2003-075 - Laserfiche WebLink

Home Browse Search

SECTION 12. PROVISIONS FOR REDEMPTION. The Bonds or any portions thereof shall be subject to redemption prior to their respective stated dates of maturity, at the option of the County or otherwise, at such times and in such manner as shall be determined by subsequent resolution adopted prior to the sale thereof. Except as specifically prohibited or otherwise provided by subsequent resolution with respect to a particular series of Bonds, in lieu of any mandatory redemption of Term Bonds, the County may purchase from money in the Sinking Fund or the Bond Amortization Account or other available funds of the County, at a price not to exceed the principal amount thereof plus accrued interest, and tender to the Paying Agent for cancellation Term Bonds of the appropriate series and maturity. The amount of the Term Bonds of such series and maturity to be so called for redemption on the next mandatory redemption date shall be reduced by the principal amount of Term Bonds so purchased and tendered and, if the principal amount thereof is greater than the amount required to be redeemed on the next mandatory redemption date, the excess may be credited against subsequent mandatory redemptions in such manner as the County may direct. Notice of such redemption shall, not more than forty-five (45) days and not less than thirty (30) days prior to the redemption date, (i) be filed with the Bond Registrar and Paying Agent, and (ii) be mailed, postage prepaid, to the Registered Owners of Bonds to be redeemed at their addresses as they appear of record on the books of the Bond Registrar as of forty-five (45) days prior to the date fixed for redemption. Interest shall cease to accrue on any Bond duly called for prior redemption on the redemption date, if payment thereof has been duly provided. The County and the Bond Registrar shall not be required to issue or to register the transfer of or exchange any Bonds then considered for redemption during a period beginning at the close of business on the fifteenth (15th) day next preceding any date of selection of Bonds to be redeemed and ending at the close of business on the day of mailing the applicable notice of redemption, as hereinafter provided, or to register the transfer of or exchange any portion of any of the Bonds selected for redemption until after the redemption date. All notices of redemption with respect to the Bonds shall specify the series, maturities and numbers of the Bonds to be redeemed (including the CUSIP numbers); the date fixed for redemption; the redemption price or prices to be applicable to the Bonds to be redeemed; and that n the date fixed for redemption such Bonds shall be payable at the principal corporate trust office of the Paying Agent (specifying the address of same). If holders or registered owners of all such Bonds to be redeemed file written waivers of notice with the Paying Agent, such Bonds may be redeemed on the redemption date without necessity of notice by mailing. Failure to mail any notice of redemption or any defect therein or in the mailing thereof shall not affect the validity of any proceeding for redemption of other Bonds so called for redemption. So long as a Bond Insurance Policy is in effect with respect to a series of Bonds, notice of redemption of such Bonds, other than mandatory sinking fund redemption and redemption resulting from a refunding, shall be given or published only if sufficient funds have been deposited with the Paying Agent to pay the redemption price of the series of Bonds to be redeemed. SECTION 13. FORM OF BONDS. The text of the Bonds and the certificate of 8