05-13-2020 Council Packet - Laserfiche WebLink

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11 to or destruction or condemnation of the Project or change of law rendering the Loan Agreement unenforceable or impossible of performance. Mandatory Redemption Upon Determination of Taxability. All Series 2020 Bonds are subject to mandatory redemption in whole prior to maturity, at a price of 103% of the outstanding principal amount thereof plus accrued interest, upon the occurrence of a Determination of Taxability. Acceleration. Upon an Event of Default under the Indenture, all Series 2020 Bonds are subject to acceleration and prepayment on any date selected by the Trustee at their principal amount, plus accrued interest, without premium. Notice of Redemption; Payment The Trustee is required to cause notice of the call for any redemption to be mailed to the then owner of each Series 2020 Bond to be redeemed, by first class mail, not less than 30 days nor more than 60 days prior to the redemption date. If required by law, the Trustee shall publish any notice of redemption in the publications identified in the Indenture at least once not less than 30 days before the redemption date. Failure to mail or any defect in any such notice shall not affect the validity of any proceedings for the redemption of any Series 2020 Bond. Interest on any Series 2020 Bonds or portions thereof called for redemption ceases to accrue on the date established for redemption pursuant to such notice if notice of redemption has been given and money sufficient for payment is on deposit with the Trustee on such redemption date. Any notice of redemption may provide that the redemption will be conditioned on the receipt by the Trustee of sufficient funds for the redemption on or prior to the redemption date. Ownership The person in whose name a Series 2020 Bond is registered may be treated for all purposes as the owner thereof. (The remainder of this page is intentionally left blank.)