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1994-06-21 Minutes
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1994-06-21 Minutes
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• utilization of such other method will not adversely affect the <br />validity or enforceability in accordance with their terms of any <br />Bonds or any exemption from federal income taxation to which the <br />interest on the Bonds would otherwise be entitled, the Bonds to be <br />converted shall be assigned to the dates set forth in the schedule <br />in Section 510(e)(i) in the inverse order thereof. <br />Section 511. Notice of Redemption. (a) Except as <br />hereinafter provided, a copy of the notice of the call for any <br />redemption identifying the Bonds to be redeemed shall be given by <br />first class mail, postage prepaid, with respect to Bonds bearing <br />interest at a Weekly Rate or an Adjustable Long Rate for a Rate <br />Period of 366 days or less, not less than 10 days and not more than <br />30 days prior to the date fixed for redemption and, with respect <br />to Bonds bearing interest at an Adjustable Long Rate for a Rate <br />Period in excess of 366 days or a Fixed Rate, not less than 30 nor <br />more than 60 days prior to the date fixed for redemption, to-the <br />registered owners of Bonds to be redeemed at their addresses as <br />shown on the Bond Register. Such notice shall specify the <br />redemption date, the redemption price, the place and manner of <br />payment and that from the redemption date interest will cease to <br />accrue on the Bonds which are the subject of such notice and shall <br />include such other information as the Trustee shall deem <br />appropriate or necessary at the time such notice is given to comply <br />with any applicable law, regulation or industry standard. Except <br />for mandatory Sinking Fund. redemptions or any redemption to be paid <br />• with the proceeds of a draw on the Credit Facility, prior to the <br />date that the redemption notice is first given as aforesaid, funds <br />shall be placed with the Trustee to pay such Bonds and accrued <br />interest thereon to the redemption date or to reimburse the Credit <br />Facility Issuer. in connection therewith. Prior to the time at <br />which all Bonds bear interest at Fixed Rates, Immediate Notice of <br />any such redemption shall also be given to the Remarketing Agent <br />promptly following the giving of notice to the Bondholders as <br />aforesaid. <br />(b) Notwithstanding Section 511(a) hereof, if the Bonds <br />are to be redeemed pursuant to Section 510(b) hereof, the Trustee <br />shall give Immediate Notice to the Credit Facility Issuer upon <br />receipt of the Written Request of the Authority. <br />(d) Failure to give notice in the manner prescribed <br />hereunder with respect to any Bond, or any defect in such notice, <br />shall not affect the validity of the proceedings for redemption for <br />any Bond with respect to which notice was properly given. Upon the <br />happening of the above conditions and if sufficient moneys are on <br />deposit with the Trustee on the applicable redemption date to <br />redeem the Bonds to be redeemed and to pay interest due thereon and <br />premium, if any, the Bonds thus called shall not after the <br />applicable redemption date bear interest, be protected by this <br />Indenture or be deemed to be outstanding under the provisions of <br />this Indenture. <br />• <br />53 <br />
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