04-14-2021 Council Packet - Laserfiche WebLink

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13068670v2 21 Section 3.07 Partial Redemption of Bonds. If less than all of the Bonds of a particular maturity at the time outstanding are to be called for prior redemption, the particular Bonds or portions thereof of such maturity to be redeemed shall be selected by random selection, except as otherwise provided herein, by the Trustee in such manner as the Trustee, in its discretion, may determine. The Trustee shall call for redemption in accordance with the foregoing provisions as many Bonds or portions thereof as will, as nearly as practicable, exhaust the moneys available therefor. Particular Bonds or portions thereof shall be redeemed only in integral multiples of principal amount of $[25,000]. In the case of Bonds of denominations greater than $[25,000], if less than all of such Bonds then outstanding are to be called for redemption, then for all purposes in connection with redemption, each $[25,000] of principal amount shall be treated as though it was a separate Bond of the denomination of $[25,000]. If it is determined that one or more, but not all of the $[25,000] units of principal amount represented by any such fully registered Bond is to be called for redemption, then upon notice of intention to redeem such $[25,000] unit or units, the owner of such fully registered Bond shall forthwith surrender such Bond to the Trustee (l) for payment of the redemption price (including the redemption premium, if any, and interest to the date fixed for redemption) of the $[25,000] unit or units of principal amount called for redemption and (2) exchange for a new Bond or Bonds of the aggregate principal amount of the unredeemed balance of the principal amount of such fully registered Bond shall be issued to the registered owner thereof, without charge therefor, provided that presentation shall not be required in connection with any mandatory sinking fund payments. If the owner of any such fully registered Bond of a denomination greater than $[25,000] shall fail to present such Bond to the Trustee for payment and exchange as aforesaid, such Bond shall nevertheless become due and payable on the date fixed for redemption to the extent of the $[25,000] unit or units of principal amount called for redemption (and to that extent only). Interest shall cease to accrue on the portion of the principal amount of such Bond represented by such $[25,000] unit or units of principal amount on and after the date fixed for redemption provided that funds sufficient for the payment of the redemption price shall have been deposited with the Trustee and shall be available for the redemption of said $[25,000] unit or units on the date fixed for redemption, and in such event, such Bond shall not be entitled to the benefit or security of this Indenture, the Loan Agreement or the Mortgage to the extent of the portion of its principal amount (and accrued interest thereon to the date fixed for redemption and applicable premium, if any) represented by such $[25,000] unit or units of principal amount, nor shall new Bonds be thereafter issued corresponding to said unit or units. Section 3.08 Sinking Fund. There is hereby established and the Trustee shall during the term hereof, to the extent required hereby, maintain, so long as any of the Series 2021D Bonds shall be outstanding, a separate fund to be designated “City of Little Canada, Minnesota Subordinate Senior Housing and Healthcare Revenue Bonds (New Harmony Project), Series 2021D Sinking Fund” (herein called the “Sinking Fund”). For the retirement of the Series 2021D Bonds, the Corporation has covenanted in the Loan Agreement to deposit in the Sinking Fund, as required, an amount sufficient to redeem on June 1 and December 1 of the years indicated below the following principal amounts of the Series 2021D Bonds, on the dates specified (each such date being herein called a “Sinking Fund redemption date”) at the principal amount thereof plus accrued interest to the redemption date: