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Fund Redemption Requirement (and corresponding mandatory redemption <br />obligation), as specified by the Director of Finance, also shall be received <br />by the City for any Term Bonds which prior thereto have been redeemed <br />(other than through the operation of the applicable Mandatory Sinking <br />Fund Redemption Requirements) or purchased for cancellation and <br />canceled by the Bond Registrar, to the extent not applied theretofore as a <br />credit against any Mandatory Sivking Fund Redemption Requirement, for <br />Term Bonds stated to mature on the same Principal Payment Date as the <br />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 as the Term <br />Bonds so delivered, redeemed or purchased and canceled. <br />(ii) Optional Redemption. The Bonds maturing on or after <br />December 1, 2012 shall be subject to redemption, by and at the sole option <br />of the City, on or after December 1, 2011, either in whole at any time or in <br />part on any Interest Payment Date, in integral multiples of $5,000, at the <br />following redemption prices (expressed as percentages of the principal <br />amount redeemed), plus accrued interest to the redemption date: <br />Redemption <br />Redemption Dates Price <br />December 1, 2011 through November 30, 2012 102% <br />December 1, 2012 through November 30, 2013 101 <br />December 1, 2013 and therea$er 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 <br />Term 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 />Term Bonds of the same maxurity to be redeemed on the same date <br />by operation of the Mandatory Sinking Fund Redemption <br />Requirements. Bonds to be redeemed pursuant to this paragraph <br />shall be redeemed only upon written notice from the Director of <br />Finance to the Bond Registrar, given upon the direction of this <br />Council by adoption of a resolution or passage of an ordinance. That <br />notice shall specify the redemption date and the principal amount of <br />each maturity of Bonds to be redeemed, and shall be given at least 45 <br />-7-