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,. <br />passage of an ordinance. That notice shall specify the redemption date and <br />the principal amount of each maturity, and interest rate within a maturity, of <br />Bonds 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 Bond <br />Registrar. <br />(iii) Partial Redemption. If fewer than all of the outstanding Bonds <br />are called for optional redemption at one time and Bonds of more than one <br />maturity or interest rate within a maturity are then outstanding, the Bonds <br />that are called shall be Bonds of the maturity or maturities and interest rate <br />or rates within a maturity selected by the City. If fewer than all of the Bonds <br />of a single maturity or interest rate within a maturity are to be redeemed, the <br />selection of Bonds of that maturity or interest rate within a maturity to be <br />redeemed, or portions thereof in amounts of $5,000 or any whole multiple <br />thereof, shall be made by the Bond Registrar by lot in a manner determined <br />by the Bond Registrar. In the case of a partial redemption of Bonds by lot <br />when Bonds of denominations greater than $5,000 are then outstanding, <br />each $5,000 unit of principal thereof shall be treated as if it were a separate <br />Bond of the denomination of $5,000. If it is determined that one or more, <br />but not all, of the $5,000 units of principal amount represented by a Bond are <br />to be 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 the <br />Bond Registrar (i) for payment of the redemption price of the $5,000 unit or <br />units of principal amount called for redemption (including, without <br />limitation, the interest accrued to the date fixed for redemption), and (ii) for <br />issuance, without charge to the registered owner, of a new Bond or Bonds of <br />any Authorized Denomination or Denominations in an aggregate principal <br />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 <br />surrendered. <br />(iv) Notice of Redem tion. The notice of the call for redemption of <br />Bonds shall identify (A) by designation, letters, numbers or other <br />distinguishing marks, the Bonds or portions thereof to be redeemed, (B) the <br />redemption price to be paid, (C) the date fixed for redemption, and (D) the <br />place or places where the amounts due upon redemption are payable. The <br />notice shall be given by the Bond Registrar on behalf of the City by mailing <br />a copy of the redemption notice by first class mail, postage prepaid, at least <br />30 days prior to the date fixed for redemption, to the registered owner of <br />each Bond subject to redemption in whole or in part at the registered <br />owner's address shown on the Bond Register maintained by the Bond <br />Registrar at the close of business on the fifteenth day preceding that mailing. <br />Failure to receive notice by mail or any defect in that notice regarding any <br />Bond, however, shall not affect the validity of the proceedings for the <br />redemption of any Bond. <br />-9- <br />