Ordinance 1504-88 - Laserfiche WebLink

equal aggregate principal amount and of the same interest rates and maturities. SECTION 5. Optional Redemption. The City hereby reserves the right to redeem the outstanding Bonds maturing on and after July 1, 1999, in whole or in part, in inverse order of maturity and by lot within a maturity in such manner as the Bond Registrar shall determine, on any interest payment date on or after July 1, 1998, and at a price of par plus accrued interest to the date of redemption. Portions of the principal amount of any Bond, in installments of $5, 000 or any integral multiple of $5,000, may be redeemed in accordance with this section. If less than all of the principal amount of any Bond is redeemed, upon surrender of such Bond at the principal office of the Registrar, there shall be issued to the registered owner, without charge therefor, for the then unredeemed balance of the principal amount thereof, a new Bond or Bonds, at the option of the registered owner, of like maturity and interest rate in any of the denominations authorized by this ordinance. SECTION 6. Notice of Redemption; Effect of Redemption. Unless waived by the registered owner of Bonds to be redeemed or the nominee thereof, official notice of any such redemption shall be given by the Bond Registrar on behalf of the City by mailing a copy of an official redemption notice by registered or certified mail at least 30 days and not more than 60 days prior to the date fixed for redemption to the registered owner of the Bond or Bonds to be redeemed at the address shown on the Bond Register or at such other address as is furnished in writing by such registered owner to the Bond Registrar. All official notices of redemption shall be dated and shall state: -8- KR258 88/07/06