value plus interest accrued on the Bonds so redeemed to the date fixed for
<br />redemption, and without premium.
<br />Unless waived by any holder of Bonds to be redeemed, official notice
<br />of any such redemption shall be given by the Registrar on behalf of the
<br />Commission by mailing a copy of an official redemption notice by registered or
<br />certified mail at least thirty (30) days and not more than sixty (60) days prior
<br />to the date fixed for redemption to the registered owner of the Bond or Bonds
<br />to be redeemed at the address shown on the Series 1992 Bond Register or at such
<br />other address as is furnished in writing by such registered owner to the
<br />Registrar; provided, however, that failure to give such notice, or any defect
<br />therein, with respect to any bond shall not affect the validity of any
<br />proceedings for the redemption of other bonds.
<br />Official notice of redemption having been given as aforesaid, the
<br />Bond or portions of Bonds so to be redeemed shall, on the redemption date,
<br />become due and payable at the redemption price therein specified, and from and
<br />after such date (unless the Commission shall default in the payment of the
<br />redemption price) such Bonds or portions of Bonds shall cease to bear interest.
<br />Upon surrender of such Bonds for redemption in accordance with said notice, such
<br />Bonds shall be paid by the Paying Agent at the redemption price. Bonds redeemed
<br />in part may be exchanged for a bond or bonds of the same maturity in Authorized
<br />Denominations equal to the remaining principal amount.
<br />The principal of and premium, if any, and interest on this Bond and
<br />all other bonds of the Series 1992 Bond issue and (1) certain Tax Increment
<br />Revenue Bonds of 1985 issued on December 23, 1985 in the aggregate principal
<br />amount of Four Million Two Hundred Thousand and 00 /100 ($4,200,000.00) pursuant
<br />to Resolution No. 747 and Amending Resolutions Nos. 752, 755 and 756 adopted
<br />August 23, 1985, November 18, 1985, November 22, 1985, and December 20, 1985,
<br />respectively, which Bonds in the amount of Three Million Eight Hundred Seventy -
<br />Five and 00 /100 Dollars ($3,875,000.00) are outstanding as of December 1, 1992,
<br />and will mature in various amounts annually on February 1 of each year through
<br />and including February 1, 2003; (2) certain Tax Increment Revenue Bonds of 1986
<br />issued on August 12, 1986, in the aggregate principal amount of One Million
<br />Seven Hundred Fifty Thousand and 00 /100 Dollars ($1,750,000.00) pursuant to
<br />Resolution No. 775 and Amending Resolutions Nos. 779 and 780 adopted May 23,
<br />1986, July 11, 1986 and July 25, 1986, respectively, which Bonds in the amount
<br />of One Million Seven Hundred Thousand and 00 /100 Dollars ($1,700,000.00) are
<br />outstanding as of December 1, 1992, and will mature in various amounts annually
<br />on February 1 of each year through and including February 1, 2004; (3) certain
<br />Tax Increment Revenue Bonds of 1988 issued on February 24, 1988, in the
<br />aggregate principal amount of One Million Eight Hundred Thousand and 00/100
<br />Dollars ($1,800,000.00) pursuant to Resolution No. 819 adopted on November 12,
<br />1987, which Bonds in the amount of $1,800,000.00 are outstanding as of December
<br />1, 1992 and will mature at various amounts annually on February 1 of each year
<br />beginning on February 1, 1993, through and including February 1, 2005; and (4)
<br />any bonds hereafter issued ranking on a parity herewith are payable solely out
<br />of the Tax Increment.
<br />In the manner provided in the Series 1992 Bond Resolution, the
<br />Series 1992 Bond Resolution and the rights and obligations of the Commission and
<br />of the owners of the Bonds may (with certain exceptions as stated in the Series
<br />1992 Bond Resolution) be modified or amended with the consent of the owners of
<br />sixty percent (60 %) in aggregate principal amount of outstanding Bonds exclusive
<br />of Bonds, if any, owned by the Commission or the City. Additional Bonds ranking
<br />on a parity with the Bonds authorized by the Series 1992 Bond Resolution and
<br />other bonds, junior to the Bonds authorized by the Series 1992 Bond Resolution,
<br />can be issued in accordance with the terms of the Series 1992 Bond Resolution.
<br />15
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