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corresponding mandatory redemption obligation) also shall be <br /> received by the City for any Term Bonds which prior thereto have <br /> been redeemed (other than through the operation of the Mandatory <br /> Sinking Fund Redemption Requirements) or purchased for cancellation <br /> and canceled by the Registrar, to the extent not applied <br /> theretofore as a credit against any mandatory redemption <br /> obligation. <br /> <br /> Each Term Bond so delivered, or previously redeemed, or <br /> purchased and canceled, shall be credited by the Registrar at 100 <br /> percent of the principal amount thereof against the then current <br /> Mandatory Sinking Fund Redemption Requirement (and corresponding <br /> mandatory redemption obligation). Any excess of that amount over <br /> the then current Mandatory Sinking Fund Redemption Requirement <br /> shall be credited against subsequent Mandatory Sinking Fund <br /> Redemption Requirements (and corresponding mandatory redemption. <br /> obligations) in the order directed by the Fiscal Officer. <br /> (b) Optional RedemDtion' The Bonds shall be subject to <br /> redemption prior to maturity by and at the option of the City, in <br /> whole at any time, or in part on any Interest Payment Date, on the <br /> dates and for the prices specified in the Certificate of Award, <br /> provided, however, that the Fiscal Officer may determine in the <br /> Certificate of Award that it is in the best interest of the City <br /> that the Bonds not be subject to redemption prior to maturity. If <br /> the Bonds are subject to redemption, the maximum redemption price <br /> shall be no greater that 103% of the principal amount redeemed, <br /> plus accrued interest to the redemption date. <br /> <br /> If optional redemption at a price exceeding 100% of the <br /> principal amount to be redeemed is to take place as of any <br /> applicable Mandatory Redemption Date, the bonds, or portions <br /> thereof, to be redeemed optionally shall be selected by lot prior <br /> to the selection by lot of the bonds to be redeemed on the same <br /> date by operation of the Mandatory Sinking Fund Redemption <br /> Requirements of paragraph (a). The bonds shall be redeemed <br /> pursuant to this paragraph only upon written notice from the Fiscal <br /> Officer to the Registrar, given upon the direction of the Council <br /> of the City by passage of an ordinance. That notice shall specify <br /> the redemption date and the principal amount of each maturity of <br /> bonds to be redeemed, and shall be given at least 45 days prior to <br /> the redemption date or such shorter period as shall be acceptable <br /> to the Registrar. In the event that notice of redemption shall <br /> have been given by the Registrar to the registered owners as <br /> hereinafter provided, there shall be deposited with the Registrar <br /> on or prior to the redemption date, funds which, in addition to any <br /> other moneys available therefor and held by the Registrar, will be <br /> sufficient to redeem at the redemption price thereof, plus interest <br /> accrued to the redemption date, all of the redeemable bonds for <br /> which notice of redemption has been given. <br /> <br /> (c) .~artial RedemDtion. If fewer than all of the <br />outstanding bonds are called for redemption at one time, they shall <br />be called in inverse order of their maturities, and if fewer than <br />all bonds of a single maturity are to be redeemed, the selection of <br />bonds to be redeemed, or portions thereof in amounts of $5,000 or <br />any integral multiple thereof, shall be made by lot by the <br />Registrar in any manner which the Registrar may determine. In the <br />case of a partial redemption of bonds by lot when bonds of <br />denominations greater than $5,000 are then outstanding, each $5,000 <br />unit of principal thereof shall be treated as though it were a <br />separate bond of the denomination of $5,000. If it is determined <br />that one or more, but not all of the $5,000 units of principal <br />amount represented by a bond are to be called for redemption, then <br />upon notice of redemption of a $5,000 unit or units, the registered <br /> <br /> <br />