RES 02047 - Laserfiche WebLink

Section 4.05. Effect of Redemotion. Notice having been given as aforesaid. and the moneys for the redemption, including interest to the applicable redemption date of the Bonds to be redeemed. having been set aside in the Redemption Account the portion of Bonds to be redeemed shall become due and payable on said redemption date. and, upon presentation and surrender thereof at the office or offices specified in said notice, said Bonds shall be paid at the unpaid principal amount and premium, if any, with respect thereto, plus any unpaid and accrued interest to said redemption date. If, on said redemption date, moneys sufficient for the redemption of all the Bonds to be redeemed, together with interest to said redemption date shall be held by the Trustee so as to be available therefor on such redemption date, and. if notice of redemption thereof shall have been given as aforesaid, then, from and after said redemption date, interest with respect to the portion of Bonds to be redeemed shall cease to accrue and become payable, If said moneys shall not be so available on said redemption date. interest with respect to such portion of Bonds shall continue to be payable until paid at the same rates as they would have been payable had they not been called for redemption. All moneys held by or on behalf of the Trustee for the redemption of particular Bonds shall be held in trust for the account of the Ov,ners of the Bonds so to be redeemed for the lesser of two (2) years or the period ending one day prior to the date such moneys would escheat to the State, Subject to any applicable escheat laws, after the earlier of two (2) years or the period ending one day prior to the date such moneys would escheat to the State, the Trustee will pay over to the City the unclaimed money for the years to which such money applies. if any, and thereafter the Owners of such Bonds shall be entitled to payment on their Bonds only from the City and only from the amounts so paid to the City. The Trustee shall have no obligation to determine what applicable escheat law applies. but shall only be required to follow the City's \Hillen instructions to comply with this Section, ARTICLE V COVENANTS OF THE CITY AND THE TRUSTEE Section 5.01. Cornoliance with Indenture. The City will not suffer or permit any material default by it to occur hereunder, but will faithfully comply with. keep. observe and r ;orm all the agreements. conditions. covenants and terms hereof required to be complied with. kept. observed and performed by it. Section 5.02, Observance of Laws and Regulations. The City will faithfully comply with, keep, observe and perform all valid and lawful obligations or regulations now or hereafter imposed on it by contract. or prescribed by any law of the United States of America or of the State of California. or by any officer. board or commission having jurisdiction or control, as a condition of the continued enjoyment of each and every franchise. right or privilege now owned or hereafter acquired by it. including their right to exist and carryon their respective businesses. to the end that such franchises, rights and privileges shall be maintained and preserved and shall not becorne abandoned, forfeited or in any rnanner impaired, Pleasanton Cross Town Indenture (2).DOC -26-