R-1989-01 - Laserfiche WebLink

Browse Search

e e 2.04. Redemption of Bonds. The Authority reserves the right to redeem, in whole or from time to time in part, all of the Bonds on December 1, 1998, or any interest payment date thereafter, by paying the principal thereof and accrued interest thereon. The Authority shall, at least 45 days prior to the date fixed for redemption (unless a shorter notice shall be satisfactory to the Paying Agent/Registrar), notify the Paying Agent/Registrar of such date and, if less than all of the Bonds within any maturity 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 authenticate and deliver to the registered owner thereof a new Bond or Bonds of the same maturity in an aggregate principal amount equal to the unredeemed portion of the Bond surrendered. 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 proceedings for the redemption of any Bond or portion thereof with respect to which no such failure 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 redemp- tion, 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 may prescribe, registration of the Bonds and transfers of the Bonds shall be made as provided herein. Upon surrender for transfer of 038DESAJ/024C02 -7-