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1994-05-17 Resolution 91
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1994-05-17 Resolution 91
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'r <br />On or before December 18 of the year prior to each year in which the Term Bond is subject to mandatory <br />• sinking fund redemption, the Registrar will: (i) determine the amount of such Term Bond to be redeemed on <br />February 1 of the following year after taking into account deliveries for cancellation and optional redemptions as <br />described below; (ii) select, by lot or other customary random method, the portions of Term Bond to be <br />mandatorily redeemed on February 1 of the following year; and (iii) give notice of such redemption as described <br />below. If there is any optional redemption, extraordinary optional redemption or purchase for cancellation of the <br />Term Bond, one or more of the sinking fund installments thereafter to become due will, in any manner which the <br />Authority elects in writing delivered to the Trustee (such election to occur prior to the date 45 days prior to the next <br />sinking fund date for such Term Bond), be credited with an amount which is equal to the amount of Term Bond <br />so redeemed or purchased. <br />Notice of Redemption. Notice of any optional, extraordinary optional or mandatory sinking fund redemption <br />is required by the Trust Agreement to be mailed by first -class mail, not less than 30 days prior to the date fixed <br />for the redemption thereof, to the registered owner of each Bond to be redeemed; provided, however, that failure <br />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 <br />any proceedings for redemption as to any other Bond for which notice is adequately given. Such notice will: (i) <br />designate the date and places of redemption, said places to be the offices of the Trustee, (ii) if the Bonds to be <br />redeemed are less than the whole amount of Bonds then outstanding, designate the Bonds (or portions thereof) to <br />be redeemed, and (iii) state that on the designated date fixed for redemption, said Bonds will be redeemed by the <br />payment of the applicable redemption price, and that from and after the date so fixed for redemption interest on the <br />Bonds called for redemption will cease. The Trustee may, as it deems appropriate, also give further notice of <br />redemption to registered securities depositories and national information services as the Trustee determines to be <br />appropriate; provided, however, that no defect in such further notice, nor any failure to give all or any portion of <br />such further notice, will in any manner defeat the effectiveness of a call for redemption if proper notice is given <br />as described above. <br />For so long as the Bonds are held in book- entry-only form, the Trustee will send notices of redemption <br />• of Bonds only to DTC or its nominee, as the registered owner of the Bonds, in accordance with the preceding <br />paragraphs. Neither the Authority nor the Trustee will have any responsibility for any Beneficial Owners' receipt <br />from DTC or its nominee, or from any DTC Participant or Indirect Participant, of any notices of redemption. See <br />"Book - Entry-Only System." <br />• <br />Partial Redemptions. When exercising any partial redemption described above, principal may be redeemed <br />in part only in integral multiples of $5,000. If a Bond subject to redemption is in a denomination larger than <br />$5,000, a portion of such Bond may be redeemed, but only in integral multiples of $5,000. In selecting portions <br />of Bonds for redemption, the Authority will select the Bonds for redemption in any order of maturity determined <br />by it in its sole discretion and by lot within maturities. <br />For so long as the Bonds are held in book- entry-only form, the Trustee, upon written direction from the <br />Authority, will select for redemption only Bonds or portions thereof registered in the name of DTC or its nominee, <br />in accordance with the preceding paragraph. Neither the Authority nor the Trustee will have any responsibility for <br />selecting for redemption any Beneficial Owners' interests in the Bonds. See "Book- Entry -Only System." <br />Book -Entry -Only System <br />The Depository Trust Company ( "DTC "), New York, New York, will act as securities depository for the <br />Bonds. The Bonds will be issued as fully- registered securities in the name of Cede & Co. (DTC's partnership <br />nominee). One fully- registered Bond will be issued for each maturity of the Bonds, each in the aggregate principal <br />amount of such maturity. The Bonds will be deposited with DTC. <br />-4- <br />
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