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by lot prior to the selection by lot of the Term Bonds of the same maturity to <br />be redeemed on the same date by operation of the Mandatory Sinking Fund <br />Redemption Requirements. Bonds to be redeemed pursuant to this <br />paragraph shall be redeemed only upon written notice from the Director of <br />Finance to the Bond Registrar, given upon the direction of this Council by <br />adoption of a resolution or passage of an ardinance. That notice shall <br />specify the redemption date and the principal amount of each 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 Bonds of a single <br />maturity are to be redeemed, the selection of Bonds of that maturity to be <br />redeemed, or portions thereof in amounts of $5,000 or any integral 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) far payment of the redemption price of the $5,000 unit or <br />units of principal amount called far redemption (including, without <br />limitation, the interest accrued to the date fixed for redemption and any <br />premium), and (ii) for issuance, without charge to the registered owner, of a <br />new Bond or Bonds of any Authorized Denomination or Denominations in <br />an aggregate principal amount equal to the unmatured and unredeemed <br />portion of, and bearing interest at the same rate and maturing on the same <br />date as, the Bond surrendered. <br />(iv) Notice of Redemption. 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 />-8-