Ord 1996-085 - Laserfiche WebLink

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Jllg, qualified securities depository to replace DTC, the Issuer shaIl cause to be authenticated and delivered replacement Bonds, in œrti.ficate fonn, to the beneficial owners of the Bonds. In the event that the Issuer makes the determination noted in (ii) or (iii) above (provided that the Issuer undertakes no obligation to make any investigation to determine the occurrence of any events that would permit the Issuer to make any such determination), and has made provisions to notify the beneficial owners of Bonds of such determination by mailing an appropriate notice to DTC, it shall cause to be issued Replacement Bonds in certificate form to beneficial owners of the Bonds as shown on the records of DTC provided to the Issuer. Whenever, during the term of the Bonds, the beneficial ownership thereof is determined by a book entry at DTC, the requirements in this Resolution of holding, delivering or transferring Bonds shall be deemed modified -- ~ to require the appropriate Person or entity to meet the requirements of DTC as to registering or transferring the book entry to produce the same effect. If at any time, DTC ceases to hold the Bonds as securities depository, all references herein to DTC shall be of no further force or effect. ARTICLE IV REDEMPTION OF BONDS BEFORE MATURITY Section 4.01. Limitation on Redemption. The Bonds shall be subject to redemption before scheduled maturity only as provided in this Article IV. Section 4.02. Redemption of Bonds Prior to Maturity. . The City reserves the option to redeem Bonds maturing on and after February 15,2007 in whole or in part, before their scheduled maturity date, in inverse order of maturity? on February 15, 2006, or on any date thereafter (such redemption date or dates to be fixed by the City) at a price equal to the principal amount of the Bonds called for redemption plus accrued interest from the most recent interest payment date on which interest has been paid or duly provided for to the redemption date. The City, at least 45 days before the redemption date (unless a shorter period shall be satisfactory to the Paying AgentlRegistrar), shall notify the Paying Agent/Registrar of such redemption date and of the principal amount of Bonds to be redeemed. Section 4.03. Partial Redemption. (a) If less 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/R.egistrar to call by lot Bonds, or portions thereof within such maturity and in such principal amounts, for redemption. (b) A portion of a single Bond of a denomination greater than $5,000 may be redeemed, but only in a principal amount equal to $5,000 or any integral multiple thereof The Pa}ing 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 AgentlRegistrar, 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. "',..."UAAIWWU9<B\DOQ\OItDNCUN 11