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ORDINANCE NO. 96-0g_ PAGE 4
<br />redeemed only upon written notice from the Village to the Bond Registrar, given upon the
<br />direction of the Council by adoption of a resolution or ordinance. That notice shall specify the
<br />redemption date and the principal ainount of each maturity of Bonds to be redeeined, and shall
<br />be given at least 45 days prior to the redemption date or such shorter period as shall be
<br />acceptable to the Bond Registrar. In the event that notice of redemption shall have been given
<br />by the Bond Registrar to the registered owners as hereinafter provided, there shall be deposited
<br />with the Bond Registrar on or prior to the redemption date, funds which, in addition to any
<br />other moneys available therefor and held by the Bond Registrar, will be sufficient to redeem
<br />at the redemption price thereof, plus interest accrued to the redeinption date, all of the
<br />redeemable Bonds for which notice of redemption has been given.
<br />(c) Partial Redemption. If fewer than all of the outstanding Bonds are called for
<br />redemption at one time, they shall be called in inverse order of their maturities. If fewer than
<br />all Bonds of a single maturity are to be redeemed, the selection of Bonds to be redeemed, or
<br />portions thereof in amounts of $5,000 or any integral multiple thereof, shall be made by lot by
<br />the Bond Registrar in any manner which the Bond Registrar may determine. In the case of a
<br />partial redemption of Bonds by lot when Bonds of denominations 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 Bond Registrar (i) for payment of the redemption price of the $5,000
<br />unit or units called for redemption (including, without limitation, the interest accrued to the date
<br />fixed for redemption and any premium), and (ii) for issuance, without charge to the registered
<br />owner thereof, of a new Bond or Bonds of any authorized denomination or denominations in
<br />an 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 />(d) Notice of Redemption. The notice of the call for redemption of Bonds shall
<br />identify (i) by designation, letters, numbers or other distinguishing marks, the Bonds or portions
<br />thereof to be redeemed, (ii) the redemption price to be paid, (iii) the date fixed for redemption,
<br />and (iv) the place or places where the amounts due upon redeinption are payable. The notice
<br />shall be given by the Bond Registrar on behalf of the Village by mailing a copy of the
<br />redemption notice by first class mail, postage prepaid, at least 30 days prior to the date fixed
<br />for redemption, to the registered owner of each Bond subject to redemption in whole or in part
<br />at the registered owner's address shown on the Bond Register maintained by the Bond Registrar
<br />at the close of business on the 15th day preceding that mailing. Failure to receive notice by
<br />inail or any defect in that notice regarding any Bond, however, shall not affect the validity of
<br />the proceedings for the redemption of any Bond.
<br />(e) Payment of Redeemed Bonds. Notice having been inailed in the manner
<br />provided in the preceding paragraph hereof, the Bonds and portions thereof called for
<br />redemption shall becoine due and payable on the redemption date, and, upon presentation and
<br />surrender thereof at the place or places specified in that notice, shall be paid at the redemption
<br />price, plus interest accrued to the redemption date. If money for the redemption of all of the
<br />Bonds and portions thereof to be redeemed, together with interest accrued thereon to the
<br />redemption date, is held by the Bond 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 inail 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 that money
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