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04-22-1991 CC
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04-22-1991 CC
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MV City Council
City Council Document Type
City Council Packets
Date
4/22/1991
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6. Redemption. All Bonds maturing after February 1, <br /> 2000, shall be subject to redemption and prepayment at the option <br /> of the City on said date and on any date thereafter at a price of <br /> par plus accrued interest to date of redemption. Redemption may <br /> be in whole or in part of the Bonds subject to prepayment. If <br /> redemption is in part, the City shall determine the amount of <br /> Bonds of each maturity to be prepaid; and if only part of the <br /> Bonds having a common maturity date are called for prepayment, <br /> the specific Bonds to be prepaid shall be chosen by lot by the <br /> Bond Registrar. Bonds or portions thereof called for redemption <br /> shall be due and payable on the redemption date, and interest <br /> thereon shall cease to accrue from and after the redemption date. <br /> Published notice of redemption shall in each case be given in <br /> accordance with law, and mailed notice of redemption shall be <br /> given to the paying agent and to each affected registered owner <br /> of the Bonds. <br /> To effect a partial redemption of Bonds having a common <br /> maturity date, the Bond Registrar, prior to giving notice of <br /> redemption, shall assign to each Bond of that maturity a <br /> distinctive number for each $5, 000 of the principal amount of <br /> such Bond. The Bond Registrar shall then select by lot, using <br /> such method of selection as it shall deem proper in its <br /> discretion, from the numbers so assigned to such Bonds, as many <br /> numbers as, at $5, 000 for each number, shall equal the principal <br /> amount of such Bonds to be redeemed. The Bonds to be redeemed <br /> shall be the Bonds to which were assigned numbers so selected; <br /> provided, however, that only so much of the principal amount of <br /> each such Bond of a denomination of more than $5, 000 shall be <br /> redeemed as shall equal $5, 000 for each number assigned to it and <br /> so selected. If a Bond is to be redeemed only in part, it shall <br /> be surrendered to the Bond Registrar (with, if the City or Bond <br /> Registrar so requires, a written instrument of transfer in form <br /> satisfactory to the City or Bond Registrar duly executed by the <br /> registered owner thereof or by the registered owner's attorney, <br /> duly authorized in writing) and the City shall execute (if <br /> necessary) and the Bond Registrar shall authenticate and deliver <br /> • • - -. - -. . , . — . a :. . . . . — -_chAY7P,—a <br /> new Bond or Bonds of the same series having the same stated <br /> maturity and interest rate and of any authorized denomination or <br /> denominations, as requested by such registered owner, in <br /> aggregate principal amount equal to and in exchange for the <br /> unredeemed portion of the principal of the Bond so surrendered. <br /> 7 . Bond Registrar. <br /> , in , , is appointed to act as <br /> bond registrar and transfer agent with respect to the Bonds (the <br /> "Bond Registrar") , and shall do so unless and until a successor <br /> Bond Registrar is duly appointed, all pursuant to any contract <br /> the City and Bond Registrar shall execute which is consistent <br /> herewith. The Bond Registrar shall also serve as paying agent <br /> unless and until a successor paying agent is duly appointed. The <br /> 16244 <br /> 4 <br />
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