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<br />Mandatory Redemption Dates the principal amount of Term Bonds payable on those dates <br />pursuant to the Mandatory Sinking Fund Redemption Requirements (less the amount of any <br />credit as providèd below). <br /> <br />The City shall have the option to deliver to the Registrar fór cancellation Tean <br />Bonds in any aggregate principal amount and to receive a credit against the then current <br />Mandatory Sinking Fund Redemption Requirement (and corresponding mandatory. redemption <br />obligation) of the City for any Term Bonds. That option shall be exercised. by the City on or <br />before the forty-fifth day preceding the applicable Mandatory Redemption Date; by furnishing <br />the Registrar a certifiéate, signed by the Fiscal Officer, setting forth the extent of the credit to be <br />applied with respect to the then current Mandatory Sinking Fund Redemption Requirement. If <br />the certificate. is not timely furnished to the Registrar, the Mandatory Sinking Fund Redemption <br />Requirement (and corresponding mandatory redemption obligatioIi) shall not be reduced. A <br />credit against the then current Mandatory Sinking Fund Redemption Requirement (and <br />corresponding mandatory redemption obligation) also shall be received by the City for any Term <br />Bonds which prior thereto have been redeemed (other than through the operation of the <br />Mandatory Sinking Fund Redemption Requirements) or purchased for cancellation and canceled <br />by the Registrar, to the extent not applied theretofore as a credit against any mandatory <br />redemption obligation. <br /> <br />., <br /> <br />Each Term Bond so delivered, or previously redeemed, or purchased and <br />canceled, shall be credited by the Registrar at 100 percent of the principal amount thereofagainst <br />the then current Mandatory Sinking Fund Redemption Requirement (and corresponding <br />mandatory redemption obligation). Any excess of that amount over the then current Mandatory <br />Sinking Fund Rede:ri:1ption Requirement shall be credited against subsequent Mandatory Sinking <br />Fund Redemption Requirements (and corresponding mandatory redemption obligations) in the <br />order directed by the Fiscal Officer <br /> <br />(b) ûptional RedemDtion. 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 determine in the Certificate of Award 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 optio:q.al redemption prior to maturity, the maximum redemption price shall be no <br />greater that 103% of the principal amount redeemed, plus accrued interest to the redemption <br />date. <br /> <br />If optional redemption at a þrice 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 lQt 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 tram the Fiscal Officer to the Registrar, <br />given upon the direction of the Council of the City by passage of an ordinance. That notice shall <br />specify the redemption date and the principal amount of each maturity of Bonds to be redeemed, <br />and shall be given at least 45 days prior to the redemption date or such shorter period as shall be <br />acceptable to the Registrar, ill the event that notice of redemptiQn shall have been given by the <br />Registrar to the registered owners as herein<J,fter 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. ¡ffewer 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 ate to be <br />redeemed, the selection of 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 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 outstanding, each $5,000 unit of principal thereof <br />shall be treated as though it were a separate Bond of the denomination of $5,000 If it is <br />deteanined that one or more, but not all of the $5,000 units of principal represented by a Bond <br /> <br />{KLF2993;2} <br /> <br />4 <br />