Notice of Redemption to Owners. (a) The Trustee shall give notice of any redemption of Bonds by sending notice by United States mail, first class postage prepaid, not less than thirty (30) days before the date fixed for redemption, to the Owner of each Bond (or part thereof) to be redeemed, at the address shown on the Register.
(b) The notice shall state the series of Bonds to be redeemed, the redemption date, the redemption price, the place at which the Bonds are to be surrendered for payment, and, if less than all the Outstanding Bonds of a series are to be redeemed, an identification of the Bonds or portions thereof to be redeemed. Neither the failure of an Owner to receive the notice nor any defect in any notice so mailed shall affect the sufficiency of the proceedings or the redemption of any Bond of such Owner; and neither the failure to mail a redemption notice to a particular Owner or any defect in any such notice so mailed shall affect the sufficiency of any of the proceedings for the redemption for any Bond. The notice shall be deemed to have been given when mailed as provided above.
(c) In the case of any optional redemption, such notice shall also state that such redemption may be conditioned upon the Trustee’s receipt on or prior to the redemption date of funds sufficient to pay the redemption price of, plus accrued and unpaid interest to the redemption date on, the Bonds to be redeemed. In the event that following the mailing of notice of optional redemption by the Trustee as prescribed herein the Trustee (i) receives written notice from the City to the effect that funds will not be deposited with the Trustee on or before the scheduled redemption date in an amount sufficient to effect such redemption or (ii) is not in receipt of funds as of 3:00 p.m. (Eastern time) on the scheduled redemption date in an amount sufficient to effect such redemption, the Trustee shall give prompt written notice to the Owners of the Bonds so called for redemption and each Rating Agency then rating the Bonds in the manner prescribed above to the effect that funds will not be, or were not (as the case may be), deposited with the Trustee in an amount sufficient to effect the redemption of such Bonds on the scheduled redemption date and that such Bonds will not be redeemed on the scheduled redemption date. The failure of the City to make funds available to the Trustee on or before the scheduled redemption date for any Bonds so called for optional redemption shall not constitute an Event of Default.
Notice of Redemption to Owners. (a) The Trustee shall give notice of any redemption of Bonds by sending notice by first class United States mail, postage prepaid, not less than thirty (30) days before the date fixed for redemption, to the Owner of each Bond (or part thereof) to be redeemed, at the address shown on the Obligation Register.
(b) The notice shall state the redemption date, the redemption price (including the calculation thereof, which calculation shall also set forth the calculation of the Make-Whole Amount as of the specified redemption date), the place at which the Bonds are to be surrendered for payment, and, if less than all the Bonds outstanding are to be redeemed, an identification of the Bonds or portions thereof to be redeemed.
(c) In the event of an optional redemption, any conditions precedent to the redemption of Bonds shall be stated in the notice of redemption.
(d) Any notice given as provided in this Section shall be conclusively presumed to have been duly given, whether or not the Owner receives such notice.
