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..~. <br />Each Term Bond so delivered, or previously redeemed, or <br />purchased and canceled, shall be credited by the Bond Registrar at 100% <br />of the principal amount thereof against the then current or subsequent <br />Mandatory Sinking Fund Redemption Requirements (and corresponding <br />mandatory redemption obligations), as specified by the Director of <br />Finance, for Term Bonds stated to mature on the same Principal Payment <br />Date and bear interest at the same rate as the Term Bonds so delivered, <br />redeemed or purchased and canceled. <br />(ii) Optional Redemption. The Bonds maturing on or after <br />December 1, 2017 shall be subject to redemption, by and at the sole <br />option of the City, either in whole or in part, in whole multiples of <br />$5,000, on any date on or after December 1, 2016, at a redemption price <br />of 100% of the principal amount redeemed, plus accrued interest to the <br />redemption date. <br />Bonds to be redeemed pursuant to this paragraph shall 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, and interest <br />rate within a maturity, of Bonds to be redeemed, and shall be given at <br />least 45 days prior to the redemption date or such shorter period as shall <br />be acceptable to the 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 more <br />than one maturity or interest rate within a maturity are then outstanding, <br />the Bonds that are called shall be Bonds of the maturity or maturities and <br />interest rate or rates within a maturity selected by the City. If fewer than <br />all of the Bonds of a single maturity or interest rate within a maturity are <br />to be redeemed, the selection of Bonds of that maturity or interest rate <br />within a maturity to be redeemed, or portions thereof in amounts of <br />$5,000 or any whole multiple thereof, shall be made by the Bond <br />Registrar by lot in a manner determined by the Bond Registrar. In the <br />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 <br />of principal thereof shall be treated as if it were a separate Bond of the <br />denomination of $5,000. If it is determined that one or more, but not all, <br />of the $5,000 units of principal amount represented by a Bond are to be <br />called for redemption, then, upon notice of redemption of a $5,000 unit <br />or units, the registered owner of that Bond shall surrender the Bond to <br />the Bond Registrar (i) for payment of the redemption price of the $5,000 <br />unit or units of principal amount called for redemption (including, <br />without limitation, the interest accrued to the date fixed for redemption), <br />and (ii) for issuance, without charge to the registered owner, of a new <br />Bond or Bonds of any Authorized Denomination or Denominations in an <br />aggregate principal amount equal to the unmatured and unredeemed <br />portion of, and bearing interest at the same rate and maturing on the <br />same date as, the Bond surrendered. <br />(iv) Notice of Redemption. The notice of the call for <br />redemption of Bonds shall identify (A) by designation, letters, numbers <br />or other distinguishing marks, the Bonds or portions thereof to be <br />-9- <br />