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1994-06-21 Minutes
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1994-06-21 Minutes
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therefor, at a redemption price equal to 100% of the principal <br />• amount thereof. <br />(b) Special Optional Redemption. Any Bonds which are <br />Pledged Bonds shall be subject to redemption in whole or in part <br />(in an Authorized Denomination) prior to Maturity at the option of <br />the Authority out of amounts deposited in the Redemption Fund other <br />than the LOC Redemption Sub-account, in whole or in part (and if <br />in part in an Authorized Denomination) on any Business Day while <br />such Bonds are Pledged Bonds at a redemption price equal to 100% <br />of the principal amount thereof plus accrued Interest, if any, to <br />the redemption date. <br />(c) Mandatory Redemption Upon the Occurrence of Certain <br />Extraordinary or Catastrophic Events. The Bonds are subject to <br />mandatory redemption prior to Maturity by the Authority in whole <br />or in part prior to maturity in connection with the receipt of <br />proceeds of insurance as described in Section 802 hereof. On the <br />redemption date, the Trustee shall draw funds under the Credit <br />Facility in an amount which is equal to the principal of and <br />accrued interest on all Bonds outstanding which are entitled to the <br />benefit of the Credit Facility and shall deposit such moneys in the <br />LOC Redemption Account of the Redemption Fund in accordance with <br />Sections 406 and 407 hereof. <br />(d) General Provisions Regarding Optional Special <br />• O tional Mandator and S ecial Mandator Redem tions. <br />(i) No redemption of less than all of the Bonds <br />outstanding shall be made pursuant to Section 510(a), 510(b) <br />or 510(c) hereof unless (i) if such redemption is of Bonds bearing <br />Interest at a Weekly Rate or an Adjustable Long Rate, the aggregate <br />principal amount of Bonds to be redeemed is equal to $100,000 or <br />integral multiples thereof, and (ii) if such redemption is of Bonds <br />bearing interest at a Fixed Rate, the aggregate principal amount <br />of Bonds to be redeemed is equal to $100,000 or $5,000 multiples <br />in excess thereof. Any redemption of less than all of the Bonds <br />outstanding shall be made first from Pledged Bonds. Any redemption <br />of less than all of the Bonds outstanding shall be made in such a <br />manner that all Bonds outstanding after such redemption are in <br />Authorized Denominations. <br />(ii) Bonds may be called for redemption by the Trustee <br />pursuant to Section 510(a) or (c) hereof•(A) in the case of Bonds <br />bearing interest at a Weekly Rate or an Adjustable Long Rate for <br />a Rate Period of 366 days or less, upon receipt by the Trustee at <br />least 30 days prior to the redemption date of a Written Request of <br />the Authority requesting such redemption or (B) in the case of <br />Bonds bearing interest at an Adjustable Long Rate for a Rate Period <br />in excess of 366 days or a Fixed Rate, upon receipt by the Trustee <br />at least 45 days prior to the redemption date of a Written Request <br />of the Authority requesting such redemption which Written Request <br />• 50 <br />
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