Ordinance 2557-01 - Laserfiche WebLink

delivery of such Bonds to the Registrar. Notwithstanding the foregoing, any Bank Bonds shall remain Outstanding until the Bank is paid all amounts due in connection with such Bonds or portions thereof to be redeemed on the Redemption Date. After payment to the Bank of all amounts due on Bank Bonds the Bank shall surrender such Bonds to the Registrar for cancellation. ARTICLE IV. PURCHASE OF BONDS Section 4.01. Tenders for Purchase. As provided in Article II hereof, and notwithstanding anything to the contrary in this Article IV, tenders and purchases of Bonds shall be made pursuant to DTC's rules and procedures so long as any Bond is registered in the name of Cede & Co., as nominee of DTC. Whenever in the context of this ordinance, a Registered Owner or Beneficial Owner is offered the opportunity or required to tender a Bond for purchase, the tender shall be accomplished by the making of or the irrevocable authorization to make appropriate entries on the books of DTC or any DTC Participant. The payment of the Purchase Price for tendered Bonds under this Section 4.01 shall be made solely from remarketing proceeds and/or from the proceeds of drawing on the Letter of Credit and shall not constitute an obligation of the City in the event of an insufficiency of funds from the foregoing to pay the entire Purchase Price of tendered Bonds. (a) Optional Tender Purchase Dates. The Beneficial Owners of Bonds in the Weekly Mode may elect to have their Bonds (or portions thereof in amounts equal to any Authorized Denomination, provided that the remaining Bonds held by such Beneficial Owner will continue to be in Authorized Denominations) purchased at the Purchase Price on the Purchase Date. Bonds in the Weekly Mode may be tendered for purchase upon delivery of a -33- P\CMW\CMW4ZL 11/20/01