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1990-12-17 Resolution 26
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1990-12-17 Resolution 26
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7/17/2008 2:02:19 PM
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• Sec. 4.04. Such notice having been .mailed as above <br />provided, the Bonds designated for redemption shall, on the date <br />specified in such notice, become due and payable at the then <br />applicable redemption price, and on presentation and surrender of <br />such Bonds in accordance with such notice, at the place at which <br />the same are expressed in such notice to be redeemable, such Bonds <br />shall be redeemed by the Trustee on behalf of the Authority by the <br />payment of such redemption price to the registered owners out of <br />funds held by the Trustee for that purpose. From and after the <br />date of redemption so designated, unless default shall be made in <br />the redemption of the Bonds upon presentation, interest on Bonds <br />designated for redemption. shall cease. If not so paid on <br />presentation thereof, the Bands shall continue to bear interest at <br />the rate therein specified. <br />Sec. 4.05. All Bonds so redeemed (or purchased as <br />authorized by Sec. 3.07) shall be cancelled and disposed of as <br />provided in Section 2.01. Bonds so redeemed or purchased shall not <br />be reissued, nor shall any Bonds be issued in lieu thereof. <br />Sec. 4.06. If the amount necessary to redeem any Bonds <br />called for redemption, as aforesaid, shall have been deposited with <br />the Trustee for the account of the owner or owners of such Bonds <br />on or before the date specified for such redemption, and if the <br />notice hereinbefore mentioned shall have been duly mailed or <br />. provision satisfactory to the Trustee shall have been made for the <br />mailing of such notice, and if all proper charges and expenses of <br />the Trustee in connection with such redemption shall have been paid <br />or provided for, the Authority shall be released from all liability <br />on such Bonds and such Bonds shall no longer be deemed to be <br />outstanding hereunder, and interest thereon shall cease at the date <br />specified for such redemption; and thereafter such Bonds shall not <br />be secured by the lien of this Agreement. The Trustee shall be <br />privileged to give notice of any call for redemption, but shall not <br />be required to do so unless the amount necessary to redeem the <br />Bonds called and to pay all proper charges of the Trustee shall <br />have been deposited with, paid to, or otherwise made available to <br />the Trustee, as aforesaid. In case any question shall arise as to <br />whether any such notice shall have been sufficiently given or any <br />such redemption shall be effective, such question shall be decided <br />by the Trustee, and the decision of the Trustee shall be final and <br />binding upon all parties in interest. <br />. -18- <br />
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