1982 Resolutions - Laserfiche WebLink

Home Browse Search

- 3 - The Bonds maturing on and after December 1, 1993 shall be subject to redemption at the option of the City prior to their stated maturities on or after December 1, 1992, in whole at any time, or in part from time to time on any interest payment date in any order determined by the City (except that if less than all of the Bonds of a maturity are called for redemption, the particular Bonds of such maturity to be redeemed shall be selected by lot), upon payment of the principal amount of the Bonds to be redeemed together with the interest accrued thereon to the date fixed for redemption plus a premium of one-quarter of one percent (1/4 of 1%) of the principal amount of each Bonds to De redeemed for each twelve (12) month period or fraction thereof between the date fixed for redemption and the stated maturity date of such Bonds. Any such declaration of the maturity of Bonds to be redeemed (and of the selection Bonds within a maturity to be redeemed, which shall be by lot) shall be made by the Director of Finance of the City. Notice o~ such redemption, specifying the date, numbers and maturities of the Bonds to be redeemed, the date and place fixed for their redemption and the premium, if any, payable upon such redemption, shall be given by the C~ty by publication of such notice once in a newspaper printed in the English langauage and customarily published on each business day and of general circulation in the City and once in at least one newspaper or financial publication printed in the English language and customarily published on each business day in New York, New Yorkr the date of publication of such notice in each case to be at least thirty days prior to the date fixed for redemption. If any Bond called for redemption is registered as to principal only or as to both principal and interest, notice of the redemption thereof shall be mailed not less than thirty days prior to the date fixed for redemption by registered mail to the registered owner of such Bond at such owner's address as shown on the books of registry; provided however, that notice of redemption by publication need not be given to the registered owner of any registered Bond if notice of redemption shall have been mailed as aforesaid, and if notice of redemption is given by publication as aforesaid then neither the failure to mail such notice to the registered owner of any registered Bond nor any defect in any notice so mailed shall affect the sufficiency of the proceedings for the redemption of such Bonds. When notice of redemption of Bonds shall have been given as hereinabove set forth~ and payment of the principal amount of the Bonds so called for redemption and of the accrued interest and premium, if any, payable upon such redemption shall have been duly made or provided for, interest on such Bonds shall cease from and after the date so specified for their redemption and any coupons representing such interest shall be void.