1980-075 CRA - Laserfiche WebLink

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408. Payment of Redeemed Bonds. Notice having been given as aforesaid, and the rroneys for the payment of the Redemption Price and interest to the Redemption Date having been credited to the Redemption Fund, the Bonds or portions thereof so called for redemption shall become due and payable on the Redemption Date at the Redemption Price, plus interest accrued and unpaid to the Redemption Date, and, upon presentation and surrender thereof at the office or offices specified in such notice, together with, in the case of coupon Bonds, all appurtenant coupons maturing subsequent to the Redemption Date, such Bonds or portions thereof shall be paid at the Redemption Price, plus interest accrued and unpaid to the Redemption Date not represented by coupons for matured interest installments. All interest installments represented by coupons which shall have matured on or prior to the Redemption Date shall continue to be payable to the bearers of such coupons from the appropriate Fund or Account other than the Redemption Fund. If, on the Redemption Date, moneys for the redemption of all the Bonds or portions thereof to be redeemed, together with interest to the Redemption Date, shall be held by the Trustee or any Paying Agent so as to be available therefor on said Redemption Date, and, if notice of redemption shall have been given as aforesaid, then, from and after the Redemption Date, interest on the Bonds or portions thereof so called for redemption shall cease to accrue and become payable, and the coupons appertaining thereto maturing subsequent to the Redemption Date shall be void. If said moneys shall not be so available on the Redemption Date, such Bonds or portions thereof shall continue to bear interest until paid at the same rates as they would have borne had they not been called for redemption. 409. Redeemed Bonds as Satisfaction of Sinking Fund Installments. Each annual Sinking Fund Installment WhlCh shall have been establ ished pursuant to the Supplemental Resolution for Term Bonds shall be reduced by the amount obtained by multiplying the principal amount of Term Bonds called for redemption otherwise than by reason of the application of Sinking Fund Installments, by the ratio which each such annual Sinking Fund Installment bears to the total of all annual Sinking Fund Installments established for all Term Bonds then Outstanding hereunder; provided that, to the extent that an annual Sinking Fund Installment shall be, by reason of any such reduction, in excess of a multiple of five thousand dollars ($5,000) at the time of application of such Annual Sinking Fund Installment to the call and redemption of Term Bonds, the excess shall be applied to the next succeeding annual Sinking Fund Installment and shall be then used to call and redeem Term Bonds. 27 . . . . . .