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Section 4.05. Payment Upon Redemption. <br />(a) Before or on each redemption date, the Paying Agent /Registrar shall make provision <br />for the payment of the Certificates to be redeemed on such date by setting aside and holding in trust <br />an amount from the Interest and Sinking Fund or otherwise received by the Paying Agent /Registrar <br />from the City sufficient to pay the redemption price of such Certificates. <br />(b) Upon presentation and surrender of any Certificate called for redemption at the <br />Designated Payment /Transfer Office on or after the date fixed for redemption, the Paying <br />Agent /Registrar shall pay the redemption price of such Certificate to the date of redemption from <br />the money set aside for such purpose. <br />Section 4.06. Effect of Redemption. <br />(a) Notice of redemption having been given as provided in Section 4.04, the Certificates <br />or portions thereof 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 redemption price thereof, such <br />Certificates or portions thereof shall cease to bear interest from and after the date fixed for <br />redemption, whether or not such Certificates are presented and surrendered for payment on such <br />date. <br />(b) If any Certificate or portion thereof called for redemption is not so paid upon <br />presentation and surrender of such Certificate for redemption, such Certificate or portion thereof <br />shall continue to bear interest at the rate stated on the Certificate until paid or until due provision is <br />made for the payment of same. <br />Section 4.07. Conditional Notice of Redemption. <br />With respect to any optional redemption of the Certificates, unless certain prerequisites to <br />such redemption require by this have been met and the moneys sufficient to pay the principal of and <br />premium, if any, and interest on the Certificates to be redeemed shall have been received by the <br />Paying Agent /Registrar prior to the giving of such notice of redemption, such notice shall state that <br />said redemption may, at the option of the City, be conditional upon the satisfaction of such <br />prerequisites and receipt of such moneys by the Paying Agent /Registrar on or prior to the date fixed <br />for such redemption, or upon any prerequisite set forth in such notice of redemption. If a conditional <br />notice of redemption is given and such prerequisites to the redemption and sufficient moneys are not <br />received, such notice shall be of no force and effect, the City shall not redeem such Certificates and <br />the Paying Agent /Registrar shall give notice, in the manner in which the notice of redemption was <br />given, to the effect that the Certificates have not been redeemed. <br />San Marcos CTRCO 2016: Ordinance 17 <br />