ORDINANCES & RESOLUTIONS 2009 - Laserfiche WebLink

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_ II principal shall not be payable and interest shall not accrue on the BANs until such principal amount has been advanced � ursuant to requests made by the Town to such purchaser. In the p event that the total principal amount of the BANs sold to such other purchaser is not advanced to the Town, the principal amount of the BANs shall be reduced accordingly. SECTION 5. Optional Prepayment of BANS; Optional Redemption of the Bonds: Term Bonds. (a) Optional Prepayment of BANs. The BANs are prepayable by the Town, in whole or in part, at any time upon seven (7) days' notice to the owner of the BANs without any premium (or upon such other terms as determined by the Clerk-Treasurer as reflected in the Clerk-Treasurer's Certificate). In the case of prepayment, the principal and accrued interest due on the BANs shall be paid only from proceeds of the Bonds, except that such principal and interest due on the BANs may also be paid from other revenues and funds legally available therefor, if any, including federal or state funds available for application to the Project; provided, however, that such funds are not pledged to the payment of the BANs. (b) Optional Redemption of the Bonds. Prior to the publication of notice with respect to the sale of the Bonds (if the Bonds are sold at public sale), or prior to the sale of the Bonds (if the Bonds are not sold at public sale), the Clerk-Treasurer, based upon the advice of the Financial Advisor, shall certify in the Clerk-Treasurer's Certificate the terms upon which the Bonds shall be subject to redemption at the option of the Town, which redemption may be in whole or in part, upon thirty(30) days' (or, if the Bonds are sold to the Authority as part of its SRF Program, upon sixty(60) days') written notice to the registered owner or owners of the Bonds to be redeemed, in amounts and maturities to be determined by the Town and by lot within any such maturity or maturities, and at a redemption price expressed as a percentage of the principal amount of each Bond to be redeemed(not in excess of 102% of such principal amount) in accordance with the Clerk- Treasurer's Certificate, plus accrued interest to the date of redemption;provided, that any Bonds sold to the Authority as part of its SRF Program shall be redeemable not sooner than ten(10) years after their date of delivery and in inverse order of maturity. Official notice of such redemption shall be mailed by the Registrar and Paying Agent by certified or registered mail at least thirty(30) days prior to the scheduled redemption date to each of the registered owners of the Bonds called for redemption (unless waived by any such registered owner) at the address shown on the registration books of the Registrar and Paying Agent, or at such other address as is furnished in writing by such registered owner to the • Registrar; provided, however, that such notice shall be provided at least sixty (60) days in advance if the Bonds are sold to the Authority as part of its SRF Program, to the registered owner as shown on the registration record of the Town as of the date which is sixty-five (65) days prior to the redemption date for such Bonds; provided further, that failure to give such notice by mailing, or any defect therein, with respect to any Bond shall not affect the validity of the proceedings for the redemption of any other Bonds. The notice shall specify the redemption price, the date and place of redemption, and the registration numbers (and, in case of partial redemption, the respective principal amounts) of the Bonds called for redemption. The place of redemption may be at the principal office of the Registrar and Paying Agent or as otherwise determined by the Town. Interest on the Bonds (or portions thereof) so called for redemption shall cease to accrue on the redemption date fixed in such notice, if sufficient funds are available 7