Laserfiche WebLink
paragraph shall be deemed an original, substitute contractual obligation of the City, whether or <br /> not the lost, stolen or destroyed 2011 Bond shall be found at any time, and shall be entitled to all <br /> the benefits of this Ordinance, equally and proportionately with any and all other 2011 Bonds <br /> issued hereunder. <br /> SECTION 4. Terms of Redemption. <br /> (a) The Mayor and the Controller, upon consultation with the Financial Advisor, may <br /> designate maturities of the 2011 Bonds (or a portion thereof in integral multiples of $5,000 of <br /> principal amount each) that shall be subject to optional redemption and/or mandatory sinking <br /> fund redemption, and the corresponding redemption dates, amounts and prices (including <br /> premium, if any). Except as otherwise set forth in this Ordinance, the Mayor and the Controller, <br /> upon consultation with the Financial Advisor, are hereby authorized and directed to determine <br /> the terms governing any such redemption, provided that any redemption premium shall not <br /> exceed two percent (2%) of the par amount of the 2011 Bonds to be redeemed. <br /> (b) Notice of redemption shall be given not less than 30 days prior to the date of <br /> redemption and shall be mailed by first-class mail or by registered or certified mail to the address <br /> of each registered owner of a 2011 Bond to be redeemed as shown on the Registration Record 45 <br /> days prior to the date fixed for redemption, except to the extent such redemption notice is waived <br /> by owners of 2011 Bonds redeemed; provided, however, that failure to give such notice by <br /> mailing, or any defect therein, with respect to any 2011 Bond shall not affect the validity of any <br /> proceedings for the redemption of any other 2011 Bonds. The notice shall specify the date and <br /> place of redemption, the redemption price and the CUSIP numbers of the 2011 Bonds called for <br /> redemption. The place of redemption may be determined by the City. Interest on the 2011 <br /> Bonds so called for redemption shall cease on the redemption date fixed in such notice if <br /> sufficient funds are available at the place of redemption to pay the redemption price on the date <br /> so named, and thereafter, such 2011 Bonds shall no longer be protected by this Ordinance and <br /> shall not be deemed to be outstanding hereunder, and the holders thereof shall have the right only <br /> to receive the redemption price. <br /> (c) The 2011 Bonds may be subject to mandatory sinking fund redemption as set <br /> forth herein. At the option of the successful bidder for each series of the 2011 Bonds, all or a <br /> portion of the 2011 Bonds of a particular series may be aggregated into one or more term bonds <br /> payable from mandatory sinking fund redemption payments (the "Term Bonds") required to be <br /> made as set forth below. The Term Bonds shall have a stated maturity or maturities on December <br /> 1 of the years in which the 2011 Bonds are outstanding as determined pursuant to Section 3 <br /> hereof or as determined by the successful bidder. <br /> In the event that the successful bidder opts to aggregate certain 2011 Bonds into Term <br /> Bonds, such Term Bonds shall be subject to mandatory sinking fund redemption prior to <br /> maturity at a redemption price equal to 100% of the principal amount thereof, plus accrued <br /> interest to the redemption date, but without premium, on December 1 of each year and in the <br /> principal amounts corresponding to and consistent with the maturity schedule for the 2011 <br /> Bonds set forth in the bond sale notice. <br /> - 6 - <br />