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there shall be first furnished to the Registrar evidence of such <br /> loss, theft or destruction satisfactory to the City and the <br /> Registrar, together with indemnity satisfactory to them. In the <br /> event that any such mutilated, lost, stolen or destroyed Bond shall <br /> have matured or been called for redemption, instead of causing to <br /> be issued a duplicate Bond, the Registrar and Paying Agent may pay <br /> the same upon surrender of the mutilated Bond or upon satisfactory <br /> indemnification and proof of loss, theft or destruction in the case <br /> of a lost, stolen or destroyed Bond. The City and the Registrar <br /> and Paying Agent may charge the owner of any such Bond with their <br /> reasonable fees and expenses in connection with the above. Every <br /> substitute Bond issued by reason of any Bond being lost, stolen or <br /> destroyed shall, with respect to such Bond, constitute a substitute <br /> contractual obligation of the City pursuant to this Ordinance, <br /> whether or not the lost, stolen or destroyed Bond shall be found <br /> at any time, and shall be entitled to all the benefits of this <br /> Ordinance, equally and proportionately with any and all other Bonds <br /> duly issued hereunder. <br /> In the event that any Bond is not presented for payment <br /> or redemption on the date established therefor, the City may <br /> deposit in trust with the Paying Agent an amount sufficient to pay <br /> such Bond or the redemption price thereof, as appropriate, and <br /> thereafter the owner of such Bond shall look only to the funds so <br /> deposited in trust with the Paying Agent for payment and the City <br /> shall have no further obligation or liability with respect thereto. <br /> Section 7. Optional Redemption of the Bonds. The Bonds <br /> maturing on or after January 1, 2004, shall be redeemable at the <br /> option of the City, in whole or in part, on January 1, 2003, or at <br /> any time thereafter, in inverse order of maturity, and by lot <br /> within any such maturity or maturities by the Registrar, at a <br /> redemption price expressed as a percentage of the principal amount <br /> of each Bond to be redeemed in accordance with the following <br /> schedule, plus accrued interest to the redemption date: <br /> Redemption Period (Both Dates Inclusive) Redemption Price <br /> January 1, 2003 through December 31, 2003 102% <br /> January 1, 2004 through December 31, 2004 101% <br /> January 1, 2005 and thereafter prior to maturity 100% <br /> Official notice of such redemption shall be mailed by the Registrar <br /> and Paying Agent by certified or registered mail at least thirty <br /> (30) days and not more than sixty (60) days prior to the scheduled <br /> redemption date to each of the registered owners of the Bonds <br /> called for redemption (unless waived by any such registered owner) <br /> at the address shown on the registration books of the Registrar and <br /> Paying Agent, or at such other address as is furnished in writing <br /> by such registered owner to the Registrar; provided, however, that <br /> failure to give such notice by mailing, or any defect therein, with <br /> respect to any Bond shall not affect the validity of the <br /> 6 <br />