Laserfiche WebLink
<br />21 <br />ARTICLE V. <br />REDEMPTION OF BONDS BEFORE MATURITY <br />Section 5.1. Redemption Dates and Prices. The Bonds maturing on or after <br />__________ 1, 20___, are subject to redemption prior to maturity at the option of the Issuer on or <br />after __________ 1, 20___, upon thirty (30) days’ notice, in whole or in part, in order of maturity <br />determined by Issuer and by lot within maturities, at face value, plus accrued interest to the date <br />fixed for redemption. <br /> <br />If fewer than all of the Bonds at the time outstanding are to be called for redemption, <br />the maturities of Bonds or portions thereof to be redeemed shall be in inverse order of maturity. If <br />fewer than all of the Bonds within a maturity are to be redeemed, the Trustee shall apply moneys <br />available for redemption on a pro rata basis, based on the respective portion of the principal amount <br />of Bonds held by the respective owners of the Bonds within such maturity that shall be redeemed. <br />Section 5.2. Notice of Redemption. In the case of redemption of Bonds pursuant <br />to Section 5.1 hereof, notice of the call for any such redemption identifying the Bonds, or portions <br />of fully registered Bonds, to be redeemed shall be given by mailing a copy of the redemption notice <br />by first class mail not less than thirty (30) days nor more than sixty (60) days prior to the date fixed <br />for redemption to the registered owner of each Bond to be redeemed at the address shown on the <br />registration books. Such notice of redemption shall specify the Bond numbers and called amounts <br />of each Bond, the redemption date, redemption price, interest rate, maturity date and the name and <br />address of the Trustee; provided, however, that failure to give such notice by mailing, or any defect <br />therein, with respect to any such registered Bond shall not affect the validity of any proceedings <br />for the redemption of other Bonds. In the event of a partial redemption the Bonds shall be <br />redeemed in inverse order of maturity. <br />On and after the redemption date specified in the aforesaid notice, such Bonds, or <br />portions thereof, thus called shall not bear interest, shall no longer be protected by this Indenture <br />and shall not be deemed to be outstanding under the provisions of this Indenture, and the holders <br />thereof shall have the right only to receive the redemption price thereof plus accrued interest <br />thereon to the date fixed for redemption. <br />Section 5.3. Cancellation. All Bonds which have been redeemed in whole shall <br />be canceled and cremated or otherwise destroyed by the Trustee and shall not be reissued and a <br />counterpart of the certificate of cremation or other destruction evidencing such cremation or other <br />destruction shall be furnished by the Trustee to the Issuer upon request. <br />Section 5.4. Redemption Payments. Prior to the date fixed for redemption in <br />whole, funds shall be deposited with Trustee to pay, and Trustee is hereby authorized and directed <br />to apply such funds to the payment of the Bonds or portions thereof called, together with accrued <br />interest thereon to the redemption date. Upon the giving of notice and the deposit of funds for <br />redemption, interest on the Bonds thus called shall no longer accrue after the date fixed for <br />redemption. No payment in full shall be made by the Trustee upon any Bond until such Bond shall <br />have been delivered for payment or cancellation or the Trustee shall have received the items <br />required by Section 2.8 hereof with respect to any mutilated, lost, stolen or destroyed Bond.