08-10-09 Common Council Meeting Agenda & Packet

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interest of BANS prepaid in accordance with Section V herein, shall be refunded by the issuance of the Bonds pursuant to, and in the manner prescribed by, the Act. The interest on the BANS shall be payable either from the Net Revenues of the Sewage Works or from proceeds from the issuance and sale here~ander of the Bonds. Section V. Optional Prepayment of BANs• Redemption of the Bonds. (a) Optional Prepayment of BANS. The BANS are prepayable by the City, in whole or in part, at any time, upon seven (7) days' notice to the owner of the BANs, without any premium. In the case of prepayment, the principal and accrued interest due on the BANS shall be paid only from proceeds of the Bonds, except that such principal and interest due on the BANS may also be paid from other revenues and funds legally available therefor, if any, including federal or state funds available for application to the Project; provided, however, that such funds are not pledged to the payment of the BANS. (b) Optional Redemption. The Bonds shall be subject to redemption at the option of the City upon such terms as determined by the Controller based on the advice of the City's financial advisor, to be set forth in a written certificate of the Controller prior to the issuance of the Bonds, provided that the redemption premium shall not exceed two percent (2%) of the par amount of the Bonds to be redeemed. Official notice of such redemption shall be mailed by the Registrar and Paying Agent by certified or registered mail at least sixty (60) days and not more than ninety (90) days prior to the scheduled redemption date to each of the registered owners of the Bonds called for redemption (unless waived by any such registered owner) at the address shown on the registration books of the Registrar and Paying Agent, or at such -15- BDDB01 5738468v1