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1994-06-21 Minutes
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1994-06-21 Minutes
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• shall specify the principal amount of the Bonds so to be called for <br />redemption, the applicable redemption price or prices and the <br />provision or provisions specified in this Section 510 pursuant to <br />which such Bonds are to be called for redemption. <br />(iii) Bonds may be called for redemption by the Trustee <br />pursuant to Section 510(b) hereof upon receipt by the Trustee at <br />least one Business Day prior to the redemption date of a Written <br />Request of the Authority requesting such redemption. <br />(iv) In lieu of redeeming Bonds pursuant to <br />Section 510(a), 510(c) or 510(e) hereof, the Trustee may, at the <br />request of the Authority, use such funds otherwise available <br />hereunder for redemption of Bonds to purchase Bonds in the open <br />market at a price not exceeding the redemption price then <br />applicable hereunder; provided, however, that the conditions to <br />redeem Bonds provided in Section 510 (d) hereof shall be met and <br />that with respect to Bonds bearing interest at a Weekly Rate or an <br />Adjustable Long Rate, the purchase price for such Bonds shall only <br />be paid from draws on the Credit Facility or other moneys. Any <br />Bonds so purchased in lieu of redemption shall be delivered to the <br />Trustee for cancellation and shall be cancelled, all as provided <br />in Section 210 hereof. It is understood that in the case of any <br />optional or extraordinary redemption or purchase and cancellation <br />of Bonds, the Authority shall receive credit against its required <br />Sinking Fund deposits with respect to the Bonds of the Maturity <br />• redeemed or purchased and with respect to Bonds which have not been <br />assigned to a particular mandatory Sinking Fund redemption date <br />pursuant to Section 510(e)(ii) hereof, in such order as the <br />Authority shall designate prior to the redemption or purchase and <br />cancellation or, if no such election is made prior to such <br />redemption or purchase and cancellation, in the inverse order <br />thereof; provided, however, that following such reduction each such <br />mandatory Sinking Fund redemption payment is made in integral <br />multiples of an Authorized Denomination. <br />(v) The Trustee shall on each such day on which Bonds <br />bearing interest at a Weekly Rate or an Adjustable Long Rate are <br />to be optionally redeemed in accordance with section 510(a) hereof <br />take such actions as are necessary to draw funds under the Credit <br />Facility on each such day in (i) an amount equal to the principal <br />amount of such Bonds (other than Pledged Bonds) bearing interest <br />at a Weekly Rate or at the Adjustable Long Rate to be so redeemed, <br />(ii) an amount equal to the amount of interest due and owing on <br />such Bonds (other than Pledged Bonds) bearing Interest at a Weekly <br />Rate or at an Adjustable Long Rate to be redeemed to the redemption <br />date and (iii) an amount equal to the premium, if any, due and <br />owing on such Bonds to be so redeemed. The Initial Credit Facility <br />requires a draw request to be submitted for such purpose by <br />11:00 a.m., New York, New York, time, on the Business Day payment <br />is due. <br />~J <br />51 <br />
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