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55A - RESO - GAS TAX BONDS
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11/05/2019
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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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Notice of Redemption. Notice of redemption will be mailed by first class mail, postage prepaid, not less <br />than thirty (30) nor more than sixty (60) days before any redemption date, to respective Owners of any Bonds <br />designated for redemption at their addresses appearing on the registration books, and to the securities depositories <br />and to the information services. Each notice of redemption will state the date of the notice, the redemption date, <br />the place or places of redemption, whether less than all of the Bonds (or all Bonds of a single maturity) are to be <br />redeemed, the CUSIP numbers and Bond numbers of the Bonds to be redeemed, the maturity or maturities of the <br />Bonds to be redeemed and in the case of Bonds to be redeemed in part only, the respective portions of the principal <br />amount thereof to be redeemed. Each such notice will also state that on the redemption date there will become <br />due and payable on each of said Bonds the redemption price thereof, and that from and after such redemption date <br />interest thereon will cease to accrue, and will require that such Bonds be then surrendered. Neither the failure to <br />receive any notice nor any defect therein will affect the proceedings for such redemption or the cessation of accrual <br />of interest from and after the redemption date. Notice of redemption of Bonds will be given by the Trustee, at the <br />expense of the City, for and on behalf of the City. <br />With respect to the optional redemption of the Bonds, the City may instruct the Trustee to include a <br />statement in the notice of such redemption which will state that such redemption is conditioned upon the receipt <br />by the Trustee on or before the date fixed for such redemption of sufficient funds for such purpose. In the event <br />that sufficient funds will not have been deposited with the Trustee on or before the date fixed for redemption, the <br />Trustee will promptly notify the Owners in the same manner in which notice was sent that such redemption is <br />cancelled and the notice thereof will be deemed to be cancelled and rescinded. <br />Effect of Redemption. Notice of redemption having been duly given as aforesaid, and moneys for <br />payment of the redemption price of, together with interest accrued to the date fixed for redemption on, the Bonds <br />(or portions thereof) so called for redemption being held by the Trustee, on the redemption date designated in such <br />notice, the Bonds (or portions thereof) so called for redemption will become due and payable, interest on the <br />Bonds so called for redemption will cease to accrue, said Bonds (or portions thereof) will cease to be entitled to <br />any benefit or security under the Indenture, and the Owners of said Bonds will have no rights in respect thereof <br />except to receive payment of the redemption price thereof. <br />All Bonds redeemed pursuant to the provisions of the Indenture will be canceled by the Trustee upon <br />surrender thereof and destroyed. <br />Purchase in Lieu of Redemption. In lieu of mandatory sinking fund redemption of the Bonds, the City <br />may place funds on deposit with the Trustee at any time for the purchase of the Bonds at public or private sale as <br />and when and at such prices (including brokerage and other charges, but excluding accrued interest, which is <br />payable from the Interest Account) as the City may in its discretion determine, but not to exceed the principal <br />amount of the Bonds to be purchased plus the redemption premium applicable on the next ensuing optional <br />redemption date. <br />Book -Entry Only System <br />The Bonds will be issued as fully registered bonds in book -entry only form, registered in the name of <br />Cede & Co. as nominee of DTC, and will be available to ultimate purchasers in the denomination of $5,000 or <br />any integral multiple of $5,000, under the book -entry system maintained by DTC. While the Bonds are subject <br />to the book -entry system, the principal, interest and any prepayment premium with respect to a Bond will be paid <br />by the Trustee to DTC, which in turn is obligated to remit such payment to its DTC Participants for subsequent <br />disbursement to Beneficial Owners of the Bonds. Purchasers of the Bonds will not receive certificates <br />representing their interests therein, which will be held at DTC. <br />See "APPENDIX E — DTC AND THE BOOK -ENTRY ONLY SYSTEM'' for further information <br />regarding DTC and the book -entry system. <br />55.4-92 <br />
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