01-92 Sanitary Sewer Bonds $6,500,000

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then current Mandatory ~inking Fund Requirement (and corresponding mandatory redemption obligation) of the Issuer as set forth in the Certificate of'Award for any Series 1992 Term Bonds. That option shall be exercised by the Issuer on or before the forty-fifth day preceding the applicable mandatory redemption date, by furnishing the Fiscal Agent a certificate, signed by the Fiscal Officer, setting forth the extent of the credit to be applied with respect to the then current Mandatory Sinking Fund Requirement. If the certificate is not timely furnished to the Fiscal Agent, the Mandatory Sinking Fund Requirement (and corresponding mandatory redemption obligation) shall not be reduced. A credit against the then current Mandatory Sinking Fund Requirement (and corresponding mandatory redemption obligation) also shall be received by the Issuer for any Series 1992 Term Bonds, which prior thereto have been redeemed (other than through the operation of the Mandatory Sinking Fund Requirements) or purchased for cancellation and cancelled by the Fiscal Agent, to the extent not applied theretofore as a credit against any mandatory redemption obligation. Each Series 1992 Term Bond so delivered, or previously redeemed, or purchased and cancelled, shall be credited by the Fiscal Agent at 100 PerCent of the principal amount thereof against the then current MandatOry Sinking Fund Requirement (and corresponding mandatory redemption obligation). Any excess of that amount over the then current Mandatory Sinking Fund Requirement shall be credited against subsequent: Mandatory Sinking Fund Requirements (and corresponding mandatory redemption obligations) in the order directed by the Fiscal Officer. (b) .Optional Redemption. The Series 1992 Term Bonds, shall be subject to redemption by and at the option of the Issuer, in whole at any time, or in part on any Interest Payment Date, on or after December 1, 2001 in integral multiples of $5,000 at the redemption prices equal to the following percentages of the principal amount redeemed plus, in each case, accrued interest to the redemption date: RedemDtion Dates (inclusive~ December 1, 2001 through NOvember 30, 2002 December 1, 2002 through November 30, 2003 December 1, 2003 and thereafter Redemption Price 102% 101% 100% The Series 1992 Term Bonds shall be redeemed pursuant to this paragraph only upon written notice from the Fiscal Officer to the Fiscal Agent, i g ven upon the direction of the Legislative Authority. by passage of an ordinance. That notice shall specify the redemption date and the principal amount of each maturity of Series 1992 Term Bonds to be redeemed, and shall be given at least -5-