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<br />August 21, 2006 (Regular Meeting)
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<br />Page 56
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<br />The Bonds maturing prior to March 1, 2017 will not be subject to
<br />redemption prior to maturity. The Bonds maturing on March 1, 2017 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, 2016, at a redemption price equal to 100%
<br />of the principal amount of the Bonds to be redeemed, together with interest
<br />accrued thereon to the date fixed for redemption.
<br />If less than all of the Bonds of anyone maturity shall be called for
<br />redemption then, subj ect to the immediately following sentence, 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 the Bonds, if less than all of the Bonds
<br />of anyone 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 />the 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
<br />redemption if, on or prior to the third (3rd) business day preceding any date
<br />fixed for redemption of Bonds, the County gives written notice to the Bond
<br />Registrar and the registered owner of each Bond theretofore called for
<br />redemption that the County has elected to revoke its call of such Bonds for
<br />redemption.
<br />If any Bonds or portions thereof are to be redeemed, the Bond Registrar
<br />shall open a separate account for the sole benefit of the bondholders whose
<br />Bonds are being redeemed, which account may be maintained by the Bond
<br />Registrar or by an agent. On or before the date fixed for redemption, moneys
<br />shall be deposited with the Bond Registrar in its capacity as such for
<br />deposit in such account to pay the principal of and the redemption premium,
<br />if any, on the Bonds or portions thereof called for redemption as well as the
<br />interest accruing thereon to the redemption date thereof.
<br />On the date fixed for redemption, notice of such call for redemption
<br />having been given in the manner and under the conditions hereinabove provided
<br />and not revoked as hereinabove provided, the Bonds or portions thereof so
<br />called for redemption shall be due and payable from the moneys required to be
<br />deposited in such account at the redemption price provided therefore, plus
<br />accrued interest to such date. If moneys sufficient to pay the redemption
<br />price of the Bonds or portions thereof to be redeemed, plus accrued interest
<br />thereon to the date fixed for redemption, are held by the Bond Registrar in
<br />such account in trust for the registered owners of Bonds or portions thereof
<br />to be redeemed, interest on the Bonds or portions thereof called for
<br />redemption shall cease to accrue, such Bonds or portions thereof shall cease
<br />to be entitled to any benefits or security under this resolution or to be
<br />deemed outstanding, and the registered owners of such Bonds or portions
<br />thereof shall have no rights in respect thereof except to receive payment of
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