1985-09-24 Special Meeting - Laserfiche WebLink

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principal thereof and accrued interest thereon. The City shall, at least forty-five (45) days prior to the date fixed for redemption (unless a shorter notice shall be satisfac- tory to the Paying Agent/Registrar), notify the Paying Agent/Registrar of such date, the principal amount of Bonds of each maturity to be redeemed and, if less than all of the Bonds within any maturity are to be redeemed, the particular Bonds within each such 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 City 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 registered or certified mail at least thirty (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 registration books; 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 5 shall be conclusively presumed to have been duly given, whether or not the regis- tered owner receives the notice. Prior to the date fixed for redemption, the City 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 inter- est 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. Section 6: That the City 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 City 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 any Bond at the principal office of the Paying Agent/Registrar, the City shall execute and the Paying Agent/Registrar shall authenticate and deliver, in the name of the designated transferee or trans- ferees, 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 denomi- nations, bearing the same rate of interest, and of like aggregate principal amount, upon surrender of the Bond to be exchanged at the principal office of the Paying Agent/Regis- trar. Whenever any Bond is so surrendered for exchange, the City shall execute, and the Paying Agent/Registrar shall authenticate and deliver, the Bonds which the registered owner of the Bond making the exchange is entitled to re- ceive. All Bonds issued upon any transfer or exchange of any Bond shall be the valid obligations of the City, evi- dencing the same debt, and entitled to the same benefits under this Ordinance, as the Bond surrendered upon such transfer or exchange. Every Bond presented or surrendered for transfer or exchange shall be duly endorsed, or be 002RDRAw/193B01 -3-