2014-048 - Execution and Delivery By the City of a Master Installment Purchase Agreement

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America at the Corporate Trust Office of the Trustee upon presentation and surrender of such 2014 Bonds. (b) (i) The 2014 Bonds shall bear interest at the rates set forth in Section 3.01(a) above, payable on the Interest Payment Dates in each year, commencing on March 1, 2015. Each 2014 Bond shall bear interest from the Interest Payment Date next preceding the date of authentication thereof, unless such date of authentication is during the period commencing after a Record Date through and including the next succeeding Interest Payment Date, in which event it shall bear interest from such Interest Payment Date, or unless such date of authentication is on or before the first Record Date, in which event it shall bear interest from ; provided, however, that if on the date of authentication of any 2014 Bonds, interest is then in default on the Outstanding 2014 Bonds, such 2014 Bonds shall bear interest from the Interest Payment Date to which interest has previously been paid or made available for payment on the Outstanding 2014 Bonds. (ii) Payment of interest on the 2014 Bonds due on or before the maturity or prior redemption thereof shall be made to the person in whose name such 2014 Bonds is registered, as of the Record Date preceding the applicable Interest Payment Date, on the registration books kept by the Trustee pursuant to Section 2.05 hereof, such interest to be paid by check mailed by first class mail on such Interest Payment Date to such Owner at his address as it appears on such books; provided, that in the event the ownership of such 2014 Bonds is no longer maintained in book -entry form by the Depository, such payment shall be made by wire transfer to any Owner of at least $1,000,000 in aggregate principal amount of 2014 Bonds, in immediately available funds to an account in the United States designated in writing by such Owner to the Trustee prior to the applicable Record Date. Interest on the 2014 Bonds shall be payable in lawful money of the United States of America and shall be calculated on the basis of a 360 day year consisting of twelve 30 day months. SECTION 3.02. Redemption of 2014 Bonds. (a) 2014 Bonds maturing on or after September 1, shall be subject to redemption, at the option of the Authority, upon at least 45 days prior written notice to the Trustee specifying the date and amount of such redemption, on or after September 1, in whole or in part on any date (by lot within any maturity and among maturities as specified by the Authority) at the following redemption prices, plus accrued interest to the date fixed for redemption: Redemption Period (dates inclusive) September 1, through August 31, September 1, through August 31, September 1, and thereafter Redemption Price (percentage of principal amount) (b) Notice of redemption shall be given by the Trustee, not less than 30 nor more than 60 days prior to the redemption date to (i) the respective Owners of the 2014 Bonds designated for redemption at their addresses appearing on the registration books of the Trustee by first class mail and (ii) the Securities Depositories and the Information Services by certified or 55394.00011 \5754149.4 18