1988-06-17 Resolution 8 - Laserfiche WebLink

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Sec. 3.07. A pledge of all moneys paid or deposited into the Sinking Fund, and of all rentals paid pursuant to the Lease other than pursuant to Section 3(b) thereof,. is hereby made, and the same are hereby pledged to the Trustee to secure the payment of the principal and redemption price of and interest on the Bonds, all to the extent herein provided. The rentals so pledged and hereafter received by the Trustee or Authority, shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act; and the lien of such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the Authority, irrespective of whether such parties have notice thereof. ARTICLE IV. Redemption of Bonds Sec. 4.01. The Authority shall have the right, at its option, to redeem, according to the procedure hereinafter provided, all or any part of the Bonds secured by this Agreement in whole multiples of $5,000, in inverse order of maturities and by lot within maturities, on any date at face value plus interest accrued to the date fixed for redemption, and without premium. Sec. 4.02. To evidence its intention to exercise the right of redemption, the Authority shall, not less than forty- five (45) days prior to the date selected for redemption, file with the Trustee written notice of its intention to .redeem, designating the date fixed for redemption, and if less than all of the outstanding Bonds are to be redeemed stating the aggregate principal amount of Bonds which the Authority desires to redeem. If less than all of the outstanding Bonds are to be redeemed, then the Bonds shall be redeemed in inverse order of maturity and by lot within maturities, and the Authority shall notify the Trustee in writing of the Bonds to be redeemed.' No .failure or defect in such notice by the Authority to the Trustee shall affect the validity of the redemption of any Bonds. Sec. 4.03. Official notice of such redemption shall be mailed by the Trustee to the registered owners of all Bonds to be redeemed, not less than thirty (30) days prior to the date fixed for redemption. Said official notice shall be dated and shall, with substantial accuracy: (a) Designate the date and places of redemption, said places to be the offices of the Trustee; (b) if the Bonds to be redeemed are less than the whole amount outstanding, designate the Bonds (or portions thereof) to be redeemed; and • (c) state that on the designated date fixed for said redemption said Bonds shall be redeemed by the payment of the applicable redemption price hereinbefore -14-