1994-06-21 Minutes - Laserfiche WebLink

Home Browse Search

• utilization of such other method will not adversely affect the validity or enforceability in accordance with their terms of any Bonds or any exemption from federal income taxation to which the interest on the Bonds would otherwise be entitled, the Bonds to be converted shall be assigned to the dates set forth in the schedule in Section 510(e)(i) in the inverse order thereof. Section 511. Notice of Redemption. (a) Except as hereinafter provided, a copy of the notice of the call for any redemption identifying the Bonds to be redeemed shall be given by first class mail, postage prepaid, with respect to Bonds bearing interest at a Weekly Rate or an Adjustable Long Rate for a Rate Period of 366 days or less, not less than 10 days and not more than 30 days prior to the date fixed for redemption and, with respect to Bonds bearing interest at an Adjustable Long Rate for a Rate Period in excess of 366 days or a Fixed Rate, not less than 30 nor more than 60 days prior to the date fixed for redemption, to-the registered owners of Bonds to be redeemed at their addresses as shown on the Bond Register. Such notice shall specify the redemption date, the redemption price, the place and manner of payment and that from the redemption date interest will cease to accrue on the Bonds which are the subject of such notice and shall include such other information as the Trustee shall deem appropriate or necessary at the time such notice is given to comply with any applicable law, regulation or industry standard. Except for mandatory Sinking Fund. redemptions or any redemption to be paid • with the proceeds of a draw on the Credit Facility, prior to the date that the redemption notice is first given as aforesaid, funds shall be placed with the Trustee to pay such Bonds and accrued interest thereon to the redemption date or to reimburse the Credit Facility Issuer. in connection therewith. Prior to the time at which all Bonds bear interest at Fixed Rates, Immediate Notice of any such redemption shall also be given to the Remarketing Agent promptly following the giving of notice to the Bondholders as aforesaid. (b) Notwithstanding Section 511(a) hereof, if the Bonds are to be redeemed pursuant to Section 510(b) hereof, the Trustee shall give Immediate Notice to the Credit Facility Issuer upon receipt of the Written Request of the Authority. (d) Failure to give notice in the manner prescribed hereunder with respect to any Bond, or any defect in such notice, shall not affect the validity of the proceedings for redemption for any Bond with respect to which notice was properly given. Upon the happening of the above conditions and if sufficient moneys are on deposit with the Trustee on the applicable redemption date to redeem the Bonds to be redeemed and to pay interest due thereon and premium, if any, the Bonds thus called shall not after the applicable redemption date bear interest, be protected by this Indenture or be deemed to be outstanding under the provisions of this Indenture. • 53