1992-04-30 Resolution 52 - Laserfiche WebLink

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redemption price, and on presentation and surrender of such Bonds in accordance with such notice, at the place at which the same are expressed in such notice to be redeemable, such Bonds shall be redeemed by the Trustee on behalf of the Authority by the payment of such redemption price to the registered owners out of funds held by the Trustee for that purpose. From and after the date of redemption so designated, unless default shall be made in the redemption of the Bonds upon presentation, interest on Bonds designated for redemption shall cease. If not so paid on presentation thereof, the Bonds shall continue to bear interest at the rate therein specified. Sec. 4.05. All Bonds so redeemed (or purchased as authorized by Sec. 3.06) shall be cancelled and disposed of as provided in Section 2.01. Bonds so redeemed or purchased shall not be reissued, nor shall any Bonds be issued in lieu thereof. Sec. 4.06. If the amount necessary to redeem any Bonds called for redemption, as aforesaid, shall have been deposited with the Trustee for the account of the owner or owners of such Bonds on or before the date specified for such redemption, and if the notice hereinbefore mentioned shall have been duly mailed or provision satisfactory to the Trustee shall have been made for the mailing of such notice, and if all proper charges and expenses of the Trustee in connection with such redemption shall have been paid or provided for, the Authority shall be released from all liability on such Bonds and such Bonds shall no longer be deemed to be outstanding hereunder, and interest thereon shall cease at the date specified for such redemption; and thereafter such Bonds shall. not be secured by the lien of this Agreement. The Trustee shall be privileged to give notice of any call for redemption, but shall not be required to do so unless the amount necessary to redeem the Bonds called and to pay all proper charges of the Trustee shall have been deposited with, paid to, or otherwise made available to the Trustee, as aforesaid. In case any question shall arise as to whether any such notice shall have been sufficiently given or any such redemption shall be effective, such question shall be decided by the Trustee, and the decision of the Trustee shall be final and binding upon all parties in interest. ARTICLE V. Covenants of the Authority Sec. 5.01. The Authority covenants and agrees that it will faithfully do and perform, and at all times faithfully observe, any and all covenants, undertakings, stipulations and provisions contained in each and every Bond issued hereunder, and will duly and punctually pay or cause to be paid the principal of said Bonds and the premium, if any, and interest thereon, at the times and -16-