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8448-93 Authorizing City of South Bend Economic Development Revenue Refunding Bonds (First Bank Center Project) $8,030,384.77
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8448-93 Authorizing City of South Bend Economic Development Revenue Refunding Bonds (First Bank Center Project) $8,030,384.77
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3/21/2013 4:22:24 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
12/13/1993
Ord-Res Number
8443-93
Bill Number
108-93
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called for prepayment as a result of such event, the Bonds shall be subject to prepayment by <br />the Issuer in whole at a prepayment price of 100% of the principal amount thereof plus <br />accrued interest to the prepayment date. The Bonds shall not, however, be subject to <br />prepayment under this Subsection 301(a), if and so long as the Taxable Note is outstanding, <br />unless any such prepayment shall be accompanied by a proportional prepayment of the <br />Taxable Note. <br />(b) The Bonds are subject to prepayment at the option of the Borrower on behalf of <br />the Issuer prior to maturity on any installment payment date on or after May 1, 1997, in <br />whole or in part (pro rata as provided in Section 304 hereof) in integral multiples of $1,000, <br />by payment of the principal amount of the Bonds, or portion thereof to be prepaid, and <br />accrued interest thereon to the prepayment date together with a premium equal to the <br />Make -Whole Amount, determined as of two Business Days prior to the date of such <br />prepayment pursuant to this Subsection 301(b). The provisions of this Section 301(b) shall <br />not be deemed to require the payment of any penalty or premium upon the maturity of the <br />Bonds in accordance with the maturities stated on the face thereof. The Bonds shall not, <br />however, be subject to prepayment under this Subsection 301(b), if and so long as the <br />Taxable Note is outstanding, unless any such prepayment shall be accompanied by a <br />proportional prepayment of the Taxable Note. <br />(c) The Bonds are also subject to prepayment, in whole, at the option of the holders <br />of two - thirds in aggregate principal amount of the Bonds at the time outstanding, at any time <br />after the occurrence of a Determination of Taxability (as defined in Section 8.1 of the Loan <br />Agreement) at a prepayment price of 100% of the principal amount thereof plus accrued <br />interest to the prepayment date. Any such option must be exercised by such holders by <br />notice to the Borrower, the Issuer and the Trustee at least 10 days prior to the prepayment <br />date. <br />Section 302. Notice of Prepayment. Except as to a prepayment under <br />Section 301(c), notice of the call for any prepayment of Bonds pursuant to Section 301 <br />hereof, identifying the Bonds or portions thereof to be prepaid, shall be given by mailing a <br />copy of the prepayment notice by registered or certified mail not less than sixty (60) nor <br />more than ninety (90) days prior to the date fixed for prepayment to the registered owner of <br />each Bond to be prepaid at the address shown on the Bond registration books of the Trustee. <br />Prior to the date that the prepayment notice is first mailed as aforesaid funds shall be <br />placed with the Trustee to pay such Bonds and accrued interest thereon to the prepayment <br />date and the premium, if any. The Bonds, or portions thereof, to be prepaid, upon the <br />happening of the above conditions, shall no longer be protected by this Indenture and shall <br />not be deemed to be outstanding under the provisions of this Indenture. The Trustee shall <br />prepay, in the manner provided in this Section 302, and only on the circumstances <br />contemplated by Section 301, such an aggregate principal amount of such Bonds at the <br />principal amount thereof plus the applicable premium, if any, and accrued interest to the <br />prepayment date as will exhaust as nearly as practicable such funds. Such prepayment shall <br />be made in the manner provided In Section 304 hereof. <br />-19- <br />
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