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<br />Bonds payable in each calendar year in which principal is payable, <br />whether at maturity or by mandatory sinking fund redemption, shall <br />be not more than three times such principal of and interest on the <br />Bonds payable in any other calendar year in which principal is <br />payable. <br /> <br />The Bonds shall be subject to redemption prior to stated <br />maturity as follows: <br /> <br />{a} Mandatorv Sinkinq Fund Redemption. If any of the <br />Bonds are issued as Term Bonds, the Term Bonds shall be subject to <br />mandatory sinking fund redemption and be redeemed pursuant to <br />Mandatory Sinking Fund Redemption Requirements, at a redemption <br />price of 100 percent of the principal amount redeemed, plus inter~ <br />est accrued to the redemption date, on the Mandatory Redemption <br />Dates. <br /> <br />The aggregate of the moneys to be deposited with the <br />Registrar for payment of principal of and interest on any Term <br />Bonds shall include amounts sufficient to redeem on the Mandatory <br />Redemption Dates the principal amount of Term Bonds payable on <br />those dates pursuant to the Mandatory Sinking Fund Redemption <br />Requirements (less the amount of any credit as provided below) <br /> <br />The City shall have the optiontÒ deliver to the <br />Registrar for cancellation Term Bonds in any aggregate principal <br />amount and to receive a credit against the then current Mandatory <br />Sinking Fund Redemption Requirement (and corresponding mandatory <br />redemption obligation) of the City for any Term Bonds.. That, option <br />shall be exercised by the City on or before the forty-fifth day <br />preceding the applicable Mandatory Redemption Date, by furnishing <br />·the Registrar a certificate, signed by the Fiscal Officer, setting <br />forth the extent of the credit to be applied with respect to th~ <br />then current Mandatory Sinking Fund Redemption Requirement. If the <br />certificate is not timely furnished to the Registrar ,the Mandatory <br />Sinking Fund Redemption Requirement (and corresponding mandatory <br />redemption obligation) shall not be reduced. A credit against the <br />then current Mandatory Sinking Fund Redemption Requirement (and <br />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 caricellation <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 currerit 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 /> <br />(b) Optional Redemption. The Bonds shall be subject to <br />redemption prior to maturity by and at the option of the City, in <br />whole at any timet 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 /> <br />-2- <br />