redemption date, upon
surrender of such Bond, a new Bond or Bonds in principal amount equal to the unredeemed portion of such
Bond will be issued.
Any notice of redemption may state that the redemption to be effected is conditioned upon the
receipt by the Issuer, on or prior to the redemption date, of moneys sufficient to pay the redemption price of
and interest on the Bonds to be redeemed and that if such moneys are not so received, such notice shall be
of no force or effect and such Bonds shall not be required to be redeemed. In the event that such notice
contains such a condition and moneys sufficient to pay the redemption price of and interest on such Bonds
are not received by the Issuer on or prior to the redemption date, the redemption shall not be made and the
Issuer shall within a reasonable time thereafter give notice, in the manner in which the notice of redemption
was given, that such moneys were not so received.
On or before the date fixed for redemption, moneys shall be deposited with the Bond Registrar to
pay the redemption price of the Bonds or portions thereof called for redemption as well as the interest
accruing thereon to the redemption date thereof.
On the date fixed for redemption, notice having been given in the manner and under the conditions
hereinabove provided, the Bonds or portions thereof called for redemption shall be due and payable at the
redemption price provided :herefore, plus accrued interest to such date. If moneys sufficient to pay the
redemption price of the Bonds or portions thereof to be redeemed, plus accrued interest thereon to the date
fixed for redemption, have been deposited by the Issuer to be held in trust for the registered owners of
Bonds or portions thereof to be redeemed, interest on the Bonds or portions thereof called for redemption
shall cease to accrue, such Bonds or portions thereof shall cease to be entitled to any benefits or security
under this resolution or to be deemed outstanding, and the registered owners of such Bonds or portions
thereof shall have no rights in respect thereof except to receive payment of the redemption price thereof,
plus accrued interest to the date of redemption.
If a portion of a Bond shall be selected for redemption, the registered owner thereof or his attorney
or legal representative shall present and surrender such Bond to the Bond Registrar for payment of the
principal amount thereof so called for redemption, and the Bond Registrar shall authenticate and deliver to
or upon the order of such registered owner or his legal representative, without charge Oherefore, for the
unredeemed portion of the principal amount of the Bond so surrendered, a Bond or Bonds of the same
maturity, of any denomination or denominations authorized by this resolution and bearing interest at the
same rate.
Section 5. Bonds, upon surrender thereof at the office of the Bond Registrar together with an
assignment duly executed by the registered owner or his attorney or legal representative in such form as
shall be satisfactory to the Bond Registrar, may, at the option of the registered owner thereof, be exchanged
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