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on the applicable Mandatory Redemption Dates and in the principal <br />amounts payable on those Dates, for which provision is made in the <br />Certificate of Award (such Dates and amounts, the Mandatory Sinking Fund <br />Redemption Requirements). <br />The aggregate of the moneys to be deposited with the Bond Registrar <br />for payment of principal of and interest on the Bonds on each Mandatory <br />Redemption Date sha11 include an amount sufficient to redeem on that Date <br />the principal amount of Term Bonds payable on that Date pursuant to <br />Mandatory Sinking Fund Redemption Requirements (less the amount of any <br />credit as hereinafter provided). <br />The City shall have the option to deliver to the Bond Registraz for <br />cancellation Term Bonds in any aggregate principal amount and to receive a <br />credit against the then current or any subsequent Mandatory Sinking Fund <br />Redemption Requirement (and corresponding mandatory redemption <br />obligation) of the City, as specified by the Director of Finance, for Term <br />Bonds stated to mature on the same Principal Payment Date as the Term <br />Bonds so delivered. That option sha11 be exercised by the City on or before <br />the forty-fifth day preceding any Mandatory Redemption Date with respect <br />to which the City wishes to obtain a credit, by furnishing the Bond Registrar <br />a certificate, signed by the Director of Finance, setting forth the extent of the <br />credit to be applied with respect to the then current or any subsequent <br />Mandatory Sinking Fund Redemption Requirement for Term Bonds stated <br />to mature on the same Principal Payment Date as the Term Bonds so <br />delivered. If the certificate is not timely furnished to the Bond Registrar, the <br />current Mandatory Sinking Fund Redemption Requirement (and <br />conesponding mandatory redemption obligation) shall not be reduced. A <br />credit against the then current or any subsequent Mandatory Sinking Fund <br />Redemption Requirement (and corresponding mandatory redemption <br />obligation), as specified by the Director of Finance, also shall be received by <br />the City for any Term Bonds which prior thereto have been redeemed (other <br />than through the operation of the applicable Mandatory Sinking Fund <br />Redemption Requirements) or purchased for cancellation and canceled by <br />the Bond Registraz, to the extent not applied theretofore as a credit against <br />any Mandatory Sinking Fund Redemption Requirement, for Term Bonds <br />stated to mature on the same Principal Payment Date as the Term Bonds so <br />redeemed or purchased and canceled. <br />Each Term Bond so delivered, or previously redeemed, or purchased <br />and canceled, shall be credited by the Bond Registrar at 100% of the <br />principal amount thereof against the then current or subsequent Mandatory <br />Sinking Fund Redemption Requirements (and corresponding mandatory <br />redemption obligations), as specified by the Director of Finance, for Term <br />Bonds stated to mature on the same Principal Payment Date as the Term <br />Bonds so delivered, redeemed or purchased and canceled. <br />-8- <br />?,? <br />ti??- . , . . . . . . .... . . . . .... . . . . ..