05-13-2020 Council Packet - Laserfiche WebLink

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12316306v3 -20- ARTICLE III REDEMPTION OF BONDS Section 3.01 Redemption of Series 2020 Bonds. The Series 2020 Bonds shall be subject to redemption prior to maturity only as follows: (a)The Series 2020 Bonds maturing after May 1, 2025, are subject to optional redemption prior to the stated maturities thereof, at the direction of the Borrower, in whole or in part, and if in part in integral multiples of $5,000 and in such order of maturities as shall be selected by the Borrower and by random selection within a maturity, on May 1, 2025, and any business day thereafter at a price equal to the principal amount of Bonds to be redeemed, plus accrued interest, plus a premium (expressed as a percentage of the principal amount of Bonds to be redeemed), as follows: Redemption Date Premium May 1, 2025 to and including April 30, 2026 2.00% May 1, 2026 to and including April 30, 2027 1.00% and thereafter without premium. (b)[Reserved.] (c)The Series 2020 Bonds are subject to mandatory redemption in the event a Determination of Taxability shall be made. In such event, each of the outstanding Series 2020 Bonds shall be subject to mandatory redemption and shall be redeemed on the first interest payment date occurring at least 45 days after notice to the Borrower of the Determination of Taxability, and the Borrower shall cause notice thereof to be given to the Holders of the Bonds, as more fully provided in Section 4.08 of the Loan Agreement, at a redemption price equal to par, plus accrued interest, plus a premium equal to 3.00% of the principal amount of the Bonds to be redeemed. (d)The Series 2020 Bonds maturing in the years 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2035, 2040, 2045, 2050 and 2057, are subject to mandatory redemption through operation of the Sinking Fund provided for in Section 3.08 hereof, at a redemption price equal to par plus accrued interest, such Bonds to be selected by lot by the Trustee, on May 1 and November 1 of the years and in the amounts, respectively set forth in Section 3.08. (e)The Series 2020 Bonds are subject to extraordinary redemption on any business day, at the direction of the Borrower, in whole or in part, and if in part in integral multiples of $5,000 and in such order of maturities as shall be selected by the Borrower and by random selection within a maturity, at a redemption price equal to par, plus accrued interest to the redemption date, upon the happening of certain events of damage to or destruction or condemnation of the Project Facilities or change of law rendering the Loan Agreement