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<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 RegistTar, will be sufficient to redeem at the redemption price thereof, plus interest
<br />accrued to the redemption date, all of the redeemable bonds for whích notice of redemption has
<br />been given.
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<br />(c) Partial Redemption. Iffewer than all of the outstanding bouds 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 thereof, shall be
<br />made by lot by the Registrar in any manner which the Registrar may detennine. In the case of a
<br />partial redemption of bonds by lot when bonds of denominations greater than $5,000 are then
<br />outstanding, eacb $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 unmatured 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 places 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 orin 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, shall 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
<br />the redemption price, plus interest accrued to the redemption date. If moneys for the redemption
<br />of all of the bonds and portions thereof to be redeemed; together with interest accrued thereon to
<br />the redemption date, are held by the Registrar on the redemption date, so as to be available
<br />therefor on that date and, if notice of redemption has been deposited in the mail as aforesaid,
<br />then from and after the redemption date those bonds and portions thereof called for redemption
<br />shall cease to bear interest and no longer shall be considered to be outstanding. If those moneys
<br />shall not be so available on the redemption date, or that notice shall not have been deposited in
<br />the mail as aforesaid, those bonds and portions thereof shall continue to bear interest, until they
<br />are paid, at the same rate as they would have borne had they not been called for redemption. All
<br />moneys held by the Registrar for the redemption of particular bonds shall be held in trust for the
<br />account of the registered owners thereof and shall be paid to them, reSpectively, upon
<br />presentation and surrender of those bonds
<br />
<br />SECTION 4 The Bonds shall express upon their faces the purpose for which
<br />they are issued and that they are issued pursuant to this ordinance; shall be designated "Rockport
<br />Square Improvement General Obligation Bonds, Series 2004"; shall be executed by the Mayor
<br />and by the Fiscal Officer, one or both of whose signatures may be a facsimile signature; shall be
<br />issued only in fully registered fonn; and shall be registered as to both principal and interest at the
<br />corporate trust office of the Registrar The Bonds shall be issued in the denominations and
<br />numbers as requested by the Original Purchaser (as hereinafter defined) and approved by the
<br />Fiscal Officer, and shall be numbered as detennined by the Fiscal Officer. The principal on the
<br />Bonds shall be payable upon presentation and surrender to the Registrar. Interest on any Bond
<br />shall be paid on each Interest Payment Date by check or draft mailed to the person in whose
<br />
<br />{KLF2636;1}
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