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<br />,.,....
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<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 exçeeding 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 b~ acceptable
<br />to the Registrar. In the event that notice of redemption shall
<br />have been gi venby the Registrar to the registered owners as
<br />he~einafter 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) Partial 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, th~n
<br />upon notice of redemption of a $5,000 unit or units, the registered
<br />owner of that bond shall surrender the bond to the Registrar
<br />(i) for payment of the redemption price of the $5,000 unit or units
<br />called for redemption (including, without limitation, the interest
<br />accrued to the date fixed for redemption and any premium), and
<br />(ii) for issuance, without charge to the registered owner thereof,
<br />of a new bond or bonds of any authorized denominations or
<br />denominations in an aggregate principal amount equal to the
<br />unmatured and unredeemed portion of, and bearing interest at the
<br />same rate and maturing on the same date as, the bond surrendered.
<br />
<br />(d) Notice of RedemDtion. The notice of the call for
<br />redemption of bonds shall identify (i) by designation, letters,
<br />numbers or other distinguishing marks, the bonds or portions
<br />thereof to be redeemed, (ii) the redemption price tò be paid,
<br />(iii) the date fixed for redemption, and (iv) the place or places
<br />where tne amounts due upon redemption are payable. The notice
<br />shall be given by the Registrar on behalf of the City by mailing a
<br />copy of the redemption notice by first class mail, postage prepaid,
<br />at least 30 days prior to the date fixed for redemption, to the
<br />registered owner of each bond subject to redemption in whole orin
<br />part at the registered owner's address shown on the Register
<br />maintained by the Registrar at the close of business on the 15th
<br />day preceding that mailing. Failure to receive notice by mail or
<br />any defect in that notice regarding any bond, however, shall not
<br />affect the validity of the proceedings for the redemption of any
<br />bonds
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