1983-008 - Laserfiche WebLink

Home Browse Search

, ! l ; , I l Redemption Redemption Dates Prices January 1, 1989 and July 1, 1989 103% January 1, 1990 and July 1, 1990 1 02~~ January 1, 1991 and July 1, 1991 1 0 1~~ January 1, 1992 and thereafter 100% The Bonds shall be called for optional redemption by the Servicing Agent as herein provided only upon receipt by the Servicing Agent at least forty-five (45) days prior to the redemption date of a certificate signed by the Company Representative directing such redemption. Such certificate shall specify the redemption date, the principal amount of the Bonds so to be called for redemption and the applicablc redemption price. (c) Selection of Bonds to be Redeemed. In the event that pursuant to subsection (a) or (b) of this Section 3.01, the Bonds are to be redeemed in part, the Bonds to be redeemed shall be selected and redeemed by the Servicing Agent, ~n behalf of the Authority, on a reasonably proportionate basis from among the total principal amount of Bonds then Outstanding based upon $5,000 increments applied to each $250,000 increment of the original principal amount of Bonds issued. Upon presentat i on and surrender of any Bond to be redeemed by the Owner thereof in person or by his attorney duly authorized in writing, the Servicing Agent shall note and endorse the redemption amount on the redemption certificate on the Bonds, the form of which is set forth in Exhibit B attached hereto, and shall pay said amount by check or draft of the Servicing Agent payable to the Owner and either (whichever may be requested by the Owner) delivered to the Owner at the time of said endorsement or mailed to the Owner at his address as shown on the registration records a t the Authori ty kept by the Servi ci ng Agent pursuant to Sect i on 2.06 hereof or at such other address as the Owner may have fi 1 ed wi th the Servi ci ng Agent for that purpose. (d) Payment of Redemption Price. The principal amount to be redeemed shall be paid to the Owners of Bonds in the same manner as principal maturing on Bonds. Redemption shall be valid upon payment of the amount thereby required to be paid by the Servicing Agent, on behalf of the Authority, to the Owners of the Bonds being redeemed, and the Authority and the Servicing Agent shall be released and discharged from all liability to the extent of such payment. Section 3.02. Notice of Redemption. Notice of redemption shall be mailed by the Servicing Agent, on behalf of the Authority, to the respective Owners of any Bonds designated for redemption at their addresses appearing on the Bond registration records kept by the Servicing Agent at least twenty (20) days but not more than forty (40) days prior to the redemption date. Such notice shall state the redemption date, the total principal amount to be redeemed on such date and the redemption price, and shall, in addition, set forth, in the case of each Bond called only in part, the portion of the principal thereof which is to be redeemed. Such notice shall also state that the interest on the Bonds or portion thereof to be redeemed shall cease to accrue from and after such redemption date, and shall describe the method for payment of the redemption amount as provided in Section 3.01(d). Neither failure to mail such notice nor any defect in any notice so mailed shall affect the sufficiency of the proceedings for the redemption of Bonds. 9