1994-05-17 Resolution 91 - Laserfiche WebLink

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'r On or before December 18 of the year prior to each year in which the Term Bond is subject to mandatory • sinking fund redemption, the Registrar will: (i) determine the amount of such Term Bond to be redeemed on February 1 of the following year after taking into account deliveries for cancellation and optional redemptions as described below; (ii) select, by lot or other customary random method, the portions of Term Bond to be mandatorily redeemed on February 1 of the following year; and (iii) give notice of such redemption as described below. If there is any optional redemption, extraordinary optional redemption or purchase for cancellation of the Term Bond, one or more of the sinking fund installments thereafter to become due will, in any manner which the Authority elects in writing delivered to the Trustee (such election to occur prior to the date 45 days prior to the next sinking fund date for such Term Bond), be credited with an amount which is equal to the amount of Term Bond so redeemed or purchased. Notice of Redemption. Notice of any optional, extraordinary optional or mandatory sinking fund redemption is required by the Trust Agreement to be mailed by first -class mail, not less than 30 days prior to the date fixed for the redemption thereof, to the registered owner of each Bond to be redeemed; provided, however, that failure to give such notice by mailing or a defect in the notice or the mailing as to any Bond will not affect the validity of any proceedings for redemption as to any other Bond for which notice is adequately given. Such notice will: (i) designate the date and places of redemption, said places to be the offices of the Trustee, (ii) if the Bonds to be redeemed are less than the whole amount of Bonds then outstanding, designate the Bonds (or portions thereof) to be redeemed, and (iii) state that on the designated date fixed for redemption, said Bonds will be redeemed by the payment of the applicable redemption price, and that from and after the date so fixed for redemption interest on the Bonds called for redemption will cease. The Trustee may, as it deems appropriate, also give further notice of redemption to registered securities depositories and national information services as the Trustee determines to be appropriate; provided, however, that no defect in such further notice, nor any failure to give all or any portion of such further notice, will in any manner defeat the effectiveness of a call for redemption if proper notice is given as described above. For so long as the Bonds are held in book- entry-only form, the Trustee will send notices of redemption • of Bonds only to DTC or its nominee, as the registered owner of the Bonds, in accordance with the preceding paragraphs. Neither the Authority nor the Trustee will have any responsibility for any Beneficial Owners' receipt from DTC or its nominee, or from any DTC Participant or Indirect Participant, of any notices of redemption. See "Book - Entry-Only System." • Partial Redemptions. When exercising any partial redemption described above, principal may be redeemed in part only in integral multiples of $5,000. If a Bond subject to redemption is in a denomination larger than $5,000, a portion of such Bond may be redeemed, but only in integral multiples of $5,000. In selecting portions of Bonds for redemption, the Authority will select the Bonds for redemption in any order of maturity determined by it in its sole discretion and by lot within maturities. For so long as the Bonds are held in book- entry-only form, the Trustee, upon written direction from the Authority, will select for redemption only Bonds or portions thereof registered in the name of DTC or its nominee, in accordance with the preceding paragraph. Neither the Authority nor the Trustee will have any responsibility for selecting for redemption any Beneficial Owners' interests in the Bonds. See "Book- Entry -Only System." Book -Entry -Only System The Depository Trust Company ( "DTC "), New York, New York, will act as securities depository for the Bonds. The Bonds will be issued as fully- registered securities in the name of Cede & Co. (DTC's partnership nominee). One fully- registered Bond will be issued for each maturity of the Bonds, each in the aggregate principal amount of such maturity. The Bonds will be deposited with DTC. -4-