Laserfiche WebLink
13068670v2 <br /> <br /> <br />19 <br /> <br />ARTICLE III <br /> <br />REDEMPTION OF BONDS <br />Section 3.01 Redemption of Series 2021D Bonds. The Series 2021D Bonds shall be <br />subject to redemption prior to maturity only as follows: <br />The Series 2021D Bonds maturing after June 1, 2026, are subject to optional prior <br />redemption, in whole or in part, and if in part in inverse order of maturity and by random selection <br />within a maturity, and in integral multiples of [$25,000], at the direction of the Corporation, on <br />June 1, 2026, and any business day thereafter at the following redemption price, plus accrued <br />interest. <br />Period During Which Redeemed Redemption Price <br />June 1, 2026 through May 31, 2027 101% <br />June 1, 2027 and thereafter 100% <br />(a) The Series 2021D Bonds are subject to extraordinary redemption on any <br />Business Day in whole, but not in part, at a redemption price equal to par, plus accrued <br />interest to the redemption date, upon the happening of certain events of damage to or <br />destruction or condemnation of the Project Facilities or change of law rendering the Loan <br />Agreement unenforceable or impossible of performance, all as more fully provided in <br />Sections 4.06, 5.10 and 5.11 of the Loan Agreement. <br />(b) The Series 2021D Bonds are subject to mandatory redemption through <br />operation of the Sinking Fund provided for in Section 3.08 hereof, at a redemption price <br />equal to par plus accrued interest, such Bonds of the applicable maturity to be selected by <br />random selection by the Trustee, on June 1 and December 1 of the years and in the amounts, <br />respectively set forth in Section 3.08. <br />(c) The Series 2021D Bonds are also subject to mandatory redemption in the <br />event a Determination of Taxability shall be made. In such event, each of the outstanding <br />Series 2021D Bonds shall be subject to mandatory redemption and shall be redeemed on a <br />Business Day after notice to the Corporation of the Determination of Taxability, and the <br />Corporation shall cause notice thereof to be given to the Holders of the Bonds, as more <br />fully provided in Section 4.07 of the Loan Agreement, at a redemption price equal to par, <br />plus accrued interest, plus a premium of 3% of the principal amount being redeemed. <br />Notice of any such redemption of Bonds shall be mailed in the form provided by Section <br />3.02 and in the manner and to the extent required by Section 3.03. On or prior to the date fixed for <br />redemption, funds shall be deposited with the Trustee sufficient to pay the Bonds called and <br />accrued interest thereon, plus any premium required. Upon the happening of the above conditions, <br />any Bonds thus called shall not bear interest after the call date, and except for the purpose of <br />payment by application of the funds so deposited, shall no longer be protected by the Indenture.