Agenda - Council - 08/13/2013 - Laserfiche WebLink

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ARTICLE I1'1 REDEMPTION OF BONDS BEFORE MATURITY Section 3.01 Redemption Dates and Prices. (a) The Bonds shall be subject to redemption at any time upon the occurrence of any of the following events: (i) the Schoolhouse or any portion thereof is damaged or destroyed or taken in a condemnation proceeding to which Section 5.2(b) of the Loan Agreement is applicable, (ii) any of the events specified in Section 9.2 of the Loan Agreement have occurred and upon the Company's exercising its option to prepay the loan pursuant to Section 9.1 of the Loan Agreement or (iii) upon acceleration because of an Event of Default. If called for redemption at any time pursuant to clause (i), (ii) or (iii) above, the Bonds shall be subject to redemption by the Issuer prior to maturity at any time in whole or (in the case of redemption pursuant to Section 5.2(b) of the Loan Agreement) in part, in such manner as the Company may direct, less than all of such Bonds of a single maturity to be selected randomly in such manner as the Trustee may determine, such redemption to be at a redemption price of 100% of the principal amount thereof plus accrued interest to the redemption date. (b) The Series A Bonds maturing after 1, 202_ are subject to redemption by the Issuer at the option of the Company on any day from and after 1, 202_, in whole or in part on any date, at a redemption price equal to the principal amount to be redeemed plus accrued interest to the date of redemption. Bonds shall be redeemed only in the principal amount of $5,000 or any integral multiple thereof (and so long as no Bond is outstanding in an amount less than 1$25,000]). If only a portion of the Bonds arc redeemed, such Bonds to be redeemed shall be selected from Maturities designated by the Company. If less than all of one maturity are to be redeemed, Bonds of such maturity shall be selected randomly in such manner determined by the Trustee. Where Bonds shall be called for optional redemption as set forth above, the Bonds shall be called for redemption by the Trustee as herein provided upon receipt by the Trustee at least 30 days prior to the redemption date of a Company Certificate directing such redemption. Such certificate shall specify the redemption date, the principal amount of the Bonds or portions thereof so to be called for redemption, the applicable redemption price or prices and the provision or provisions of this Indenture pursuant to which such Bonds are to be called for redemption. The Series B Bonds arc not subject to optional redemption. (c) The Bonds shall be redeemed upon a 1etermination of Taxability, in whole but not in part, within 30 days after the date of the Determination of Taxability and at a redemption price equal to 103% of the principal amount of the Series A Bonds, plus accrued interest to the redemption date, and 100% of the Series B Bonds, plus accrued interest to the redemption date. (d) The Bonds are subject to mandatory sinking fund redemption prior to maturity, and are to be redeemed randomly or such other manner as the Trustee may determine, at 100% of the principal amount thereof plus accrued interest to the date of redemption, on the Following dates and in the following principal amounts: 19 5600797v 1