04-14-2021 Council Packet - Laserfiche WebLink

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28 Corporation may (i) deliver to the Trustee for cancellation such Series 2021D Bonds in any aggregate principal amount desired, or (ii) receive a credit in respect of such Sinking Fund redemption obligation for any such Series 2021D Bonds which prior to said date have been purchased or redeemed (otherwise than at the stated maturity thereof or through the operation of such Sinking Fund) and cancelled by the Trustee and not theretofore applied as a credit against such Sinking Fund redemption obligation. Each such Series 2021D Bond so delivered or previously purchased or redeemed shall be credited by the Trustee at 100% of the principal amount thereof on the obligation of the Corporation on such Sinking Fund redemption date and any excess amount shall be credited on future Sinking Fund redemption obligations in chronological order, and the principal amount of such Series 2021D Bonds to be redeemed by operation of the Sinking Fund shall be accordingly reduced. Mandatory Redemption Upon Exercise of Senior Notes Put Option. [To come.] Extraordinary Redemption Upon Certain Events. The Series 2021D Bonds are subject to extraordinary redemption on any Business Day in whole, but not in part, 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 unenforceable or impossible of performance, all as more fully provided in the Loan Agreement. Extraordinary Redemption Upon Determination of Taxability. The Series 2021D Bonds are also subject to mandatory redemption in the event a Determination of Taxability shall be made. In such event, each of the outstanding Series 2021D Bonds shall be subject to mandatory redemption and shall be redeemed on a Business Day after notice to the Corporation of the Determination of Taxability, and the Corporation shall cause notice thereof to be given to the Holders of the Series 2021D Bonds, as more fully provided in the Loan Agreement, at a redemption price equal to par, plus accrued interest, plus a premium of 3% of the principal amount being redeemed.. Acceleration. Subject to the terms of the Subordination and Intercreditor Agreement, upon an Event of Default under the Indenture, all Series 2021D 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; Deposit and Payment Mailing of Notice. Notice of redemption (including when only a portion of the Series 2021D Bonds is to be redeemed, the series and numbers of such Series 2021D 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 Series 2021D Bonds which are to be redeemed, at their last addresses appearing upon the registration records maintained by the Trustee hereunder. No notice of redemption need be given if the Holders of all Series 2021D Bonds called for redemption waive notice thereof in writing and such waiver is filed with the Trustee. [add provision if conditional notice is permitted] 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 Series 2021D 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 Series 2021D Bonds being redeemed. Payment of Redeemed Bonds. After notice of redemption shall have been given, the Series 2021D 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 Series 2021D Bonds. If redemption moneys are available for the payment of all of the Series 2021D Bonds called for redemption on the redemption date, the Series 2021D Bonds so called shall cease to draw interest after the redemption date, and such Series 2021D Bonds shall not be deemed to be outstanding hereunder for any purpose, except that the Holders thereof, on presentation, as herein provided, shall be entitled to receive payment of the redemption price and interest accrued thereon to the redemption date from the moneys set aside by the Trustee as aforesaid.