Ord 1993-038 - Laserfiche WebLink

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15D lA. requirements shall be reduced, at the option of the City, by the principal amount of any Bonds which, at least 45 days pr~or to the mandatory redemption date, (1) shall have been acquired by the City at a price not exceeding the principal amount of such Bonds pIus accrued interest to the date of purchase thereof, and delivered to the Paying Agent/Registrar for cancellation, (2) shall have been purchased and cancelled by the Paying Agent/Registrar at the request of the City at a price not exceeding the principal amount of such Bonds pIus accrued interest to the date of purchase, or (3) shall have been redeemed pursuant to the optional redemption provisions and not theretofore credited against a mandatory redemption requirement. Section 4.04. Partial Redemption. (a) If less than all of the Bonds are to be redeemed pursuant to the optional rights reserved in Section 4.02 hereof, the City shall determine the maturity or maturities and the amounts thereof to be redeemed and shall direct the Paying Agent/Registrar to call Bonds, or portions thereof, by 10t, within such maturity or maturities and in such principal amounts, for redemption. (b) The particular Bonds to be redeemed pursuant to the mandatory requirements of Section 4.03 hereof shall be selected at random by the Paying Agent/Registrar in such manner as the Paying Agent/Registrar deems fair and appropriate, with the approval of the City. (c) 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 Paying Agent/Registrar shall treat each $5,000 portion of the Bond as though it were a single Bond for purposes of selection for redemption. (d) Upon surrender of any Bond for redemption in part, the Paying Agent/Registrar, 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. (e) The Paying Agent/Registrar shall promptly notify the City in writing of the principal amount to be redeemed of any Bond as to which only a portion thereof is to be redeemed. Section 4.05. Notice of Redemption to Owners. (a) The Paying Agent/Registrar shall give notice of any redemption of Bonds by sending notice by United States ma iI, 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. 4588f -17-