Agenda - 11-16-1993 - VIII-A (2)

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Section 3.07. Effect of Redemption. Notice of redemption having been duly given as provided above, and moneys for payment of the principal of, premium, if any, and interest payable on redemption of the Bonds being set aside as provided above,the Bonds, or parts thereof, called for redemption shall, on the redemption date, become due and payable at the redemption price specified in the notice. Interest on the Bonds, or parts thereof, as the case may be, called for redemption shall cease to accrue. The Bonds, or parts thereof, redeemed shall cease to be entitled to any lien, benefit or security under this Resolution,and Bondowners shall have no rights except to receive payment of the redemption price,and, in the case of partial redemption of Bonds, also to receive a new Bond or Bonds for the unredeemed balance as provided above. Section 3.08. Purchase of Bonds. The Paying Agent, at the direction of and on behalf of the Corporation, is hereby further authorized to purchase Bonds on the open market at any time at a price not to exceed the principal amount of the Bonds and accrued interest, if any, to the date of purchase plus brokerage fees, if any, from funds made available to the Paying Agent by the Corporation. In lieu of redemption, the Paying Agent, at the direct of and on behalf of the Corporation, is hereby authorized to purchase Bonds on the open market at any time before the redemption date at a price not to exceed the principal amount of the Bonds plus the applicable premium and accrued interest, if any, to the date of purchase, from funds available therefor in the Bond Fund, plus brokerage fees, if any, to be paid by the Corporation. [End of Article III] • 17