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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 rata~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 />-9- <br />