O-1988-1600 - Laserfiche WebLink

Browse Search

. e date and, if less than all of the Bonds within any matur~ty are to be redeemed, the particular Bonds within.each maturity to be redeemed. The registered owner of any Bond, all or a portion of which has been called for redemption, shall be required to present such Bond to the Paying Agent/Registrar for payment of the principal of, and accrued interest on, that portion of the Bond called for redemption; provided, however, upon the surrender of any such Bond, the Authority shall execute and the Paying Agent/Registrar shall authenti- cate and deliver to the registered owner thereof a new Bond or Bonds of the same maturity in an aggregate principal a~ount equal to the unredeemed portion of the Bond surren- dered. Notice of redemption shall be given by mailing a copy thereof by first class mail, postage prepaid, at least 30 days prior to the date fixed for redemption to the registered owner of each Bond to be redeemed in whole or in part at the address of such owner on the Bond Register; provided, however, that failure to give such notice, or any defect therein, shall not affect the validity of the proceed- ings for the redemption of any Bond or portion thereof with respect to which no such ~ai1ure or defect has occurred. Any notice mailed as provided in this Section 2.04 shall be conclusively presumed to have been duly given, whether or not the registered owner receives the notice. . Prior to the date fixed for redemption, the Authority shall deposit, or cause to be deposited, with the Paying Agent/Registrar, funds sufficient to pay in full the principal of all Bonds or portions thereof called for redemption, together with accrued interest thereon to the redemption date. Any Bond or Bonds duly called for redemption, due provision for the full payment of which has been timely made, shall cease to bear interest from and after the date fixed for redemption. 2.05. Transfers and Exchanges of the Bonds. .The Authority shall cause to be kept at the principal office of the Paying Agent/Registrar a register (the "Bond Register") in which, subject to such reasonable regulations as the Authority and the Paying Agent/Registrar nlay prescribe, registration of the Bonds and transfers of the Bonds shall be made as provided herein. Upon surrender for transfer of any Bond at the principal office of the Paying Agent/Registrar, the Authority shall execute and the Paying Agent/Registrar shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Bonds of the same maturity, of any authorized denominations, bearing the same rate of interest and of a like aggregate principal amount. At the option of the registered owner of any Bond, it may be exchanged for other Bonds of the same maturity, of any authorized denominations, bearing the same rate of interest, 022DESAO/024COS -7-