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<br />certificate, signed by the Director of Finance, setting forth the extent of <br />the credit to be applied with respect to the then current or any subsequent <br />Mandatory Sinking Fund Redemption Requirement for Term Bonds <br />stated to mature on the same Principal Payment Date and to bear interest <br />at the same rate as the Term Bonds so delivered. If the certificate is not <br />timely furnished to the Bond Registrar, the current Mandatory Sinking <br />Fund Redemption Requirement (and corresponding mandatory <br />redemption obligation) shall not be reduced. A credit against the then <br />current or any subsequent Mandatory Sinking Fund Redemption <br />Requirement (and corresponding mandatory redemption obligation), as <br />specified by the Director of Finance, also shall be received by the City <br />for any Term Bonds which prior thereto have been redeemed (other than <br />through the operation of the applicable Mandatory Sinking Fund <br />Redemption Requirements) or purchased for cancellation and canceled <br />by the Bond Registrar, to the extent not applied theretofore as a credit <br />against any Mandatory Sinking Fund Redemption Requirement, for <br />Term Bonds stated to mature on the same Principal Payment Date and <br />bear interest at the same rate as the Term Bonds so redeemed or <br />purchased and canceled. <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 />-8- <br />