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to which the City wishes to obtain a credit, by furnishing the Bond Registrar <br />a certificate, signed by the Director of Finance, setting forth the extent of the <br />credit to be applied with respect to the then current or any subsequent <br />Mandatory Sinking Fund Redemption Requirement for Term Bonds stated <br />to mature on the same Principal Payment Date as the Term Bonds so <br />delivered. If the certificate is not timely furnished to the Bond Registrar, the <br />current Mandatory Sinking Fund Redemption Requirement (and <br />corresponding mandatory redemption obligation) shall not be reduced. A <br />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 far 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 as the Term Bonds so <br />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 as the Term <br />Bonds so delivered, redeemed or purchased and canceled. <br />(ii) Optional Redemntion. The Current Interest Bonds maturing on or <br />after December 1, 2012 shall be subject to redemption, by and at the sole <br />option of the City, on or after December 1, 2011, either in whole at any time <br />or in part on any Interest Payment Date, in integral multiples of $5,000, at <br />the following redemption prices (expressed as percentages of the principal <br />amount redeemed), plus accrued interest to the redemption date: <br />Redemption <br />Redemption Dates Price <br />December 1, 2011 through November 30, 2012 102% <br />December 1, 2012 through November 30, 2013 101 <br />December 1, 2013 and thereafter 100 <br />If optional redemption of Term Bonds at a redemption price <br />exceeding 100% of the principal amount to be redeemed is to take <br />place as of any Mandatory Redemption Date applicable to those Term <br />Bonds, the Term Bonds, or portions thereof, to be redeemed <br />optionally shall be selected by lot prior to the selection by lot of the <br />-8-