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No. 1422 authorizing the issuance and sale of special taxing district refunding bonds of the SB redevelopment district for the purpose of advance refunding the COSB redevelopment district bonds of 1990
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No. 1422 authorizing the issuance and sale of special taxing district refunding bonds of the SB redevelopment district for the purpose of advance refunding the COSB redevelopment district bonds of 1990
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credit the Bonds maturing as Term Bonds to the extent received on or before forty -five (45) <br />days preceding the applicable mandatory redemption date. <br />Unless waived by any holder of Bonds to be redeemed, official notice of any <br />such redemption shall be given by the Registrar on behalf of the Commission by mailing a <br />copy of an official redemption notice by registered or certified mail at least 30 days and not <br />more than 60 days prior to the date fixed for redemption to the registered owner of the <br />Bond or Bonds to be redeemed at the address shown on the Bond Register or at such other <br />address as is furnished in writing by such registered owner to the Registrar; provided, <br />however, that failure to give such notice, or any defect therein, with respect to any Bond <br />shall not affect the validity of any proceedings for the redemption of other Bonds. <br />All official notices of redemption shall be dated and shall state: <br />(1) the redemption date, <br />(2) the redemption price, <br />(3) if less than all outstanding Bonds are to be redeemed, the <br />identification (and, in the case of partial redemption, the respective <br />principal amounts) of the Bonds to be redeemed, <br />(4) that on the redemption date the redemption price will become due and <br />payable upon each such Bond or portion thereof called for redemption, <br />and that interest thereon shall cease to accrue from and after said <br />date, and <br />(5) the place where such Bonds are to be surrendered for payment of the <br />redemption price, which place of payment shall be the place provided <br />for the payment of the principal of and premium, if any, on the Bonds. <br />Prior to any redemption date, the Commission shall deposit with the Paying <br />Agent an amount of money sufficient to pay the redemption price of all the Bonds or <br />portions of Bonds which are to be redeemed on that date. <br />Official notice of redemption having been given as aforesaid, the Bonds or <br />portions of Bonds so to be redeemed shall, on the redemption date, become due and <br />payable at the redemption price therein specified and from and after such date (unless the <br />Commission shall default in the payment of the redemption price) such Bonds or portions <br />of Bonds shall cease to bear interest. Upon surrender of such Bonds for redemption in <br />accordance with said notice, such Bonds shall be paid by the Paying Agent at the <br />redemption price. Bonds redeemed in part may be exchanged for a Bond or Bonds of the <br />same maturity in authorized denominations equal to the remaining principal amount. <br />-7- <br />
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