Approving Issuance of Bonds of the South Bend Redevelopment District

Home Browse Search

financial advisor, is hereby authorized and directed to determine the terms governing any such redemption, and such terms shall be evidenced by delivery of the form of the 2014 Bonds to the Controller. Notice of redemption shall be mailed by first -class mail to the address of each registered owner of a 2014 Bond to be redeemed as shown on the Registration Record not more than sixty (60) days and not less than thirty (30) days prior to the date fixed for redemption except to the extent such redemption notice is waived by owners of 2014 Bonds redeemed, provided, however, that failure to give such notice by mailing, or any defect therein, with respect to any 2014 Bond shall not affect the validity of any proceedings for the redemption of any other 2014 Bonds. The notice shall specify the date and place of redemption, the redemption price and the CUSIP numbers, if any, of the 2014 Bonds called for redemption. The place of redemption may be determined by the Commission. Interest on the 2014 Bonds so called for redemption shall cease on the redemption date fixed in such notice if sufficient funds are available at the place of redemption to pay the redemption price on the date so named, and thereafter; such 2014 Bonds shall no longer be protected by this resolution and shall not be deemed to be outstanding hereunder, and the holders thereof shall have the right only to receive the redemption price. All 2014 Bonds which have been redeemed shall be canceled and shall not be reissued; provided, however, that one or more new registered bonds shall be issued for the unredeemed portion of any 2014 Bond without charge to the holder thereof. No later than the date fixed for redemption, funds shall be deposited with the Paying Agent or another paying agent to pay, and such agent is hereby authorized and directed to apply such funds to the payment of, the 2014 Bonds or portions thereof called for redemption, including accrued interest thereon to the redemption date. No payment shall be made upon any 2014 Bond or portion thereof called for redemption until such bond shall have been delivered for payment or cancellation or the Registrar shall have received the items required by this resolution with respect to any mutilated, lost, stolen or destroyed bond. SECTION 5. Appointment of Registrar and Paying Agent. The Controller is hereby appointed to serve as registrar and paying agent or to appoint a registrar and paying agent for the 2014 Bonds (together with any successor, the "Registrar" or "Paying Agent'). The Registrar is hereby charged with the responsibility of authenticating the 2014 Bonds, and shall keep and maintain the Registration Record at its office. The Controller is hereby authorized to enter into such agreements or understandings with an institution as will enable the institution to perform the services required of the Registrar and Paying Agent. The Controller is authorized to pay such fees as an institution may charge for the services it provides as Registrar and Paying Agent. The Registrar and Paying Agent may at any time resign as Registrar and Paying Agent by giving thirty (30) days written notice to the Commission and to each registered owner of the 2014 Bonds then outstanding, and such resignation will take effect at the end of such thirty (30) days or upon the earlier appointment of a successor Registrar and Paying Agent by the Commission. Such notice to the Commission may be served personally or be sent by first -class or registered mail. The Registrar and Paying Agent may be removed at any time as Registrar and Paying Agent by the Commission, in which event the Commission may appoint a successor Registrar and Paying Agent. The Commission shall notify each registered owner of the 2014 Bonds then outstanding of the removal of the Registrar and Paying Agent. Notices to registered 5