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(b) Notice of Redemption to Bondholder. The Paying Agent/Registrar shall give notice of <br />any redemption of the Bonds by sending notice by first class United States mail, postage prepaid, <br />not less than thirty (30) days before the date fixed for redemption, to the Bondholder at the address <br />shown in the Register. The notice shall state among other things, the redemption date, the <br />redemption price, the place at which the Bonds are to be surrendered for payment, and that the Bonds <br />so called for redemption shall cease to bear interest after the redemption date. Any notice given as <br />provided in this Section shall be conclusively presumed to have been duly given, whether or not the <br />Bondholder receives such notice. With respect to any optional redemption of the Bonds, unless <br />certain prerequisites to such redemption required by or this Ordinance have been met and moneys <br />sufficient to pay the principal of and premium, if any, and interest on the Bonds to be redeemed shall <br />have been received by the Paying Agent /Registrar prior to the giving of such notice of redemption, <br />such notice shall state that said redemption may, at the option of the City, be conditional upon the <br />satisfaction of such prerequisites and receipt of such moneys by the Paying Agent/Registrar on or <br />prior to the date fixed for such redemption, or upon any prerequisite set forth in such notice of <br />redemption. If a conditional notice of redemption is given and such prerequisites to the redemption <br />and sufficient moneys are not received, such notice shall be of no force and effect, the City shall not <br />redeem such Bonds and the Paying Agent/Registrar shall give notice, in the manner in which the <br />notice of redemption was given, to the effect that the Bonds have not been redeemed. <br />(c) Effect of Redemption. Notice of redemption having been given as provided in this <br />Section, the Bonds called for redemption shall become due and payable on the date fixed for <br />redemption and, unless the City defaults in the payment of the principal thereof or accrued interest <br />thereon, such Bonds thereof shall cease to bear interest from and after the date fixed for redemption, <br />whether or not such Bond is presented and surrendered for payment on such date. If the Bonds <br />thereof called for redemption are not so paid upon presentation and surrender thereof for redemption, <br />such Bonds thereof shall continue to bear interest at the rate stated on the Bond until paid or until <br />due provision is made for the payment of same. <br />(d) Conditional Notice of Redemption. With respect to any optional redemption of the <br />Bonds, unless certain prerequisites to such redemption required by this Ordinance have been met and <br />moneys sufficient to pay the principal of the premium, if any, and interest on the Bonds to be <br />redeemed shall have been received by the Paying Agent prior to the giving of such notice of <br />redemption, such notice shall sate that said redemption may, at the option of the City, be conditional <br />upon the satisfaction of such prerequisites and receipt of such moneys by the Paying Agent/Registrar <br />on or prior to the date fixed for such redemption, or upon any prerequisite set forth in such notice <br />of redemption. If a conditional notice of redemption is given and such prerequisites to the <br />redemption and sufficient moneys are not received, such notice shall be of no force and effect, the <br />City shall not redeem such Bonds and the Paying Agent/Registrar shall give notice, in the manner <br />in which the notice of redemption was given, to the effect that the Bonds have not been redeemed. <br />San Marcos GORB 2014 - Delegated: Ordinance 5 <br />