45-92 Bonds $135,000 - Buildings

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follows: The Bonds shall be subject to redemption prior to stated maturity as (a) Mandatorv Sinkin~ Fund Redemption issued as Term Bonds, the Term Bonds shall be subject redemption and be redeemed pursuant to Mandatory Requirements, at a redemption price of 100 percent redeemed, plus interest accrued to the redemption Redemption Dates If any of the Bonds are to mandatory sinking fund Sinking Fund Redemption of the principal amount date, on the Mandatory The aggregate of the moneys to be deposited with the Registrar for payment of principal Df and interest on any Term Bonds shall include amounts sufficient to redeem on the Mandatory Redemption Dates the principal amount of Term Bonds payable on those dates pursuant to the Manda.tory Sinking Fund Redemption Requirements (less the amount of any credit as provided below). The City shall have the option to deliver to the Registrar for cancellation Term Bonds .in any aggregate principal amount and to receive a credit against the then current Mandatory Sinking Fund Redemption Requiremen.t (and corresponding mandatory redemption obligation) of the City for any Term Bonds, That option sháll be exercised by the City on or before the forty-fifth ,day preceding the applicable Mandatory Redemption Date, by furnishing the Registrar a certific~te, signed by the Fiscal Officer, setting forth the extent of the credit to be applied with respect to the then current Mandatory Sinking Fund Redemption Requirement. If the certificate is not timely ·furnished to the Registrar, the Mandatory Sinking Fund Redemption Requirement (and corresponding mandatory redemption obligation) shall not be reduced. A credit against the then current Mandatory Sinking Fund Redemption ~equirement (and córresponding mandatory redemption obligation) also shall be received by the Gity for any Term Bonds which prior thereto have been redeemed (other than through the operation of t}le Mandatory Sinking Fund Redemption Requirements) or purchased for cancellation and canceled by the Registrar, to the extent not applied theretofore as a credit against any mandatory redemption obligation. Each Term Bond so delivered, or previously redeemed, or purchased and canceled, shall be credited by the Registrar at 100 percent of the principal amount thereof against the then currEmt Mandatory Sinking Fund Redemption Requirement (and corresponding mandatory redemption obligation). Any excess of that amount over the then current Mandatory Sinking Fund Redemption Requirement shall be credited against subsequent Mandatory Sinking Fund Redemption Requirements (and corresponding mandatory redemption obligations) in the order directed by the Fiscal Officer (b) Outional Redemution, If combined with other bonds pursuant to Section 4 of this Ordinance, such bonds maturing on or after December 1, 2003, shall be subject to redemption by ahd at the option of the City, in whole at any time, or in part on any Interest Payment Date, on or after December 1, 2002 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: Redemption Dates (inclusive) Redemption Price December 1, 2002 through November 30, 2003 December 1, 2003 through November 30, 2004 December 1, 2004 and thereafter 102% 101% 100% If optional redemption at a price exceeding 100% of the princ~pal amount to be redeemed is to take place as of any applicable Mandatory Redemption Date, the bonds, or portions thereof, to be redeemed optionally shall be selected by lot prior to the selection by lot of the bonds to be redeemed on the same date by operation of the Mandatory Sinking Fuhd Redemption Requirements of paragraph (a), The bonds shall be redeemed pursuant to this paragraph only upon written -2-