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1992-06-18 Resolution 56
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1992-06-18 Resolution 56
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7/18/2008 5:17:12 PM
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• ARTICLE IV. <br />Redemption of Bonds <br />Sec. 4.01. The Authority shall have the right, at its <br />option, to redeem, according to the procedure hereinafter provided, <br />all or any part of the Bonds secured by this Agreement maturing on <br />or after February 1, 2002, in whole multiples of $5;000, in inverse <br />order of maturities and by lot within maturities, on any date not <br />earlier than February 1, 2001, from any moneys made available for <br />that purpose at face value and without premium plus accrued <br />interest to the date fixed for redemption. <br />Sec. 4.02. To evidence its intention to exercise the right <br />of redemption, the Authority shall, not less than forty-five (45) <br />days prior to the date selected for redemption, file with the <br />Trustee written notice of its intention to redeem, designating the <br />date fixed for redemption, and if less than all of the outstanding <br />Bonds are to be redeemed stating the aggregate principal amount of <br />Bonds which the Authority desires to redeem. If less than all of <br />the outstanding Bonds are to be redeemed, then the Bonds shall be <br />redeemed in inverse order of maturity and by lot (in such manner <br />as the Trustee shall determine) within maturities. No defect in <br />such notice by the Authority to the Trustee shall affect the <br />validity of the redemption of any Bonds. <br />Sec. 4.03. Official notice of such redemption shall be <br />sent first-class mail by the Trustee to the registered owners of <br />all Bonds to be redeemed, not less than thirty (30) days prior to <br />the date fixed for redemption. Said official notice shall be dated <br />and shall, with substantial accuracy: <br />(a) Designate the date and places of redemption, said places <br />to be the offices of the Trustee; <br />(b) If the Bonds to be redeemed are less than the whole <br />amount outstanding, designate the Bonds (or portions thereof) to <br />be redeemed; and <br />(c) .State that on the designated date fixed for said <br />redemption said Bonds shall be redeemed by the payment of the <br />applicable redemption price hereinbefore set forth, and-that from <br />and after the date so fixed for such redemption interest on the <br />Bonds so called for redemption shall cease. <br />In all cases, the cost and expenses of the preparation and <br />mailing of said official notices of redemption shall be paid by the <br />Authority. <br />-17- <br />
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