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<br />I <br /> <br />I <br /> <br />I <br /> <br />Section 4.04. Notice of Redemption to Owners. <br /> <br />(a) The Paying Agent/Registrar shall give notice of any redemption of Bonds by sending <br />notice by United States mail, first class postage prepaid, not less than 30 days before the date fixed <br />for redemption, to the Owner of each Bond (or part thereof) to be redeemed, at the address shown <br />on the Register. <br /> <br />(b) The notice shall state the redemption date, the redemption price, the place at which <br />the Bonds are to be surrendered for payment, and, if less than all the Bonds outstanding are to be <br />redeemed, an identification of the Bonds or portions thereof to be redeemed. <br /> <br />(c) Any notice given as provided in this Section shall be conclusively presumed to have <br />been duly given, whether or not the Owner receives such notice. <br /> <br />Section 4.05. Payment Upon Redemption. <br /> <br />(a) Before or on each redemption date, the Paying Agent/Registrar shall make provision <br />for the payment of the Bonds to be redeemed on such date by setting aside and holding in trust an <br />amount from the Interest and Sinking Fund or otherwise received by the Paying Agent/Registrar <br />from the City sufficient to pay the principal of, premium, if any, and accrued interest on such Bonds. <br /> <br />(b) Upon presentation and surrender of any Bond called for redemption at the Designated <br />Payment/Transfer Office on or after the date fixed for redemption, the Paying Agent/Registrar shall <br />pay the principal of, premium, if any, and accrued interest on such Bond to the date of redemption <br />from the money set aside for such purpose. <br /> <br />Section 4.06. Effect of Redemption. <br /> <br />(a) Notice of redemption having been given as provided in Section 4.04 of this <br />Ordinance, the Bonds or portions thereof called for redemption shall become due and payable on the <br />date fixed for redemption and, unless the City defaults in the payment of the principal thereof, <br />premium, if any, or accrued interest thereon, such Bonds or portions thereof shall cease to bear <br />interest from and after the date fixed for redemption, whether or not such Bonds are presented and <br />surrendered for payment on such date. <br /> <br />(b) If any Bond or portion thereof called for redemption is not so paid upon presentation <br />and surrender of such Bond for redemption, such Bond or portion thereof shall continue to bear <br />interest at the rate stated on the Bond until paid or until due provision is made for the payment of <br />same. <br /> <br />SANMARCOS/WWWSRev2006A-2: Ordinance <br /> <br />15 <br />