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55A - RESO - GAS TAX BONDS
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55A - RESO - GAS TAX BONDS
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Last modified
10/30/2019 12:55:49 PM
Creation date
10/30/2019 11:40:51 AM
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City Clerk
Doc Type
Agenda Packet
Agency
Finance & Management Services
Item #
55A
Date
11/5/2019
Destruction Year
2024
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(d) Notice of Redemption. Notice of redemption shall be mailed by Bust class mail, <br />postage prepaid, not less than thirty (30) nor more than sixty (60) days before any redemption <br />date, to respective Owners of any Series 2019 Bonds designated for redemption at their <br />addresses appearing on the Registration Books, and to the Securities Depositories and to the <br />Information Services. Each notice of redemption shall state the date of the notice, the <br />redemption date, the place or places of redemption, whether less than all of the Series 2019 <br />Bonds (or all Series 2019 Bonds of a single maturity) are to be redeemed, the CUSIP numbers <br />and bond numbers of the Series 2019 Bonds to be redeemed, the maturity or maturities of the <br />Series 2019 Bonds to be redeemed and in the case of Series 2019 Bonds to be redeemed in part <br />only, the respective portions of the principal amount thereof to be redeemed. Each such notice <br />shall also state that on the redemption date there will become due and payable on each of said <br />Series 2019 Bonds the redemption price thereof, and that from and after such redemption date <br />interest thereon shall cease to accrue, and shall require that such Series 2019 Bonds be then <br />surrendered. Neither the failure to receive any notice nor any defect therein shall affect the <br />proceedings for such redemption or the cessation of accrual of interest from and after the <br />redemption date. Notice of redemption of Series 2019 Bonds shall be given by the Trustee, at <br />the expense of the City, for and on behalf of the City. <br />(e) Conditional Notice of Optional Redemption of Series 2019 Bonds. With respect <br />to the optional redemption of the Series 2019 Bonds pursuant to 2.02(b) the City may instruct the <br />Trustee to include a statement in the notice of such redemption which shall state that such <br />redemption is conditioned upon the receipt by the Trustee on or before the date fixed for such <br />redemption of sufficient funds for such purpose. In the event that sufficient funds shall not have <br />been deposited with the Trustee on or before the date fixed for redemption, the Trustee shall <br />promptly notify the Owners in the same manner in which notice was sent that such redemption is <br />cancelled and the notice thereof shall be deemed to be cancelled and rescinded. <br />(f) Partial Redemption of Series 2019 Bonds. Upon surrender of any Series 2019 <br />Bonds redeemed in part only, the City shall execute and the Trustee shall authenticate and <br />deliver to the Owner thereof, at the expense of the City, a new Series 2019 Bond or Series 2019 <br />Bonds of authorized denominations equal in aggregate principal amount to the unredeemed <br />portion of the Series 2019 Bonds surrendered. <br />(g) Effect of Redemption. Notice of redemption having been duly given as aforesaid, <br />and moneys for payment of the redemption price of, together with interest accrued to the date <br />fixed for redemption on, the Series 2019 Bonds (or portions thereof) so called for redemption <br />being held by the Trustee, on the redemption date designated in such notice, the Series 2019 <br />Bonds (or portions thereof) so called for redemption shall become due and payable, interest on <br />the Series 2019 Bonds so called for redemption shall cease to accrue, said Series 2019 Bonds (or <br />portions thereof) shall cease to be entitled to any benefit or security under this Indenture, and the <br />Owners of said Series 2019 Bonds shall have no rights in respect thereof except to receive <br />payment of the redemption price thereof. <br />All Series 2019 Bonds redeemed pursuant to the provisions of this Article shall be <br />canceled by the Trustee upon surrender thereof and destroyed. <br />55394.00055\32329348.3 554-29 <br />
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