Res 1985-045 - Laserfiche WebLink

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thereof to be sent promptly thereafter to each registered owner of the Bonds, by United states mail, first class postage prepaid, which notice shall also state the name and address of the new Paying Agent/Registrar. Section 6. REDEMPTION. (a) Option to Redeem. The Bonds scheduled to mature on and after August 1, 1996, shall be subject to redemption prior to maturity, at the option of the City, on August 1, 1995, or on any interest payment date thereafter, as a whole or in part, in ~rincipal amounts of $5,000 or any integral multiple thereof (and 1f within a Stated Maturity at random and by lot by the Paying Agent/Registrar), at the redemption price equal to the principal amount thereof plus accrued interest to the date of redemption. (b) Exercise of Option. At least 45 days prior to a date set for redemption of Bonds (unless a shorter notice shall be satisfactory to the Paying Agent/Registrar), the City shall notify the Paying Agent/Registrar of the date set for such redemption and the principal amount of Bonds of each Stated Maturity to be redeemed. The City's decision to exercise its option to redeem any Bonds shall be entered in the official minutes of its governing body. (c) Selection of Bonds for Redemption. If less than all of the Outstanding Bonds of a Stated Maturity are to be redeemed on a redemption date, the Paying Agent/Registrar shall select at random and by lot the Bonds to be redeemed; provided, however, that if less than the entire amount of a Bond is to be redeemed, the Paying Agent/Registrar shall treat such Bond then subj ect to redemption as representing the number of Outstanding Bonds which is obtained by dividing the principal amount of such Bond by $5,000. The Paying Agent/Registrar shall prom~tly notify the city in writing of the Bonds selected for redempt10n and, in the case of any Bond selected for partial redemption, the principal amount of such Bond to be redeemed. (d) Notice of Redemption. Not less than 30 days prior to a redemption date for the Bonds, the City shall cause a notice of redemption to be sent by United States mail, first class ~ostage prepaid, to each registered owner of a Bond to be redeemed 1n whole or in part, at the address of the registered owner appearing on the Registration Books at the time such notice of redemption is mailed. Any notice of redemption so mailed shall be conclusively presumed to have been duly given whether or not received by the Holder. All notices of redemption shall state (i) the date of redemption for the Bonds, ( ii) the identity of the Bonds to be redeemed and, in the case of a portion of the principal amount to be redeemed, the principal amount thereof to be redeemed, (iv) that on the redemption date the redemption price of each of the Bonds to be redeemed will become due and payable and that interest thereon, or on the portion of the principal amount thereof to be -4-