Ordinance 1990-1021 - Laserfiche WebLink

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/3-7 The outstanding principal amount of the Bond is subject to optional prior redemption in whole, at the option of the City (on request of the Borrower), on any principal and interest payment date, upon payment of par, accrued interest to the date of redemption, plus a premium of 1% of the principal amount to be redeemed. The outstanding principal amount of this Bond is subject to optional prior redemption in part, in an amount not less than $800 and not greater than 10% of the total principal amount then outstanding, at the option of the City (on the request of the Borrower) on any principal and interest payment date, upon payment of par, accrued interest to the date of redemption, without redemption premium. Notice of optional redemption shall be mailed or delivered at least thirty (30) days before the redemption date to the Holder of the Bond at its last address appearing on the Bond Register of the Trustee. Any notice mailed as provided in the Indenture shall be conclusively presumed to have been duly given, whether or not the Holder receives the notice. Each notice of redemption shall specify the date fixed for redemption, the redemption price, the place or places of payment, that payment will be made upon presentation and/or surrender of the Bond, that interest accrued to the date fixed for redemption will be paid as specified in said notice, and that on and after said date interest thereon will cease to accrue. If less than the entire outstanding principal amount of the Bond is to be redeemed, the notice of redemption shall specify the principal amount of the Bond to be redeemed. In case an Event of Default as defined in the Indenture or Loan Agreement occurs, the principal of this Bond may be declared or may become due and payable prior to the stated maturity hereof in the manner and with the effect and subject to the conditions provided in the Indenture, but the Holder of the Bond shall have no rights to enforce the provisions of the Indenture, Loan Agreement, Assignment, or Mortgage except as provided in the Indenture. wi th the consent of the City and Trustee and to the extent permitted by and as provided in the Indenture, the terms and provisions of the Indenture, the Loan Agreement, Assignment, or the Mortgage, or of any instrument supplemental thereof, may be modified or altered by the assent or authority of the Holder of the Bond. It is hereby certified and recited and the city Council has found: that the Project is an eligible "project" defined in Section 29-3-103(10) of the Act; that the issuance of the Bond and the acquisition and construction of the Project will promote the public welfare and carry out the purposes of the Act; that all acts, conditions and things required to be done precedent to and in the issuance of this Bond have been done properly, have - 8 -