Ordinance 1433-88 - Laserfiche WebLink

(4) that on the redemption date the redemption price will become due and payable upon each such 1988 Bond or portion thereof called for redemption, and that interest thereon shall cease to accrue from and after said date, and (5 ) the place where such 1988 Bonds are to be surrendered for payment of the redemption price, which place of payment shall be the principal office of the Bond Registrar. On or prior to any redemption date, the City shall deposit with the Bond Registrar an amount of money sufficient to pay the redemption price of all the 1988 Bonds or portions of 1988 Bonds which are to be redeemed on that date. The requirements of this section shall be deemed to be complied with when notice is mailed as provided, whether or not it is actually received by the owner of any 1988 Bond. C. Effect of Call . Official notice of redemption having been given as aforesaid, the 1988 Bonds or portions of 1988 Bonds to be redeemed shall, on the redemption date, become due and payable at the redemption price therein specified, and from and after such date (unless the City shall default in the payment of the redemption price) such 1988 Bonds or portions of 1988 Bonds shall cease to bear interest. Upon surrender of such 1988 Bonds for redemption in accordance with said notice, such 1988 Bonds shall be paid by the Bond Registrar at the redemption price. Installments of interest due on or prior to the redemption date shall be payable as herein provided for payment of interest. All 1988 Bonds which have been redeemed shall be cancelled and des- troyed by the Bond Registrar and shall not be reissued. D. Partial Redemption of 1988 Bonds. Portions of any 1988 Bond, in installments of $5, 000 or any integral multiple of such $5, 000, may be redeemed in accordance with the schedules set forth above . If less than all of the principal amount of any 1988 -21- KR180 88/01/11