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such determination is being calculated bears to the total number of days (based on 30 -day <br />months) from such last preceding Compounding Date to the next succeeding Compounding <br />Date. <br />Section 5. REDEMPTION. (a) Right of Redemption. The City reserves the right, at its <br />option, to redeem the Bonds as set forth in the FORM OF BOND and the Pricing Certificate. The <br />City, at least thirty (30) days before the date of any optional redemption, shall notify the Paying <br />Agent/Registrar of such redemption date and of the amount and maturity of the Bonds to be <br />redeemed. <br />(b) Notice of Redemption to Bondholder. The Paying Agent/Registrar shall give notice <br />of any redemption of the Bonds by sending notice by first class United States mail, postage <br />prepaid, not less than thirty (30) days before the date fixed for redemption, to the Bondholder at <br />the address shown in the Register. The notice shall state among other things, the redemption <br />date, the redemption price, the place at which the Bonds are to be surrendered for payment, and <br />that the Bonds so called for redemption shall cease to bear interest after the redemption date. <br />Any notice given as provided in this Section shall be conclusively presumed to have been duly <br />given, whether or not the Bondholder receives such notice. With respect to any optional <br />redemption of the Bonds, unless certain prerequisites to such redemption required by or this <br />Ordinance have been met and moneys sufficient to pay the principal of and premium, if any, and <br />interest on the Bonds to be redeemed shall have been received by the Paying Agent/Registrar <br />prior to the giving of such notice of redemption, such notice shall state that said redemption may, <br />at the option of the City, be conditional upon the satisfaction of such prerequisites and receipt of <br />such moneys by the Paying Agent/Registrar on or prior to the date fixed for such redemption, or <br />upon any prerequisite set forth in such notice of redemption. If a conditional notice of <br />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 Bonds and <br />the Paying Agent/Registrar shall give notice, in the manner in which the notice of redemption <br />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 <br />interest thereon, such Bonds thereof shall cease to bear interest from and after the date fixed for <br />redemption, whether or not such Bond is presented and surrendered for payment on such date. If <br />the Bonds thereof called for redemption are not so paid upon presentation and surrender thereof <br />for redemption, such Bonds thereof shall continue to bear interest at the rate stated on the Bond <br />until paid or until 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 <br />and 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 />San Marcos GORB2021 - Delegated: Ordinance <br />