10189-12 Authorizing Issuance & sale of additional revenue bonds to provide funds 2012 Sewage Works Construction Fund

Home Browse Search

In the event any 2012 Bond is mutilated, lost, stolen or destroyed, the City may execute and the Registrar may authenticate a new bond of like date, maturity and denomination as that mutilated, lost, stolen or destroyed, which new bond shall be marked in a manner to distinguish it from the bond for which it was issued, provided that, in the case of any mutilated bond, such mutilated bond shall first be surrendered to the Registrar, and in the case of any lost, stolen or destroyed bond there shall be first furnished to the Registrar evidence of such loss, theft or destruction satisfactory to the City and the Registrar, together with indemnity satisfactory to them. In the event any such bond shall have matured, instead of issuing a duplicate bond, the City and the Registrar may, upon receiving indemnity satisfactory to them, pay the same without surrender thereof. The City and the Registrar may charge the owner of such 2012 Bond with their reasonable fees and expenses in this connection. Any bond issued pursuant to this paragraph shall be deemed an original, substitute contractual obligation of the City, whether or not the lost, stolen or destroyed 2012 Bond shall be found at any time, and shall be entitled to all the benefits of this Ordinance, equally and proportionately with any and all other 2012 Bonds issued hereunder. SECTION 4. Terms of Redemption. (a) The Mayor and the Controller, upon consultation with the Financial Advisor, may designate maturities of the 2012 Bonds (or a portion thereof in integral multiples of $5,000 of principal amount each) that shall be subject to optional redemption and/or mandatory sinking fund redemption, and the corresponding redemption dates, amounts and prices (including premium, if any). Except as otherwise set forth in this Ordinance, the Mayor and the Controller, upon consultation with the Financial Advisor, are hereby authorized and directed to determine the terms governing any such redemption, provided that any redemption premium shall not exceed two percent(2%) of the par amount of the 2012 Bonds to be redeemed. (b) Notice of redemption shall be given not less than 30 days prior to the date of redemption and shall be mailed by first-class mail or by registered or certified mail to the address of each registered owner of a 2012 Bond to be redeemed as shown on the Registration Record 45 days prior to the date fixed for redemption, except to the extent such redemption notice is waived by owners of 2012 Bonds redeemed; provided, however, that failure to give such notice by mailing, or any defect therein, with respect to any 2012 Bond shall not affect the validity of any proceedings for the redemption of any other 2012 Bonds. The notice shall specify the date and place of redemption, the redemption price and the CUSIP numbers of the 2012 Bonds called for redemption. The place of redemption may be determined by the City. Interest on the 2012 Bonds so called for redemption shall cease on the redemption date fixed in such notice if sufficient funds are available at the place of redemption to pay the redemption price on the date so named, and thereafter, such 2012 Bonds shall no longer be protected by this Ordinance and shall not be deemed to be outstanding hereunder, and the holders thereof shall have the right only to receive the redemption price. (c) The 2012 Bonds may be subject to mandatory sinking fund redemption as set forth herein. At the option of the successful bidder for each series of the 2012 Bonds, all or a portion of the 2012 Bonds of a particular series may be aggregated into one or more term bonds payable from mandatory sinking fund redemption payments (the "Term Bonds") required to be made as set forth below. The Term Bonds shall have a stated maturity or maturities on December - 6 -