|
March 18, 2013 (Regular Meeting) Page 1464
<br />in every particular, without alteration or enlargement or any change
<br />whatever.
<br />[End of Bond Form]
<br />Certificated Bonds issuable hereunder shall be in substantially the
<br />form of the Bonds registered in the name of the Securities Depository Nominee
<br />with such changes as are necessary to reflect the provisions of this
<br />resolution that are applicable to Certificated Bonds.
<br />Section 7. The various maturities of the Bonds will be subject to
<br />redemption prior to their respective maturity as set forth herein or as
<br />otherwise designated by the County Manager or Finance Director at the time of
<br />sale of the Bonds. All or any of the maturities of the Bonds, as so
<br />designated by the County Manager or Finance Director, may be nonredeemable
<br />prior to their stated maturity. If any of the Bonds are to be redeemable
<br />before their stated maturity, the provisions set forth in the remainder of
<br />this Section 7 shall apply; but such provisions shall be inapplicable if none
<br />of the Bonds are subject to redemption prior to their stated maturity.
<br />The Bonds maturing prior to March 1, 20 will not be subject to
<br />redemption prior to maturity. The Bonds maturing on March 1, 20 and
<br />thereafter will be redeemable, at the option of the County, from any moneys
<br />that may be made available for such purpose, either in whole or in part on
<br />any date not earlier than March 1, 20 , at a redemption price equal to 1000
<br />of the principal amount of the Bonds to be redeemed, together with interest
<br />accrued thereon to the date fixed for redemption, without premium.
<br />If less than all of the Bonds of any one maturity shall be called for
<br />redemption then, subject to the sentence immediately following, the
<br />particular Bonds, or portions of Bonds, of such maturity to be redeemed shall
<br />be selected by lot in such manner as the County in its discretion may
<br />determine; provided, however, that the portion of any Bond to be redeemed
<br />shall be in the principal amount of $5,000 or some whole multiple thereof and
<br />that, in selecting Bonds for redemption, each Bond shall be considered as
<br />representing that number of Bonds which is obtained by dividing the principal
<br />amount of such Bond by $5,000. So long as a book -entry system is used for
<br />determining beneficial ownership of Bonds if less than all of the Bonds of
<br />any one maturity shall be called for redemption, the Securities Depository
<br />shall determine by lot the amount of interest of each direct participant of
<br />the Securities Depository in the Bonds within such maturity to be redeemed.
<br />If less than all of the Bonds stated to mature on different dates shall be
<br />called for redemption, the particular Bonds, or portions thereof to be
<br />redeemed shall be called in such maturities and amounts of those maturities
<br />as shall be determined by the County.
<br />Not more than 60 days nor less than 30 days before the redemption date
<br />of any Bonds to be redeemed, whether such redemption be in whole or in part,
<br />the County shall cause a notice of such redemption to be filed with the Bond
<br />Registrar and to be mailed, postage prepaid, to the registered owner of each
<br />Bond to be redeemed in whole or in part at the address of said owner
<br />appearing upon the registration books of the County; provided, however, so
<br />long as a book -entry system is used for determining beneficial ownership of
<br />Bonds, such notice shall be given to the Securities Depository Nominee by
<br />certified or registered mail or by such other method as the County may
<br />determine to be necessary or advisable with the concurrence of the Securities
<br />Depository. Failure to mail such notice or any defect therein as to any Bond
<br />or portion thereof shall not affect the validity of the redemption as to any
<br />Bond or portion thereof for which such notice was given as required hereby.
<br />Each such notice shall set forth the date designated for redemption, the
<br />redemption price to be paid and the maturities of the Bonds to be redeemed.
<br />In the event that Certificated Bonds are outstanding, each such notice to the
<br />registered owners thereof shall also set forth, if less than all of the Bonds
<br />of any maturity then outstanding shall be called for redemption, the
<br />distinctive numbers and letters, if any, of such Bonds to be redeemed and, in
<br />the case of any Bond to be redeemed in part only, the portion of the
<br />principal amount thereof to be redeemed. If any Bond is to be redeemed in
<br />part only, the notice of redemption shall state also that on or after the
<br />redemption date, upon surrender of such Bond, a new Bond or Bonds in
<br />principal amount equal to the unredeemed portion of such Bond will be issued.
<br />The County shall have the right to revoke any call of Bonds for redemption
<br />if, on or prior to the third (3rd) business day preceding any date fixed for
<br />redemption of Bonds, the County gives written notice to the Bond Registrar
<br />and the registered owner of each Bond theretofore called for redemption that
<br />the County has elected to revoke its call of such Bonds for redemption.
<br />If any Bonds, or portions thereof, are to be redeemed, the Bond
<br />Registrar shall open a separate account for the sole benefit of the
<br />bondholders whose Bonds are being redeemed, which account may be maintained
<br />by the Bond Registrar or by an agent. On or before the date fixed for
<br />redemption, moneys shall be deposited with the Bond Registrar in its capacity
<br />as such for deposit in such account to pay the principal of and the
<br />
|