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<br />Fund Redemption Requirements (and corresponding mandatory redemption obligations) in the
<br />order directed by the Fiscal Officer,
<br />
<br />(b) Optional Redemption The Bonds shall be subject to redemption
<br />prior to maturity by and at the option of the City, in whole at any time, or in part on any Interest
<br />Payment Date, on the dates and for the prices specified in the Certificate of Award, provided,
<br />however, that the Fiscal Officer may determiñe in the Certificate of A ward that it is in the best
<br />interest of the City that the Bonds not be subject to redemption prior to maturity. If the Bonds
<br />are subject to redemption, the maximum redemption price shall be no greater that 103% of the
<br />principal amount redeemed, plus accrued interest to the redemption date,
<br />
<br />If optional redemption at a price exceeding 100% of the principal amount to be
<br />redeemed is to take place as of any applicable Mandatory Redemption Date, the bonds, or
<br />portions thereof, to be redeemed optionally shall be selected by lot prior to the selection by lot of
<br />the bonds to be redeemed on the'same date by operation of the Mandatory Sinking Fund
<br />Redemption Requirements of paragraph (a). The bonds shall be redeemed pursuant to this
<br />paragraph only upon written notice ITom the Fiscal Officer to the Registrar, given upon the
<br />direction of the Council of the City by passage of an ordinance. That notice shall specifY the
<br />redemption date and the principal amount of each maturity of bonds to be redeemed, and shall be
<br />given at least 45 days prior tö the redemption date or such shorter period as shall be acceptable to
<br />the Registrar In the event that notice of redemption shall have been given by the Registrar to the
<br />registered owners as hereinafter provided, there shall be deposited with the Registrar on or prior
<br />to the redemption date, funds which, in addition to any other moneys available therefor and held
<br />by the Registrar, will be. sufficient to redeem at the redemption price thereof, plus interest
<br />accrued to the redemption date, all of the redeemable bonds for which notice of redemption has
<br />been given.
<br />
<br />(c) Partial Redemption. Iffewer than all ofthe outstanding bonds are
<br />called for redemption at one time, they shall be called in inverse order of their maturities, and if
<br />fewer than all bonds of a single maturity are to be redeemed, the selection of bonds to be
<br />redeemed, or portIons thereof in amounts of $5,000 or any integral multiple thereM, shall be
<br />made by lot by the Registrar in any manner which the Registrar may determine. In the case of a
<br />partial redemption of bonds by lot when bonds of denonlinations greater than $5,000 are then
<br />outstanding, each $5,000 unit of principal thereof shall be treated as though it were a separate
<br />bond of the denomination of $5,000. If it is determined that one or more, but not all of the
<br />$5,000 units of principal 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 owner of that bond shall
<br />surrender the bond to the Registrar (i) for payment of the redemption price of the $5,000 unit or
<br />units called for redemption (including, without limitation, the interest accrued to the date fixed
<br />for redemption and any premium), and (ii) for issuance, without charge to the registered owner
<br />thereof, of a new bond or bonds of any authorized denominations or denominations in an
<br />aggregate principal amount equal to the Unniatured and unredeemed portion of, and bearing
<br />interest at the same rate and maturing on the same date as, the bond surrendered.
<br />
<br />(d) Notice of Redemption. The notice of the call for redemption of
<br />bonds shall identify (i) by designation, letters, numbers or other distinguishing marks, the bonds
<br />or portionS thereof to be redeemed, (ii) the redemption price to be paid, (iii) the date fixed for
<br />redemption; and (iv) the place or pÍaces where the amounts due upon redemption are payable,
<br />The notice shall be given by the Registrar on behalf of the City by mailing a copy of the
<br />redemption notice by first class mail, postage prepaid, at least 30 days prior to the date fixed for
<br />redemption, to the registered owner of each bond subject to redemption in whole or in part at the
<br />registered owner's address shown on the Register maintained by the Registrar at the close of
<br />business on the 15th day preceding that mailing. Failure to receive notice by mail or any defect
<br />in that notice regarding any bond, however, shedl not affect the validity of the proceedings for the
<br />redemption of any bonds.
<br />
<br />(e) Payment of Redeemed Bonds. Notice having been mailed in the
<br />manner provided in the preceding paragraph of this ordinance, the bonds and portions thereof
<br />called for redemption shall become due and payable on the redemption date, and; upon
<br />presentation and surrender thereof at the place or places specified in that notice, shall be paid at
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