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<br />greater that 103% of the principal amount redeemed, plus accrued interest to the redemption
<br />date.
<br />
<br />If optional redemption at a price exceeding 160% 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) of this Section. The Bonds shall be redeemed
<br />pursuant to this paragraph (b) only upon written notice rrom the Fiscal Officer to the Registrar,
<br />given upon the directiçm ofthe CoooCil-ofthe Citýhy passagè öf all ordinance. That notice shall
<br />specify the redemption date and the principal amount of each maturity of Bonds to be redeemed,
<br />and s4all be given _at least 45 days prior to the redemption date or such shorter period as shall be
<br />acceptable to the Registrar. fu the event that notice of redemption shall have been given by the
<br />Registrar to the registered owners as hereinafter provided, there shall be deposited with the
<br />Registrar on or prior to the redemption date, funds which, in addition to any other moneys
<br />available therefor and held by the Registrar, will be sufficient to redeem at the redemption price
<br />thereof, plus interest accrued to the redemption date, all of the redeemable Bonds for which
<br />notice of redemption has been given.
<br />
<br />(c) Partial Redemption. Iffewer than all of the outstanding Bonds are
<br />called for redemption at one time, they may be called in any order of their maturities, as
<br />determined by the Fiscal Officer, and if fewer than all Bonds of a single maturity are to be
<br />redeemed, the selection of Bonds to be redeemed, or portions thereof in amounts of $5,000 or
<br />any iutegral multiple thereot; shall be made by lot by the Registrar in any manner which the
<br />Registrar may determine. In the case of a partial redemption of Bonds by lot when Bonds of
<br />denominations greater than $5,000 are then outstandiug, each $5,000 unit of priucipal thereof
<br />shall be treated as though it were a separate Bond of the denomination of $5,000 If it is
<br />determined that one or more, but not all of the $5,000 units of principal represented by a Bond
<br />are to be called for redemption, then upon notice of redemption of a $5,000 unit or units, the
<br />registered owner of that Bond shall surrender the Bond to the Registrar (i) for payment of the
<br />redemption price of the $5,000 lU1it or units called for redemption (including, without limitation,
<br />the interest accrued to the date fixed for redemption and any premium), and (ii) for issuance,
<br />without charge to the registered owner thereof, of a new Bond or Bonds of any authorized
<br />denominations or denominations in an aggregate principal. amolU1t equal to the unmanu--ed and
<br />unredeemed portion of, and bearing interest at the same rate and maturing on the same date as,
<br />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 mailìng a copy of the
<br />redemption notice by ftrst 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 />iu that notice regarding any Bond, however, shall not affect the validity of the proceediugs for
<br />the redemption of any Bonds
<br />
<br />(e) Pavrnent 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 Ifmoneys 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 ITom and after the redemption date those Bonds and portionsfuereof 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, lUIÍiI they
<br />are paid, at the same rate as they would have borne had they not been called for redemption. All
<br />
<br />{CT0126;1}
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