HomeMy WebLinkAboutC.054.93009_0086securities depository to replace DTC, the county will deliver fully
registered definitive Series 1993 Bonds to each Beneficial Owner in
such denominations as such owner may request.
THE COUNTY AND THE TRUSTEE HAVE NO RESPONSIBILITY OR
OBLIGATION WITH RESPECT TO (a) THE ACCURACY OF ANY RECORDS
MAINTAINED BY DTC OR ANY DTC PARTICIPANT: (b) THE PAYMENT BY DTC
OR ANY DTC PARTICIPANT OF ANY AMOUNT DUE TO ANY BENEFICIAL OWNER IN
RESPECT OF THE PRINCIPAL OF AND PREMIUM, IF ANY, AND INTEREST ON
THE SERIES 1993 BONDS; (c) THE DELIVERY OR TIMELINESS OF DELIVERY
BY DTC OR ANY DTC PARTICIPANT OF ANY NOTICE DUE TO ANY BENEFICIAL
OWNER WHICH IS REQUIRED OR PERMITTED UNDER THE TERMS OF THE OWNER
TO BE GIVEN TO OWNERS; (d) THE SELECTION OF BENEFICIAL OWNERS TO
RECEIVE PAYMENTS IN THE EVENT OF ANY PARTIAL REDEMPTION OF THE
SERIES 1993 BONDS; OR (e) ANY CONSENT GIVEN OR OTHER ACTION TAKEN
BY DTC OR ITS NOMINEE, CEDE & CO., AS OWNER.
Section 4. Extraordinary Redemption, he series 1993 Bonds
are subject to redemption in whole or in part at any time from Net
Proceeds (as defined in the Order) which the Trustee shall transfer
to the Redemption Fund as provided in Section 708(c) or section
708(d) of the Order, plus, in the case of a redemption pursuant to
said Section 708(c), other available moneys as permitted by Section
708(x) of the Order, at least forty-five (45) days prior to the
redemption date, at a redemption price equal to the principal
amount of the Series 1993 Bonds to be redeemed together with the
accrued interest to the date fixed for redemption, without premium.
Notice of Redemption At least thirty (30) days but not more
than sixty (60) days before the redemption date of any Series 1993
Bonds, the Bond Register shall cause a notice of any such
redemption signed by the Bond Register to be mailed, first class,
postage prepaid, to all Owners of the Series 1993 Bonds or portions
thereof to be redeemed, but failure to mail any such notice to any
Owner or any defect in any notice so mailed shall not affect the
validity of the proceedings for the redemption of the Series 1993
Bonds of any other owner as to which such notice was properly
given. On the date fixed for redemption, notice having been
mailed in the manner provided in the Order, the Series 1993 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 there has been delivered to the Trustee or the Bond
Registrar and the Trustee or the Bond Registrar is then holding, in
trust, money or Defeasance Obligations, or a combination of both,
sufficient to pay the redemption price of the Series 1993 Bonds to
be redeemed plus accrued interest to the date of redemption,
interest on the Series 1993 Bonds or portions thereof called for
redemption shall cease to accrue, such Series 1993 Bonds or
portions thereof shall cease to be entitled to any benefit or
security under the Order or to be deemed Outstanding; and the
Owners of such Series 1993 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.
Investment Obligations (as defined in the Order) acquired with
money credited to any fund or account established under the Order
shall be held by or under the control of the Trustee and while so
held shall be deemed at all times to be part of such fund or
account in which such money was originally held. Except as
provided in the Order, any interest accruing and any profit
realized or loss resulting from the disposition of such Investment
Obligations shall be credited to, or charged against, the fund or
account of which it is a part; provided, however, that the interest
accruing thereof and any profit realized or any loss realized upon
the maturity or disposition of investments purchased with proceeds
of the Series 1993 Bonds in the Interest Account and in the Series
1993 Account of the Debt Service Reserve Fund prior to the
completion of the Additional Improvements, as evidence in
accordance with Section 407 of the Order, shall be credited to, or
charged against, the Series 1993 Subaccount in the Construction
Account.
rAPF
071