Ord 2004-074 - Laserfiche WebLink

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I I I (i i i) The City reserves the right to purchase Term Bonds, in I ieu of redemption, at a price not exceeding the principal amount thereof, plus accrued interest, with moneys on deposit in the Interest and Sinking Fund which are available for mandatory redemption of the Term Bonds, and the pnncipal amount of Term Bonds so purchased and delivered to the Paying Agent/Registrar at least 50 days prior to a mandatory redemption date shall be credited against the amount required to be called for redemption In that year. (IV) At least thirty (30) days prior to each scheduled Mandatory Redemption Date, the Paying Agent/Registrar shall select for redemption a principal amount of Term Bonds then to be subject to mandatory redemption equal to the aggregate Principal Amount of such Term Bonds to be redeemed, shall call such Bonds for redemption on such scheduled Mandatory Redemption Date, and shall give notice of redemption, as provided in Section 4.04. Section 4.03. Partial Redemption. (a) Ifless than all of the Bonds are to be redeemed, the City shall determine the amounts thereof to be redeemed and shall direct the Paying Agent/Registrar (or DTC or a successor securities depository, as applicable, if the Bonds are in Book-Entry-Only form) to call by lot Bonds, or portions thereof within such maturity and in such principal amounts, for redemption. (b) A portion of a si ngle Bond of a denom ination greater than $5,000 may be redeemed, but only in a principal amount equal to $5,000 or any integral multiple thereof. The Paying Agent/Registrar shall treat each $5,000 portion of the Bond as though it were a single Bond for purposes of selection for redemption. (c) Upon surrender of any Bond for redemption in part, the Paying Agent/Registrar, in accordance with Section 3.06 of this Ordinance, shall authenticate and deliver an exchange Bond or Bonds in an aggregate principal amount equal to the unredeemed portion of the Bond so surrendered. (d) The Paying Agent/Registrar shall promptly notify the City in Writing of the principal amount to be redeemed of any Bond as to which only a portion thereof is to be redeemed. Section 4.04 Notice of Redemption to Owners. (a) The Paying Agent/Registrar shall give notice of any redemption ofSonds by sending notice by United States mail, first class postage prepaid, not less than 30 days before the date fixed for redemption, to the Owner of each Bond (or part thereof) to be redeemed, at the address shown on the Register. (b) The notice shall state the redemption date, the redemption price, the place at which the Bonds are to be surrendered for payment, and, if less than all the Bonds outstanding are to be redeemed, an identification of the Bonds or portions thereof to be redeemed. (c) Any notice given as provided in this Section shall be conclusively presumed to have been duly given, whether or not the Owner receives such notice. Section 4 05 Pavment Upon Redemption. (a) Before or on each redemptIon date, the Paying Agent/Registrar shall make provision for the payment of the Bonds to be redeemed on such date by settlllg aSIde and holding in trust an amount from the Interest and SlIlklng Fund or otherWise receIved by the PaYing Agent/Registrar from the City suffiCient to pay the prlllcipal of, premium, Ifany, and accrued Interest on such Bonds. [( Sail MarcosWWSSRI O.IA,Ducs\Ol"dlllaIlCC'WW Ol"d FIIlal "I'd 13