|
489
<br />
<br />each Bond to be redeemed for each period of 12 months or part thereof between
<br />the redemption date and the maturity date of such Bond, such premium not to
<br />exceed 2% of such principal amount.
<br /> If less than all of the Bonds of any one maturity shall be called for
<br />redemption, the particular Bonds or portions of Bonds of such maturity to be
<br />redeemed shall be selected by lot by the Issuer in such manner as the Issuer in
<br />its discretion may determine; provided, however, that the portion of any Bond
<br />to be redeemed shall be in the principal amount of $5,000 or some multiple
<br />thereof and that, in selecting Bonds for redemption, each Bond shall be
<br />considered as representing that number of Bonds which is obtained by dividing
<br />the principal amount of such Bond by $5,000; provided further, however, that,
<br />so long as a book-entry system with DTC is used for determining beneficial owner-
<br />ship of Bonds, if less than all of the Bonds within a maturity are to be
<br />redeemed, DTC shall determine by lot the amount of the interest of each DTC
<br />direct participant in the Bonds to be redeemed. If less than all of the Bonds
<br />stated to mature on different dates shall be called for redemption, the
<br />particular Bonds or portions thereof to be redeemed shall be called in the
<br />inverse order of their maturities.
<br /> Not more than sixty (60) nor less than thirty (30) days before the
<br />redemption date of any Bonds to be redeemed, whether such redemption be in whole
<br />or in part, the Issuer shall cause a notice of such redemption to be filed with
<br />the Bond Registrar and to be mailed, postage prepaid, to the registered owner
<br />of each Bond to be redeemed in whole or in part at his address appearing upon
<br />the registration books of the Issuer, provided that such notice to Cede & Co.
<br />shall be given by certified or registered mail. Failure to mail such notice or
<br />any defect therein shall not affect the validity of the redemption as regards
<br />registered owners to whom such notice was given as required hereby. Each such
<br />notice shall set forth the date designated for redemption, the redemption price
<br />to be paid and the maturities of the Bonds to be redeemed. In the event that
<br />Certificated Bonds are outstanding, each such notice to the registered owners
<br />thereof shall also set forth, if less than all of the Bonds of any maturity then
<br />outstanding shall be called for redemption, the distinctive numbers and letters,
<br />if any, of such Bonds to be redeemed and, in the case of any Bond to be redeemed
<br />in part only, the portion of the principal amount thereof to be redeemed. If
<br />any Bond is to be redeemed in part only, the notice of redemption shall state
<br />also that on or after the redemption date, upon surrender of such Bond, a new
<br />Bond or Bonds in principal amount equal to the unredeemed portion of such Bond
<br />will be issued.
<br /> On or before the date fixed for redemption, moneys shall be deposited with
<br />the Bond Registrar to pay the principal of and the redemption premium, if any,
<br />on the Bonds or portions thereof called for redemption as well as the interest
<br />accruing thereon to the redemption date thereof.
<br /> On the date fixed for redemption, notice having been given in the manner
<br />and under the conditions hereinabove provided, the Bonds or portions thereof
<br />called for redemption shall be due and payable at the redemption price provided
<br />therefor, plus accrued interest to such date. If moneys sufficient to pay the
<br />redemption price of the Bonds or portions thereof to be redeemed, plus accrued
<br />interest thereon to the date fixed for redemption, have been deposited by the
<br />Issuer to be held in trust for the registered owners of Bonds or portions thereof
<br />to be redeemed, interest on the Bonds or portions thereof called for redemption
<br />shall cease to accrue, such Bonds or portions thereof shall cease to be entitled
<br />to any benefits or security under this resolution or to be deemed outstanding,
<br />and the registered owners of such Bonds or portions thereof shall have no rights
<br />in respect thereof except to receive payment of the redemption price thereof,
<br />plus accrued interest to the date of redemption.
<br /> If a portion of a Bond shall be selected for redemption, the registered
<br />owner thereof or his attorney or legal representative shall present and surrender
<br />such Bond to the Bond Registrar for payment of the principal amount thereof so
<br />called for redemption and the redemption premium, if any, on such principal
<br />amount, and the Bond Registrar shall authenticate and deliver to or upon the
<br />order of such registered owner or his legal representative, without charge
<br />therefor, for the unredeemed portion of the principal amount of the Bond so
<br />surrendered, a Bond or Bonds of the same maturity, of any denomination or denom-
<br />inations authorized by this resolution and bearing interest at the same rate.
<br /> Section 5. Bonds, upon surrender thereof at the office of the Bond
<br />Registrar together with an assignment duly executed by the registered owner or
<br />his attorney or legal representative in such form as shall be satisfactory to
<br />the Bond Registrar, may, at the option of the registered owner thereof, be
<br />
<br />
<br />
|