Agenda - 12-15-2009 - 4k - Laserfiche WebLink

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21 THE BONDS Description The Bonds will be dated as of their date of delivery and will bear interest from their date. In- terest on the Bonds will be payable semiannually on each February 1 and August 1, commencing February 1, 2010. The Bonds will mature, subject to the optional redemption provisions set forth below, on the dates set forth on the inside cover page of this Official Statement. The Bonds will be issuable as fully registered bonds in a book-entry system under which The Depository Trust Company ("DTC") will act as securities depository nominee for the Bonds. Pur- chases and transfers of the Bonds may be made only in authorized denominations of $5,000 and in accordance with the practices and procedures of DTC. See Appendix E hereto for a description of DTC and its book-entry system. Redemption Provisions The Bonds maturing prior to February 1, 2020 will not be subject to redemption prior to matur- ity. The Bonds maturing on February 1, 2020 and thereafter will be redeemable, at the option of the County, from any moneys that may be made available for such purpose, either in whole or in pazt on any date not earlier than February 1, 2019, at a redemption price equal to 100% of the principal amount of the Bonds to be redeemed, plus interest accrued to the date fixed for redemption. If less than all of the Bonds of any one maturity shall be called for redemption, the particular Bonds or portions of Bonds of such maturity to be redeemed shall be selected by lot in such manner as the County in its discretion may determine; provided, however, that the portion of any Bond to be redeemed shall be in the principal amount of $5,000 or any integral multiple thereof and that, in selecting Bonds for redemption, each Bond shall be considered as representing that number of Bonds which is obtained by dividing the principal amount of such bond by $5,000 and, further, that so long as a book-entry system with DTC is used for determining beneficial ownership of bonds, if less than all of the Bonds within a maturity are to be redeemed, DTC shall determine by lot the amount of interest of each Direct Participant in the Bonds to be redeemed. If less than all of the Bonds then subject to redemption shall be called for redemption, the particular maturities and amounts of the Bonds or portions of Bonds to be redeemed shall be determined by the County. Notice of redemption shall be given by certified or registered mail to Cede & Co., DTC's nomi- nee, as the registered owner of the Bonds. Such notice shall be mailed not more than 60 days nor less than the 30 days prior to the date fixed for redemption. The County will not be responsible for mailing notices of redemption to anyone other than Cede "& Co. On the date fixed for redemption, notice having been given as hereinabove provided, the Bonds or portions thereof called for redemption shall be due and payable at the redemption price provided therefor, plus accrued interest to such date. If moneys sufficient to pay the redemption price of the Bonds or portions thereof to be redeemed plus accrued interest thereon to the date fixed for redemp- tion have been deposited by the County to be held in trust for the registered owners of the Bonds or portions thereof to be redeemed, interest on the Bonds or portions thereof called for redemption shall cease to accrue, and the registered owner of such Bonds or portions thereof shall have no rights in respect thereof except to receive payment of the redemption price thereof, including accrued interest to the date of redemption, and, if a portion of a Bond shall have been selected for redemption, a new Bond or Bonds of the same maturity, of any authorized denomination or denominations and bearing interest at the same rate for the unredeemed portion of the principal amount of such Bonds.