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Bonds so delivered. If the certificate is not timely furnished to the Bond <br />Registrar, the current Mandatory Sinking Fund Redemption Requirement <br />(and corresponding mandatory redemption obligation) shall not be reduced. <br />A 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 Registrar, 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 and bear interest at the <br />same rate as the Term Bonds so 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 and bear <br />interest at the same rate as the Term Bonds so delivered, redeemed or <br />purchased and canceled. <br />(ii) Optional Redemption. The Bonds maturing on or after December <br />1, 2017 shall be subject to redemption, by and at the sole option of the City, <br />either in whole or in part, in whole multiples of $5,000, on any date on or <br />after December 1, 2016, at a redemption price of 100% of the principal <br />amount redeemed, plus accrued interest to the redemption date. <br />Bonds to be redeemed pursuant to this paragraph shall be redeemed only <br />upon written notice from the Director of Finance to the Bond Registrar, <br />given upon the direction of this Council by adoption of a resolution or <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 />-9- <br />