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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, sha11 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 />(ii) Optional Redemption. The Current Interest Bonds maturing on or <br />after December l, 2011 shall be subject to redemption, by and at the sole <br />option of the City, on or after December l, 2010, either in whole at any time <br />or in part on any Interest Payment Date, in integral multiples of $5,000, at <br />the following redemption prices (expressed as percentages of the principal <br />amount redeemed), plus accrued interest to the redemption date: <br />Redemption <br />Redemption Dates Price <br />December 1, 2010 through November 30, 2011 102% <br />December l, 2011 through November 30, 2012 101 <br />December 1, 2012 and thereafter 100 <br />If optional redemption of Term Bonds at a redemption price <br />exceeding 100% of the principal amount to be redeemed is to take <br />place as of any Mandatory Redemption Date applicable to those Term <br />Bonds, the Term Bonds, or portions thereof, to be redeemed <br />optionally shall be selected by lot prior to the selection by lot of the <br />Term Bonds of the same maturity to be redeemed on the same date by <br />operation of the Mandatory Sinking Fund Redemption Requirements. <br />Bonds to be redeemed pursuant to this paragraph sha11 be redeemed <br />only upon written notice from the Director of Finance to the Bond <br />Registrar, given upon the direction of this Council by adoption of a <br />resolution or passage of an ordinance. That notice shall specify the <br />redemption date and the principal amount of each maturity of Bonds <br />to be redeemed, and shall be given at least 45 days prior to the <br />redemption date or such shorter period as shall be acceptable to the <br />Bond Registrar. <br />(iii) Partial Redemption. If fewer than all of the outstanding <br />Bonds are called for optional redemption at one time and Bonds of <br />-9- <br />??z <br />..