HomeMy WebLinkAboutC.054.93011_1148date not earlier than June 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 85,000; 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 feted 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 levers, 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 therefor, 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 therefor,
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 for an equal aggregate principal amount of Bonds of the same maturity, of any denomination
or denominations authorized by this resolution and bearing interest at the same rate.
The transfer of any Bond may be registered only upon the registration books of the Issuer upon
the surrender thereof to 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.
Upon any such registration of transfer, the Bond Registrar shall authenticate and deliver in exchange for
such Bond a new Bond or Bonds, registered in the name of the transferee, of any denomination or
denominations authorized by this resolution, in an aggregate principal amount equal to the unredeemed
principal amount of such Bond so surrendered, of the same maturity and bearing interest at the same
rate.
In all cases in which Bonds shall be exchanged or the transfer of Bonds shall be registered
hereunder, the Bond Registrar shall authenticate and deliver at the earliest practicable time Bonds in
accordance with the provisions of this resolution. All Bonds surrendered in any such exchange or
registration of transfer shall forthwith be cancelled by the Bond Registrar. The Issuer or the Bond
Registrar may make a charge for shipping and out-of-pocket costs for every such exchange or
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