05-13-2020 Council Packet - Laserfiche WebLink

Home Browse Search

12316306v3 -21- unenforceable or impossible of performance, all as more fully provided in Section 4.07 of the Loan Agreement. Notice of any such redemption of Bonds shall be published and mailed in the form provided by Section 3.02 and in the manner and to the extent required by Section 3.03. On or prior to the date fixed for redemption, funds shall be deposited with the Trustee sufficient to pay the Bonds called and accrued interest thereon, plus any premium required. Upon the happening of the above conditions, any Bonds thus called shall not bear interest after the call date, and except for the purpose of payment by application of the funds so deposited, shall no longer be protected by the Indenture. Section 3.02 Written Notice to Trustee. If the Bonds are to be redeemed pursuant to Section 3.01 hereof, and written notice of an election to exercise an option to redeem Bonds under Section 4.07 of the Loan Agreement or written notice of a Determination of Taxability under Section 4.08 of the Loan Agreement shall have been given to the Trustee by the Borrower, the Trustee shall prepare a notice in the name of the Issuer or in its own name describing the outstanding Bonds to be redeemed, the date of redemption, and the redemption price. If the Borrower shall fail to give notice of redemption under Section 4.08(c) of the Loan Agreement, the Trustee is authorized to give notice of redemption, as provided by Section 4.08(c) of the Loan Agreement. Section 3.03 Notice to Bondholders of Redemption. Notice of redemption (including when only a portion of the Bonds is to be redeemed, the series and numbers of such Bonds or the maturities thereof) shall be mailed by the Trustee, not less than thirty days nor more than sixty days before the redemption date, by first class mail, to the registered owners of any Bonds which are to be redeemed, at their last addresses appearing upon the registration records maintained by the Trustee hereunder. A 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. If required by the Act or other applicable law, a similar notice shall also be published in such manner as may be required by the Act or other applicable law. No notice of redemption need be given if the Holders of all Bonds called for redemption waive notice thereof in writing and such waiver is filed with the Trustee. Section 3.04 Deposit for Redemption. On or prior to the redemption date, there shall be deposited with the Trustee cash in an aggregate amount which shall be sufficient to pay the redemption price of the Bonds to be redeemed, and interest thereon to the redemption date; and there shall be deposited, or arrangements shall be made with the Trustee to deposit, with the Trustee a sum sufficient to pay the proper expenses and charges of the Trustee in connection with such redemption. Upon deposit with the Trustee of the aggregate amount of such redemption price and interest, such moneys shall be set aside by the Trustee and held by it for the account of the respective Holders of the Bonds being redeemed. Section 3.05 Payment of Redeemed Bonds. After notice of redemption shall have been given as provided in Section 3.03, the Bonds specified in such notice shall become due and payable on the redemption date. Payment of the redemption price and interest shall be made to or upon order of each registered owner, upon the surrender of the Bonds. Any installment of interest maturing on or prior to the redemption date shall be payable to the registered owners of