Ord 2007-036 - Laserfiche WebLink

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Section 4 03 Partial Redemption. (a) If less than all of the Bonds are to be redeemed pursuant to Section 4 02(a), the Crty shall determine the maturities and amounts thereof to be redeemed and shall direct the Paying Agent/Registrar (or DTC or a successor securities depository, as applicable, if the Bonds are mBook-Entry-Only form) to call by lot Bonds, or portions thereof within such maturity and m such principal amounts, for redemption. (b) A portion of a single Bond of a denomination greater than $5,000 maybe redeemed, but only in a principal amount equal to $5,000 or any integral multiple thereof. The Paying Agent/Registrar shall treat each $5,000 portion of the Bond as though rt were a single Bond for purposes of selection for redemption. (c) Upon surrender of any Bond for redemption m part, the Paying Agent/Registrar, m accordance with Section 3 06, shall authenticate and deliver m exchange a Bond or Bonds m an aggregate principal amount equal to the unredeemed portion of the Bond so surrendered. (d) The Paying Agent/Registrar shall promptly notify the City m writing of the principal amount to be redeemed of any Bond as to which only a portion thereof is to be redeemed. Section 4 04 Notice of Redemption to Owners (a) The Paying Agent/Registrar shall give notice of any redemption of Bonds by sending notice by United States mail, first class postage prepaid, not less than 30 days before the date fixed for redemption, to the Owner of each Bond (or part thereof) to be redeemed, at the address shown on the Register (b) The notice shall state the redemption date, the redemption pace, the place at which the Bonds are to be surrendered for payment, and, if less than all the Bonds outstanding are to be redeemed, an identification of the Bonds or portions thereof to be redeemed. (c) Any notice given as provided m this Section shall be conclusively presumed to have been duly given, whether or not the Owner receives such notice Section 4 OS Payment Upon Redemption. (a) Before or on each redemption date, the Paying Agent/Registrar shall make provision for the payment of the Bonds to be redeemed on such date by setting aside and holding in trust an amount from the Interest and Sinking Fund or otherwise received by the Paying Agent/Registrar from the City sufficient to pay the principal of, premium, if any, and accrued interest on such Bonds (b) Upon presentation and surrender of any Bond called for redemption at the Designated Payment/Transfer Office on or after the date fixed for redemption, the Paying Agent/Registrar shall pay the principal of, premium, if any, and accrued interest on such Bond to the date of redemption from the money set aside for such purpose S an Marcos GO 2007 Ordinance 13