37-07 Advance Refund Outstanding Notes

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Year Amount Year Amount Z007 $225,000 2013 $935,000 2008 40,000 2016 970,000 2009 45,000 2017 940,000 2010 45,000 2018 980,000 2011 50,000 2019 1,020,000 2012 830,000 2020 1,065,000 2013 860,000 2021 1,100,000 2014 890,000 2022 610,000 2023 630,000 The Director of Finance may adjust the principal payment schedule shown above by (1) ii)creasing or decreasing the principal mount of the Refunding Bonds maturing or payable by Mandatory 8inldng Fund Redemption on anY one or more of the Principal Pa)anent Dates or (2) by shortening the schedule so that the Refunding Bonds will mature over a lesser number of years. The Director of Finance must set forth any adjustment ofthe principal payment schedule in the Certificate of Award: Redemption Before Stated Maturity. The Refunding Bonds will be subject to redemption before their stated maturity as described in this Section 2(d), unless otherwise determined by the Director of Finance in the Certificate of Award. (1) Mandatory Sinking Fund Redemption. If any of the Refunding Bonds are issued as Term Bonds, the Term Bonds will be subject to Mandatory Sinking Fund Redemption, in part, on the Mandatory Redemption Dates, at a redemption price of 100% of the principal amount being redeemed, plus interest accrued to the redemption date. The principal amounts to be paid by Mandatory Sinking Fund Redemption will be those in the principal payment schedule in Section 2(c) above, unless otherwise detarmined in the Certificate of Award. The City will have the option to deliver Term Bonds in any principal amount to the Registrar fur cancellation. The City will be entitled tba credit against its obligation to pay Debt Charges by Mandatory Sinking Fund Redemption on any future Mandatory Redemption Date for Term Bends that (A) are delivered by the City to the Registrar, (B) have previously been redeemed other than by Mandatory Sinking Fund Redemption, or (C) have been purchased and canceled by the Registrar as provided in the Registrar Agreement. Optional Redemption. Unless otherwise determined by the Director of Finance in the Certificate of Award, the Refunding Bonds maturing on or a~er December 1, 2017 will be subject to redemption, at the option of the City, on or aRer June 1, 2017; in whole or in part on any date, in integral multiples o~$5,000, at the redemption price of 100% of the principal amount being redeemed, plus interest accrued to the redemption date. The Director of Finance may determine to change the optional redemption provisions relatiag to the Refunc~ng Bonds set forth above by (A) changing the earliest optional redemption date, witich may be any date before the final maturity of the Refunding Bonds, and (B) changing the redemption prices for the Refunding Bonds, which may not exceed 110% in any year in which the Refunding Bonds are subject to optional redemption. The Director of Finance must set forth any change to the optional redemption provisions in the Certificate of Award. The City's option to redeem the Refunding Bonds must be exercised by a notice from the Director of Finance to the Regislrar as provided in the Reg/strar Agreement.